Nifty continues to move in sideways wave!

By Waves Strategy Advisors (www.wavesstrategy.com)

We mentioned on 11^th October 2012 update in "The Financial Waves report" for our paid subscribers, “Fresh shorts can be created below 5666 levels with 5750 as an important level on upside. However please remember as we are expecting a sideways action the trending moves can be short and prices can move in overlapping fashion. In short, wait either for 5666 to break on downside or 5750 on upside for short term direction on Nifty.”

In short, looking at different indicators and overall breadth of the market is looks that the top at 5815 should not be taken out for around 2 weeks. Next immediate support for Nifty is now at 5620 followed by 5530.

Nifty 60 mins chart (as published on 11^th October 2012):

Happened as of 22^nd October 2012:

Happened as of 22^nd October 2012: Nifty has so far moved between 5750 and 5620 levels. We clearly mentioned about 10 days back to expect a range bound activity for atleast 2 weeks and immediate support at 5620 and resistance at 5750.

Nifty action over past 10 days might be boring for many but for us it was interesting since Indian equity markets behaved exactly as expected and as per the Elliott wave structure we mentioned.

Subscribe to our daily research report “The Financial Waves Short term update” and find out what we expect next from here and trade in systematic way using crucial levels we mention in our research. To subscribe write to us at helpdesk@wavesstrategy.com or visit www.wavesstrategy.com