Nifty-Elliot Waves Structure Daily Chart(20-05-2011)
Conclusions
Nifty moved below Wave-5 trend line but consolidated 4 days below it and closed exactly at Wave -5 trend line after trading above it last Friday therefore Wave 5 is still intact and its breaking down confirmation point will be slipping below 5401.
As Wave-5 is still intact therefore upmoves hopes are still alive.
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| Just click on chart for its enlarged view |
Nifty moved below Wave-5 trend line but consolidated 4 days below it and closed exactly at Wave -5 trend line after trading above it last Friday therefore Wave 5 is still intact and its breaking down confirmation point will be slipping below 5401.
As Wave-5 is still intact therefore upmoves hopes are still alive.