Nifty Elliot Wave Count
Nothing much to add since last post. Nifty still strong and going. As of now there is no sign of weakness, but it's time to stay alert with longs. Attached is Elliot wave count for nifty. Targets are marked in chart.
Will update again if i find something interesting.Till then "Happy Trading" :)
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Hello Sumit, today again hourly and daily charts are showing signs of possible negative divergence if price move confirms. may be at such a height some profit booking is possible. Europe and American markets are in red at this moment. Many of the FIIs are turning towads India. So overall strength may be seen since Fed tapering begins.
ReplyDeleteHi Sumit ji , kindly update what would the sign of weakness thnx
ReplyDelete\hello amberji,
Deleteprice retrace will give us answer :)
keep retracem ready from 5700 -xxxx... and for short term close below 34hour ema...
Hello Sumit, Have a look at the monthly chart of Nifty, it is a probable formation of H&S, also a breakout of the same seems to be in place already. If this works out, possible target can be around 7300 or so in near future. Yes, US debt ceiling, Fed tapering, Indian election etc. will play their role to puncture any smooth move. Kindly verify the pattern and give your comments.
ReplyDeleteYes nifty has given breakout to INHS :) for target of 7200 .. but there is one very very big hurdle before that trendline joining two previous top .... that will be real pain for bull... expecting some retracement now ...
DeleteHi Sumit, thanks for your prompt comment. I too feel that there is possibility of some corrective move indicated by negative divergence in hour and day charts, if price action affirms. If we consider the up-moves recently made by Banking stocks which remained subdued for quite long, Nifty correction may not be very severe. Things may be clear tomorrow or day-after.
ReplyDelete