Tuesday, May 18, 2010

>Nifty elliott wave counts

Hi friends,
A post after sometime, The present structure of nifty looks like unfolding the complex
wave corrective pattern W-X-Y-X-Z.

This thing looks quite complex but when broken into small pieces look simple,
This last Z cont can go wrong if the present move goes above 5220.
5115-5120 is stiff resistance range also golden fib ratio area.
Longs need to be carefull in this range we did touch 5100+ today
The following chart shows the present structureTake wise decision and follow levels strictly.Won't be a easy trade as to much news flow
which induces noise in charts result !!! complex correction.
Do let me know your counts if any.



Anonymous said...

It amazes me that you continue with this lunacy :-)

Anonymous said...

iam also expecting a more correction as u said

Rish said...

Not gonna be a easy rise As in these kind of corrections one day it looks like its over other day it looks like noway still lot to go. It requires guts + common sense too i guess with so much news flow round the corner.

MurAtt said...

What if you just do not let news enter the charts and trade/analyse based on Tech only ... charts show it all before imo ...

Sunny Talreja said...

The market now has more to do with news and less to do with technicals, the Nift broke 200 dma only because of Germany news.
I am expecting a great fall in US markets and further fall in Asian markets tomorrow

Anonymous said...

Great Rishi.. your 'Z' mark achieved... now what next ?

Anonymous said...

good analysis ...keep it up sir

Anonymous said...

Hi Rish
update pls

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