Monday, July 8, 2013

Nifty - Elliott Wave Update

  1. Nifty has been trapped in a trading band of 5910 - 5760.
  2. The resistance zone pointed out in last post is providing supply.
  3. We need to take out 5970 - 5910 zone for this up move to continue.
  4. We have a support zone around 5760 - 5730, which should absorb any down shock to the market.
  5. But the key remains the supply zone overhead, which needs to be taken out.
  6. According to EWP, since we have a faster retracement, we can begin a new count, for a possible upmove, we may have wave (a) / (1) behind us already.
  7. The indicators are moving towards an OS zone, which should be a good area to buy, a retest of previous pivot low at 5760, would be ideal.

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