- Here is a slightly modified count for Nifty.
- A double three, a flat followed by a ZZ, altered the end of wave (a).
- This count keeps the possibility of another up leg alive.
- But if we close the gap made during the island reversal and the preferably the low of the island, then this possibility loses its credibility.
- Till such time, due respect should be given to what markets are telling us.
- Clearly the long side had a great reward to risk ratio, but that is always true in a down trend, this is the only reason people fall prey to bottom fishing.
- But a clear chart pattern (island reversal), a plausible wave count, a BO above the TL, and +ve divergence in the indicators, all support the possibility of at least a near term bottom forming.
- We have clear validation and invalidation points for this view, till any one side is confirmed.
Tuesday, June 18, 2013
Nifty - Elliott Wave Update
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