Saturday, March 26, 2011

CNXITIN: Elliott Wave Analysis

The last few days move up on Nifty has reached to invalidate the older Bearish count on Nifty. Some time back, considering the strong support that Nifty has, I was open to further bullishness on Nifty going forward. This was the link and the chart. I think this is a probability and a rather strong one that we are moving in to higher trajectory.

Honestly, the one indicator I had talked about here in this post and this chart; was then suggesting that we are far too oversold and we shall be moving up. But now with the moves and the channel breakout, I am comprehending this to be true.

As I mentioned in the indicator chart, i am keeping my finger crossed. I am looking at the Index charts - CNX IT Index chart and Bank Nifty, both are suggesting we are going to move up.

Right now here is the chart for CNXITIN:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students


Anonymous said...

Excellent! Can you post your banknifty count too? Waiting eagerly for that.

Vivek Marne said...

Hi Anonymous,

Thanks for the comment.

Here is the bank nifty analysis.