AUTOMATED TRADING

AUTOMATED TRADING

15 August 2013

NIFTY ELLIOTT WAVE LATEST PATTERN

BULLS BEWARE!
Nifty closed above 38.2% retracement level (5720) at 5742. next resistance is at 5790 and 5861. These two level will set the major direction of nifty. I am giving below nifty weekly chart which is showing possible direction of nifty as per Elliott wave theory. Where so many Elliott wave analyst are giving upside view towards 6500 but I have opposite view. I expect a big major down trend on nifty in coming time but condition apply.

If nifty does not break the top of its previous down leg which comes at 6093 in 11 days then beware tsunami is coming soon. 4 days are already passed now 7 days left. Therefor consider nifty should not consider 6093 level in next 7 days. If break then I will post another wave scenario, otherwise this view will remain valid.
So bulls should beware and bears should beware above 6093 level.  So nifty may reverse down again from any of these two level 5790 and 5861.
See the chart below. Click on chart for its larger view.


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