Friday, March 15, 2013

Nifty Elliott wave counts and trading strategy!

Nifty Elliott wave counts and trading strategy!
By Waves Strategy Advisors, For more information visit or write to
Nifty sharp movements on either side have provided very good trading opportunities. Intraday volatility is good for intraday traders but might be painful for positional traders as there is no net progress over few days.
In current market environment one has to be dynamic and switch between positional to intraday trades. Below article gives an overview of what we mentioned in our daily equity research report“The Financial Waves” and price movement with important levels.
Nifty 60 mins chart: shown on 14th March morning before market opened
Happened as on close of 14th March 2013
We mentioned on 14th March 2013 morning report, “As shown on 10 mins chart, the move down from 5971 does not look impulsive and is contained within the red channel so far. Assuming that this channel will remain intact we can expect short term bounce back from near 5820 levels…”
Happened on 14th March:Nifty moved exactly as expected. Prices moved down towards 5800 levels and moved below it but only momentarily and quickly recovered from the lows. It took the support of the red trendline shown on the 60 mins chart and bounced back steeply from there. We have shown a very similar path for Nifty in the previous update.
Mentioned in morning on 15th March before markets opened:The current 60 mins chart, indicates the short term direction. After the sharp movements on either side over past few days prices can take a breather now and consolidate within a narrow range before moving higher towards 5935 – 5940 levels. 5940 is not only 80% retracement of the entire down move from 5970 to 5791 but also is the area of previous x wave which has always proved to be important turning points….
In short, Nifty can consolidate for next 2 days between 5870 – 5940 and should later resolve ……..
Happened today so far:Nifty made a high of 5945 and a low of 5862. Prices are currently 5892. Nifty has moved very close to the range we have mentioned.
Do not get panic with increase in volatility and wide swings. This can equally work in your favor provided important supports, resistances and strict stoploss methods are followed.
“The Financial Waves” daily research report is not necessarily for short term traders but also gives medium term perspective to markets. We do switch from short to medium term strategies based on market dynamics and clearly advise our subscribers about it. Also mentioned in today’s report our view on RBI monetary policy and how do we expect markets to react…
For Subscribing write to us at or call us on +91 9920422202/+91 22 28831358 or visit


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  3. Hi - You daily out Nifty Elliot counts, that is great. I have a query if you can solve this. As per understanding Apollo tyres is in a long term Elliot Wave and currently trading in Corrective wave 2 in zig zag pattern. and Wave is yet to come. Is this correct or worong>

    Your regular reader.