Nifty Elliott wave Analysis: Crossover of 5125 is giving a hint for 5176. Will it come or not? Trading support is at 5099-5074. Rising market will be tougher to trade.

You must read previous articles and watch above chart carefully to understand this article completely.

Finally, Nifty has traded well above 5125 to generate the next technical target at 5176. I must quote that we need to see failure of one technical resistance on rise to get a fall. We can just speculate over one of those resistances.

I still like to say that rise above 5125 will not be easy to trade. Yesterday was the most perfect example. A rising has not given much opportunity on index.

Technical charts are suggesting few things -

Yesterday’s top will turn out as crucial figure for today’s trade. Look the given trend line on above chart, which is joining from 5020 and 5125. Extension of that line emerging resistance @ 5156 too.  

It is complete true that end –of-day charts are still supporting bulls for a rise towards or above 5176.

5176 = I have mentioned earlier also. Take a fall from 5040 to 4770. If you take 1.618 times from 4770, it will come at 5176

In case of downside 5090 is crucial support as break of which will result fall towards 5040 and then 5015 levels.

I have already suggested my paid subscribers that the rise which started on 4^th June 14, 2012 may continue with its direction till 17^th or 18^th June, 2012. We must note that today is the 9^th day from 4770. This current rising trend has to end either today (support it fail to cross yesterday’s high then it will count as the end by yesterday itself i.e. 8^th day) or latest my Monday only.

SGX NIFTY is now quoting @ 5110, a hint for small gap down. Will it be bear gap down? (A bear down is the one which never fills in same trend).

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Praveen Kumar

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