Waves Strategy
Advisors (www.wavesstrategy.com) Nifty
moved exactly as we have been expecting. The below article is picked up from
the daily publication of the equity research report “The Financial Waves” which was published today morning before
equity markets opened. The report uses indepth Elliott waves research along
with other technical tools. Write to us on helpdesk@wavesstrategy.com to
subscribe NOW and see yourself where we think Indian markets are headed over
short to medium term along with price and time predictions….
Bottom Line: Nifty made a low near the
crucial support zone of 5015 – 5050 we mentioned before. It is important for
prices to protect 5015 on downside for a move up towards …….
Few of the wave counts are purposely
deleted and blurred out for this free update.
Nifty Daily chart:
Nifty 60 mins chart:
The following was published
on 27th July 2012 morning before equity markets opened.
Wave Analysis:
We mentioned before on 26th July morning before
market opened, “The channel support is decreasing on daily basis and the support now
comes near 5070 levels. Any move below 5070 will indicate wave v is extending
and prices can head towards 5050 to 5015 levels. A move above 5122 can take
prices towards 5140 – 5150 levels….”
Nifty opened near 5125 levels, exactly near the level we
mentioned as important on upside. Prices failed to sustain there and was moving
in the range 5085 and 5100. However later during the day prices broke below
5070 and the selling pressure accelerated. We mentioned previously that break
below 5070 will break the lower end of the channel on downside and selling
pressure will intensify. As soon as 5070 was taken out prices moved steeply
towards 5030 levels between the range of 5015 – 5050 we have been mentioning.
Nifty has clearly moved down in 3 waves in the form of …… as shown
on 60 mins chart. However this has completed only wave ….. of the correction
and wave …….. on upside should start. Since ……. was only 3 waves and not 5
waves the correction in …….. is unfolding in the form of Flat. Flat corrections
have first wave as 3 waves followed by wave b again 3 waves and wave c in 5
waves. Wave b of a flat should retrace minimum 61.8% of the downleg and can
even retrace 1.618% of A (running flat). It is difficult to say as of now how
much ……………. However at minimum prices should head towards ………… if wave ……..
starts today… Also as wave …………. has taken around 11 days this up leg can last
between …………………… days. Next few days of action will provide vital information
as to what pattern wave …….. probably forming.
Positive confirmation will be obtained if prices can take out
5100 level today. Also if there is a gap up opening the gap should not be
filled during the day.
In short, sustaining the gap up opening during first few hours
of trade and move above 5100 will provide positive confirmation that wave ………………
can move towards ………… levels or ……………
Write to us NOW on helpdesk@wavesstrategy.com
to see the missing wave counts and text….
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