Monday, July 01, 2013

>Nifty elliot wave analysis.

Hi friends,
                   June expiry was very well predicted when very few even thought of a rally ,I pointed about a rise coming,Now since we have crossed 5800 other possibilities have opened too.I would discuss two wave counts a bullish and one bearish,And later would suggest the preferred count out of the 2. Bullish count suggests we have finished a and b of E wave and c have started as shown in chart below.
This count gives possibility of 6300 again.

Bearish count suggests we finished E at the 6229 and from there we did a A down or W now we would attempt B or X which is shown in the chart below .

nifty should loose strength 5850-5870 onwards and drift down towards 5700 mark and if it holds 5700 should attempt 5950-6000 from there to complete X wave .
With result season coming nifty would be volatile right scenario for an X wave this wave count is the preferred count for july .
We should head lower during first week o july and then try a base by second week and then attempt a rally towards end of july to early august.


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