AUTOMATED TRADING

AUTOMATED TRADING

20 May 2013

NIFTY ELLIOTT WAVE CURRENT UPDATE

As I wrote in my previous post that nifty may correct. The correction in nifty today seems that nifty has completed its 3rd standard of correction and may move in b-B wave. If this wave count is valid then nifty should fall minimum up to 6059 and 5953 as indicated in the chart below. Below 6140 fresh short position can be created for the above mentioned target with 6229 as stop loss. Nifty is making higher high and higher low formation. Bias are still positive until unless nifty break and close below 6140 level. Bank nifty has nature to give indication of reversal in trend. As bank nifty has corrected much than nifty today supporting this view.
Traders should be alert at current situation towards long side.
CLICK ON CHART FOR ITS LARGER VIEW


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