5/30/2009

MARKET - 01JUNE2009 (by kumaraguru)


ELLIOT WAVE THEORY

Elliot theory says,

A retracement of more than 76% is highly suspicious, although it doesn’t break any rules yet.

NIFTY 76% from previous trend is 4468. Play carefully above 4468 till 4650.




HOURLY CHART



SHORT TERM CHART





using FIBONACCI SERIES (also by 3 days consistent up trend) using 38.2%, 50% & 61.8% ( 23.6% need to be considered sometime as elliot wave theory)

SUPPORT

Elliot wave theory support by 23.6% @ 4395

4337 -- 4282 -- 4243.7

RESISTANCE

4575.8 -- 4615 -- 4653

-----------------------------------------------------------------------------------


using TREND LINES in the chart


TODAY breaks 4422 will take to 4384---4370-- 4322

major support 4384-4370 (channel break)

If breaks 4322 then?? (major channel break)

TODAY IF CROSSES 4509 will take to 4575.8 -- 4615

If crosses 4615 -- 4653 then???

-----------------------------------------------------------------------------------

MEDIUM & LONG TERM CHANNEL


LONG TERM CHANNEL



MEDIUM TERM CHANNEL



Posted by Kumaraguru at 00:28

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

DISCLAIMER

All the content mentioned in this blog is my personal journal and should not be taken as a trading advice. Please use the content purely for learning purposes. I may or may not be holding any positions in the stocks/contracts under discussion. I will not be responsible for your profits or losses