Monday, July 1, 2013

Nifty - Elliott Wave Update

  1. 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.
  2. The important hurdle though lies between 5870 - 5970. Once through this band we should see even higher prices.
  3. 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.
  4. 5680 odd level should provide good support to any correction, should prices reach there.
  5. The current OB condition on STS and RSI also concur with the "pause" theory.
  6. As long as 5680 is protected, any OS condition on the ST charts should be used to buy into Nifty.

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