Elliott Wave Analysis Report of Nifty for 28 May 2015 Expiry

| May 27, 2015

Nifty opened huge gap down today and declined till 8277 in first 15 minutes of trade but bounced back from low and trade with strength for rest of the day. Nifty recovered 70 points from low to hit day’s high of 8342 and finally closed 4 points down at 8334. We need to see latest chart for further scenario.

I am showing counts from today’s low 8277 only as there is bit confusion in previous counts and most probable counts are same as I shown on my yesterday’s Elliott Wave Analysis report of Nifty for 27 May 2018. Let’s have a look on today’s intraday chart.

Nifty Elliott Wave Analysis for 28 May Expiry

Nifty Elliott Wave Analysis for 28 May Expiry

This is 5 minutes time bar chart of Nifty showing wave counts from today’s low 8277 only.

It seems an impulse is completed from 8278 to 8342 which can be wave (A or 1) followed by a decline as wave (B or 2) and (C or 3) is in progress. Read the chart carefully.

Wave (C or 3) can go minimum 100% of (A or 1) which is placed at 8369 which may be achieved whereas 138% and 161% are placed at 8392 and 8407 respectively.

First impulse from low completed below the start of previous downward wave (reflex point). So, there are possibilities that this bounce may be corrective (abc) rather than impulsive (12345) which further warns cautious at higher levels.

Conclusion:

Nifty charts are suggesting some bounce, minimum till 8369 -8407 and immediate stoploss for longs must be 8316 which may be reduced to 8333 if Nifty break above 8369. Keep strict stoploss on longs as first impulse from low completed below reflex point and previous waves are not clear.

8505 -8550 is still possible on higher side but identification of pattern is difficult as of now.

Tags: , ,

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"

Comments are closed.