Thursday, November 22, 2012

Nifty Elliott Wave Analysis for 22-11-2012

Nifty seems to have completed the 4th wave and started with the 5th wave up. This is with the assumption that the 5th of the wave c down was a truncated one and has exceeded the previous wave 3 of the c by only 1 point. If that is a turned out to be false and it was a flat correction then we will get resisted at around 5635 range which is the channel line drawn in blue color in the hourly chart and the next leg down should unfold in impulse fashion to complete the 5th of c. The chances of this are less as RSI is already in oversold region and gave +ve divergence in hourly chart. Also in daily chart RSI has reached over sold region and reversed. This makes us believe that this could be a possible reversal and in that case it is the beginning of the 5th up.

Let us watch the retracement of the pause from 5635-5650 range. It should get support near 5590-5610 range.

1 comment:

  1. NIFTY 31-Jan-2013
    Current Market Situation :

    NIFTY current close : 6035
    NIFTY resistance level : 6158
    NIFTY support level : 5912
    NIFTY sentiment : positive
    NIFTY dominant cycle period : 18 days

    Levels Tomorrow :

    NIFTY intraday resistance 1 : 6060
    NIFTY intraday resistance 2 : 6089
    NIFTY intraday resistance 3 : 6131

    NIFTY intraday support 1 : 6009
    NIFTY intraday support 2 : 5980
    NIFTY intraday support 3 : 5938

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