Sunday, July 21, 2013

>Nifty elliottwave Analysis

Hi friends,
                  The nifty after initial hiccup managed to pull back above 5960 ,And has even scaled a new high things have changed a bit though i still feel its a corrective rally and we could be topping with in 6100-6150 .The following chart shows what i think about further structure.

Ideally nifty should start to be sideways to downward after some rise monday onwards ,I think in any case it should hold 5900 if we have to scale a new high again later.The red line shows the ending diagonal structure overall nifty upside looks capped 6100-6150 it can hover near that for some time before starting downward journey!!

Happy trading..

2 comments:

Ankit Solanki said...

hi rish trader,
nice analysis. what do u make now after the recent faster fall in Nifty?

Regards,
Ankit

Hitesh said...

please update us about your nifty view too.
regards,
hitesh.

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