Nifty wave counts 31st march

Hi friends,
                     Nifty continues its upward movement
on friday it has done 3=(1.6)*1 ,Which suggests we are in resistance zone
and can have a breather here in range 6700-6720.If it stretches we can calculate
it later ,Below 6640 it would confirm 3 rd wave or c wave is finished.
lets see the chart.

So continue to hold
longs till 6640 is held
Overall nifty is either
in 3rd wave or c wave
in these waves the
index or stock moves
even in extreme oversold
or overbought conditions
we see exteme greed and
fear in these waves only.


Lets see how nifty moves today .

Regards
Rish

Why Learn Elliottwave (Maharastra bank)

Hi friends,
                    Weekends usually demand a descriptive knowledgeable post,Continueing
with my Heading Why learn Elliottwave ,Would share an example how a big move
can be captured using Wave principle .
Now time has changed any news or calamity which happens in any part of the world
reaches to you in minutes ,And if its directly or indirectly related to a stock it affects
its price spontaneously,Unlike old days when things usually took more than a day.
My point in saying this was to show how the scenario has changed and envirnment
has changed and it requires a trader to adapt to the changing situations along with
changing market cycles.
A trader has to adapt to the changing time ,Market is evolving continuously so to have
edge over other traders one need to be well equipped and ahead of others.
Today i am giving an example of how a big move can be captured
Let me put the chart of Maharastra bank.

I have labeled chart extensively
So that one can figure out
what the stock is doing.
We had a time consuming
abc done over 3 years ,
The interesting thing is
A=C (yellow ),Even the
abc of bigger B wave ie in
white colour also shows
a=c.The bigger ABC
we can easily see 5 waves in

C wave which gives the confidence that the wave is nearing end,Still to be on safer side
we should have a trendline drawn from 2nd top to 4th top and once that trendline gets broken
we can be sure of that a new wave has started.The new wave which has started should target
55,Once thats come we can figure out next target.This stock has already done 20% move
after breakout which is a great move to capture.
This is just one example of trade setup elliottwave principle helps us to find with defined
risk reward.

Nifty reaches 6700

Hi friends,
                   Nifty continued its upward journey,Slowly steadily.
Someone who shorted this market because its over bought must be wondering
what went wrong.
Usually in extreme over bought conditions a 3rd wave or c wave move
can continue.Lets look at the nifty chart structure.

From the chart we can see
on lower time frame
the 3rd has done 1.6*(1)
so we have touched  an important
level .Monday we can have
volatility ie 3rd or c wave top
and we can have 4th or d wave
fall i don't expect big fall ,It can
be fast timewise as 2 took lot of time .


Lets see what nifty does on monday accordingly we can place overselves.Overall no shorting
yet we are yet to see any weakness.

Regards
Rish 

USDINR The bulls would be back soon

Hi friends,
                  USDINR had a steep rise last year may onwards after breaking out
from triangle,It did 54-68 in matter of 4 months ,September 2013 USDINR topped and its
been correcting that rise , Recently USDINR broke a important support of (60.70-60.50)
The next logical support comes at 58,57 and lastly 56.
Lets look at the bigger picture ,Let me put up monthly chart .

 The chart is well labled
,I am taking the current
fall as d wave fall which
can ideally target 58,57.
Thats when the USDINR
can revese back to do its
e wave up ,An interesting
observation C=1.61(A).
My expectation according
to wave principle would be


to see USDINR back to 69-70 levels in E wave up,What fundamental change can ignite
this rally is yet to be seen ,Lets see where d wave ends and we can figure out targets of
e up.

Regards
Rish