AUTOMATED TRADING

AUTOMATED TRADING

17 May 2013

NIFTY ELLIOTT WAVE SCENARIO

The entire move from 2008 if you will see in the chart below you will find that there is lack of impulsive wave because i am not seeing any impulsive wave count in 1,2,3,4,5. If this is not impulsive wave then it is clear now that it is  corrective wave and nifty has been forming complex correction pattern since 2008 on weekly chart. 
In current situation just see the hourly chart give below, from 5480 to till now move is also forming in triple complex correction. I am giving two scenario of wave count below.
In scenario 1 is valid then it has completed its triple complex correction. In this move b wave has not fallen more than 38.2%. Therefore 38.2% of the move from 5970 to till now is coming at 6118. If this count is valid then market will break this level and will increase more dipper correction. Any break below 6080 will confirm that this up move was bull trap. And,
If the scenario 2 is valid than nifty must protect this level and will move more higher level towards 6300 in very short term.
Recommendation- Only Intraday trading is advisable for few days.
Click on chart for its larger view

Posted by at

Disclamer:-

Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Futures and Options markets. Don't trade with money that you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell Futures or Options.

The contents of this site are for general information purposes, only. The strategies/plan discussed above in this thread/site is made by me based on data which is operated and maintained by third parties. However it is tested and proved every attempt has been made to assure accuracy, but it is by me only. We assume no responsibility for errors or omissions. Examples on this site and in the manual are provided for illustrative purposes and should not be construed as investment advice or strategy. The future data manual is for informational purposes only. These predictions/tips are technical , based on charts conditions ONLY. This is only a guideline, the decision has to be taken after logical thinking by you. Technical analyst and astrologist will not be liable for any personal or financial losses or profits.

The information and views in this website & all the services we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most.

By your act of reading this independent and individual market research, you fully and explicitly agree that Rajesh Singh or My website (www.niftyeyes.blogspot.in/www.niftyeyes.in) will not be held liable or responsible for any decisions you make regarding any information discussed herein. Take a proper advice from a certified adviser before invest in future and option market.