Nifty and Banknifty Elliott Wave

Hi Reader,

I have been off with my posts; and i apologize for the delays in the posts. I have being busy with the book "Technical Analysis for Trading Professional". And yes as usual I recommend that book. :P

OK; with today stellar move on the Nifty; I think Nifty is headed up from here. Moreover, Nifty has bounced from its 200 day simple moving average. The candle with high volume is pretty supportive for a rally from here.

Here is the wave count:

 Moreover, now in continuation with the my earlier post on Bank Nifty; this is a further update. On EOD Bank Nifty is still in strong upmove. 

Bank Nifty EOD:

Bank Nifty : Hourly

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

Bank Nifty Weekly : Elliott Wave Analysis

In continuation with my yesterday's post, here the analysis for Bank Nifty,

The move down on the bank nifty from Nov 2010 was steep, but the waves were too inter-tangled to get an impulse down, hence I am now thinking the move down was rather an ABC-X-ABC-X-ABC (triple combination).

Here is the EOD and the Weekly chart on Bank Nifty

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