Saturday, November 21, 2009

>Nifty Elliott Wave Analysis(A different count)

Nifty did not behave how it was expected in the previous post.
Wave analysis :) bit tedious ahemm.. but we continuously keep trying till we get it
correct ,That's how things work (U give up and the next moment it works)!!

Well i am putting up a different count here ,This is not a trade idea it a possibility
If things go the way i expect.

In last count (nifty counts) the C down of 4th wave could have got over near 4540
the wave till 4540 from the high of 5180 was a 5 wave down of a smaller degree.

The wave which started from 4540 could well be the 5th up ,The chart here i am posting
is a loose chart the levels are not calculated yet its just to show the possibility of the move
once the move starts in that direction would refine and calculate respective wave targets.
Attaching a chart to show it .



Anonymous said...


i too was taken by surprise by the session on friday. i had also put up a wave count on my blog, suggesting a higher move.

am not much of a wave guy.....y dont u pay a visit and give me a comment!


Rish said...

Hi Murtaza,
I went through the chart you have counted waves wrongly 4th wave should not go below the high of 1st wave that's the basic rule
of wave theory.

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