Nifty: Elliott Wave Analysis

#1
This is the updated chart from my thread in Swing Trading forum: Nifty futures to fall hard. We shall follow the unfolding of the waves here. Stay tuned.
Nifty started a impulsive advance on August 29. We commented on June 2 evening that a corrective
fall to 5350 was iminent. We also commented that the rise to the Aug 2 high was in five waves, thus signifying a
trend change alerting the shorts to be careful. (see earlier post)
Wave 3 circle began yesterday and iii of 3 circle ended at
5640 today. At 5634, wave iii was 1.61 x wave i.
Wave v of 3 should take Nifty futures to 5700 within the
next 2 trading days.
The next target for this whole move is 6069 to finish
minor wave 1
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DSM

Well-Known Member
#2
Thanks Singhvi. Informative post.

This is the updated chart from my thread in Swing Trading forum: Nifty futures to fall hard. We shall follow the unfolding of the waves here. Stay tuned.
Nifty started a impulsive advance on August 29. We commented on June 2 evening that a corrective
fall to 5350 was iminent. We also commented that the rise to the Aug 2 high was in five waves, thus signifying a
trend change alerting the shorts to be careful. (see earlier post)
Wave 3 circle began yesterday and iii of 3 circle ended at
5640 today. At 5634, wave iii was 1.61 x wave i.
Wave v of 3 should take Nifty futures to 5700 within the
next 2 trading days.
The next target for this whole move is 6069 to finish
minor wave 1
[/COLOR
]
 

rkkarnani

Well-Known Member
#3
What if the breakaway gap is filled up tomorrow? What would be your view then? Its just a presumption. As I hardly know things abot Elliot waves hence this query. Thanks for starting this thread.
 
#6
I would advise caution over here for long positions. The gap today could be an exhaustion gap. I know it doesnt tally with my original wave count. It in fact supposes that the whole upmove was a C wave. I will post the chart after market hours today.
Bank nifty is weak in its momentum indicators and is completing wave 4 up.
Was busy over the weekend so couldnt put up the charts here. Will do so in evening.
 
#8
Here is the banknifty chart. If the wave count showing wave 4 up is correct, then bank nifty should turn down almost right away.
The bearish divergence in the MACD histogram supports this.
However as the alternate count shows, it could be the midpoint of wave 3 and in that case it should shoot up right away. We are keeping a SL of 10500 on our short positions with preparations for reversing our positions.

The strong showing of Nifty also pushes the bears to the wall and nifty should correct almost immediately. Otherwise our initial bullish count is on track for a target of 6050.
 
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#9
The Nifty is behaving as per the bullish Elliott wave count. I am reposting the updated chart from earlier. I have left the comments of 5th Sept as it were. Nothing seems to suggest otherwise.
stay long!
 
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#10
The Nifty is behaving as per the bullish Elliott wave count. I am reposting the updated chart from earlier. I have left the comments of 5th Sept as it were. Nothing seems to suggest otherwise.
stay long!
Good going, Singhvi.

To post charts/images, please upload them on an external website and post the link here. That way you can post limitless charts.

See my signature for instructions.

Hope this helps.
 

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