Elliott Wave Updates of Nifty for 22 May 2015

| May 21, 2015

Nifty opened Gap Up today and bounced above yesterday high 8440 again followed by a decline of about 65 points as I expected in my yesterdays report Elliott Outlook and Elliott Wave Analysis for 21 May 2015 though Nifty bounced again before achieving 23% retracement.  Nifty touched the low of 8382 in morning session followed by bounce again till 8335 and finally closed 2 points negative at 8421.

Now, let’s have a look on latest charts to see further probabilities.

Nifty Elliott Wave Analysis for 22 May 2015

Nifty Elliott Wave Analysis for 22 May 2015

This is 15 minutes time bar chart of Nifty covering move after 07 May 2015’s low 7997 which I am expecting a start of impulse. I am showing the wave counts after 7997 only as previous counts as same as I explained in my Elliott Wave Analysis Report of Nifty for 08 May 2015.

Again there is no change in pattern yet, as it seems an impulse completed from 7997 to 8332 followed by corrective decline from 8332 to 8091 as shown on chart. The upside impulse can be wave (A) and corrective decline which is in “abc” pattern can be wave (B) followed by the start of next impulse from 8091 which may be wave (C).

Wave (C) already achieved 100% projection of wave (A) after hitting 8426 but structure of waves is not suggesting its completion yet. Structure of wave (C) is still suggesting it somewhere near the end of its inner wave (3) as shown on chart. 123% and 138% for wave (C) is placed at 8505 and 8553 respectively which is possible in next sessions.

Progress of wave (C) started from 8091 is slow and it is difficult to identify its inner waves but structure of wave (C) is not suggesting its completion yet. So, we can take help of Fibonacci ratios and use 38% retracement of wave (3) of (C ) to consider any reversal or stop loss till we identify any clear wave pattern, whereas  8505 -8553  possible on upper side.


There is no sigh of reversal on Nifty chart yet whereas levels of 8505-8553 are possible on upper side. Any trend reversal can be considered only if Nifty breaks much below 8323 which must be the stop loss for existing longs.

Sudden dips are possible in coming sessions and buying on these dips with small stop loss would be the best strategy till Nifty is above 8323 or till we identify any sign of completion of wave (C). Trade light with small stop loss and be quick in booking profits as we can see range bound volatility in next sessions.

Important Note: This Elliott Wave Analysis Report of Nifty for 22 May 2015 is same as I sent to my clients and students for tomorrow. I post these reports occasionally on my website as live examples. You can get my daily Elliott Wave Analysis Reports of Nifty by email every night 10:30 for next day for the subscription charges of Rs. 1500 for 1 months. Or you can learn this same Elliott Wave Analysis by subscribing my complete  course for Rs. 32oo only, I am also providing 02 months Free Analysis Reports with my course.

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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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