Elliott Wave Analysis and Trading Strategies of Nifty for 11 May 2017

| May 11, 2017

Nifty opened higher at 9339, bounced further after opening and traded with huge strength for rest of the day. Nifty bounced more than 90 points to register new all time high 9414 before closing 90 points up at 9407.

Yesterday, same as I had explained in my earlier report, sharp bounce above 9377 for new high till 9380-9452 was expected in coming day with 9260 as reversal points. Positional buying was suggested if Nifty decline towards 9272-9260 with stoploss of 9247. Further, intraday stoploss for existing longs was 9304 for same targets 9383-9452. Nifty bounced more than 90 points today and registered new high in 9383-9452 range as expected 2 days back. Let’s have a fresh look at latest charts for further scenario.

Today I am covering bounce from 19 Apr 2017 low 9075 and previous counts are explained in my earlier report Nifty can Bounce Sharply above 9377 for New High Again

Elliott wave counts of Nifty for 11 May 2017

Elliott wave counts of Nifty for 11 May 2017

This is 30 minutes time bar chart of Nifty covering bounce after 9075 which I am expecting as start of new wave.

Same as I had explained in my last analysis report, It seems wave (1) completed from 9075-9182, wave (2) completed from 9182-9088, wave (3) may be completed from 9088-9363, wave (4) may be completed from 9367-9272 as Irregular Correction and wave (5) may be in progress.

Minimum 38% projection for wave (5) is achieved after break above 9383 and next 61% projection is placed at 9452 which may or may not be achieved.

So, let’s have a separate look at progress of wave (5) to see its progress and pattern.

Elliott wave counts of Nifty for 11 May 2017

Elliott wave counts of Nifty for 11 May 2017

This is 15 minute time bar chart of Nifty covering bounce from 9272 which I have marked as start of wave (5) on previous chart.

By casual look, it seems inner wave (i), (ii), (iii), (iv) are completed and (v) may be in progress. The pattern is following all the rules but wave (v) is highly extended more than 161% which is rare. So, there is small doubt in wave counts. May be it is not wave (v) but still wave (iii) in progress.

So, 38% retracement of wave (v) [if it is wave (iii)]is placed at 9373 which can be taken as reversal point or stoploss for any longs.


Nifty bounced more than 90 points yesterday and achieved our expected upside targets 9383-9452. Short term impulsive wave achieved its minimum requirements but short term top or reversal is not confirmed yet.

Reversal can be expected only below 9373 and same must be the stoploss for any existing longs now. Nifty can decline towards 9272 again if break below 9373.

Trading Point of View:

  1. If someone is already holding longs then part profit may be booked and 9369 (some point below 9373) can be used as fresh stoploss for remaining positions expecting further bounce towards 9452.
  1. Nifty even if touch 9369 (break below 9373) then shorts can be taken using stoploss of 9399 (3 points) expecting minimum target 9272.

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Category: Nifty

About the Author ()

Deepak Kumar is an independent Technical Analyst, regular practitioner and Trainer of Elliott wave theory applying Elliott's Wave Principles on Indian Markets successfully since 2011 and made many accurate predictions. He is also the author of book "Practical Application of Elliott's Wave Principles by Deepak Kumar"

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