I'm new to the Elliott Wave theory and have been trying to understand it by applying it to the Nifty. I'm trying to apply EW for what we have in the Nifty at the moment, and this seems to be my analysis;
we had an extended impulsive (sub-wave 5) wave which ended in mid-May, and therefore it seems likely that we are seeing an irregular corrective wave, wave A of which ended in June 14th 2006, and we are presently in wave B. From the looks of it, this wave B will probably continue rallying till the May-high 3774 levels, before turning into wave C (which could be a 5-wave) downwards.
Please let me know your views on this.
Thanks,
Rajath.
we had an extended impulsive (sub-wave 5) wave which ended in mid-May, and therefore it seems likely that we are seeing an irregular corrective wave, wave A of which ended in June 14th 2006, and we are presently in wave B. From the looks of it, this wave B will probably continue rallying till the May-high 3774 levels, before turning into wave C (which could be a 5-wave) downwards.
Please let me know your views on this.
Thanks,
Rajath.
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