- The triangle mentioned in the last post resolved upwards, which most likely suggests that the bottom, at least in the short term is in place.
- The important hurdle though lies between 5870 - 5970. Once through this band we should see even higher prices.
- This resistance band may cause a temporary pause in the markets, if the pattern of the pause is a 3 wave move, this should be used as an opportunity to add to longs or create new longs.
- 5680 odd level should provide good support to any correction, should prices reach there.
- The current OB condition on STS and RSI also concur with the "pause" theory.
- As long as 5680 is protected, any OS condition on the ST charts should be used to buy into Nifty.
Monday, July 1, 2013
Nifty - Elliott Wave Update
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