Nifty has been moving precisely as per the Elliott wave pattern. The below chart shows the double corrective pattern and the short term path it should follow (Blue line).
The below chart was published on 5th February morning.
Nifty 60 mins chart: (as shown on 5th February morning)
Happened today as of 11 am
Nifty has moved to the point as expected. Prices are moving in double corrective Elliott wave pattern and as mentioned earlier there are times when patterns are very clear and predictability is high and at complex corrections it can be low. Currently after 3 months of low predictability Indian markets have been forming known patterns.
In addition we also give Nifty trading strategy in “The Financial Wave trading update”. Today’s morning strategy was “For today, short positions can be created on move below 5995 with 6220 as stoploss and target of 5965. Long positions can be created if Nifty moves above 6050 with day's low as stoploss and target of 6090.”
Happened: Nifty made a high of 6048.35, broke 5995 and almost achieved target of 5965. The exact low is 5966 so far!
To know what is next after the completion of wave c of 2nd correction subscribe to “The Financial Wave Trading update” giving Nifty trading strategy during the day. Prices have now arrived near crucial levels again. 5970 has lost its significance as expected. Visit http://www.wavesstrategy.com/index.php/store.html and subscribe now to the Nifty or Equity report and see yourself the short to medium term trend for Indian markets.
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