- Nifty has been trapped in a trading band of 5910 - 5760.
- The resistance zone pointed out in last post is providing supply.
- We need to take out 5970 - 5910 zone for this up move to continue.
- We have a support zone around 5760 - 5730, which should absorb any down shock to the market.
- But the key remains the supply zone overhead, which needs to be taken out.
- 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.
- 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.
Monday, July 8, 2013
Nifty - Elliott Wave Update
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