Elliott Wave Analysis Report of Nifty for 05 Nov 2014

| November 4, 2014

Nifty opened Gap up on Monday, declined sharply after opening and consolidated in 30 points range whole day. There is no major change in pattern yet. I am showing only move after 7986 and Intraday move of 03 Nov 2014 as medium term pattern and probabilities are same as previous report.  So let me show you on chart.

Elliott Wave Analysis of Nifty for 05 Nov 14

Elliott Wave Analysis of Nifty for 05 Nov 14

This is 5 minutes time bar chart of Nifty showing move after 7986 explained in detailed in previous report. The labels are same till now with both wave (3) and (5) highly extended. Wave (v) of (5) already achieved its minimum projection of 38% and seems completed. But if still it is not completed (as difficult to identify its inner waves), 61% and 100% is placed at 8359 and 8418 respectively. After 61% projection, wave (v) of (5) will also enter in extended territory.   

If this whole pulse (wave 5) completed at 8348 then we can expect minimum correction of 23% to 38% that shows levels 8262 to 8209 and possibilities for 8000 are also there. Read Elliott Wave Analysis Report of Nifty for 03 Nov 2014 for full details of expected levels and details.

Now, let us see Intraday Nifty move of 03 Nov 2014 if we can find something:

Elliott Wave Analysis of Nifty for 05 Nov 14

Elliott Wave Analysis of Nifty for 05 Nov 14

This is also 5 minutes time bar chart of Nifty showing intraday move of 03 Nov 2014.

Nifty consolidated within 20 points range whole day followed by a down and up swing of 30 points in last hour of trade. And most appropriate counts of that move are represented on chart considering personalities of waves.

The first down move from high 8348 to 8300 looks like wave A or (1) followed by very complex Irregular B. B is irregular as it exceeds the end of A.   You can see lots of small (abc) corrections within B. Every c, (c) and C within this consolidation/correction is faster (Personality of wave C). If I am right at identifying, then there may be a Gap Down or Faster move downwards for wave C or (3). For C there may be a sharp fall of minimum 48 points (100% of A)but if it is (3) then the move can be destructive that can take Nifty below 8200 and may be 8000 later.

Remember:

The analysis reports I am sending are just for training purpose so that you can compare it with information given in book “Practical Application of Elliott’s Wave Principles by Deepak Kumar” and try to identify yourself.

People says Elliott’s Wave Theory is tough and confusing, but it is just simple and is most accurate method of analyzing stock markets if you have perfect knowledge and if you know how to use Elliott Wave Principles in Trading.  Just read the book “Practical Application of Elliott’s Wave Principles by Deepak Kumar” once and see the difference.

This report shows,

  1. Last wave 5 is confusing most of the time and sometimes you may not find clear five waves within wave 5. Wave 5 has tendency to confuse and hits stop losses as market doesn’t give easy chance to sell. Fibonacci Calculations and strategy helps to catch the move after completion of wave 5. (Refer Topic “Personalities and Calculation of wave 5” of book “Practical Application of Elliott’s Wave Principles by Deepak Kumar”)
  2. In Intraday 5 minutes time bar chart of Nifty you can see the perfect example of long complex/combination correction. You can observe so many (abc) cycles within big B. Big B is Irregular correction where as small (b) inside it is Flat and smallest (b) has double zigzag (abc-x-abc) inside it. It seems difficult to counts combination corrections but it is not as difficult if you go step by step. Even if I am wrong in identify whole pattern, the inside structure of this consolidation is wave (b) only which is main part to learn in this report.

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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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