Elliott Waves Analysis Report of Nifty for 08 Sept 2014

| September 7, 2014

Nifty is consolidation in 90 points range from last 2 sessions with high volatility and aggressive sudden swings. And this consolidation looks like a correction before bounce of some 100-150 points. Let me explain the probabilities on Charts. 

Elliott Wave Analysis of Nifty

Elliott Wave Analysis of Nifty

The counts from low of 7540 are same as on my previous reports. 7540-7919 is taken as waves 0 to 3 followed by correction till 7857 for wave 4 and wave 5th started from 7857 is in progress.

Though wave 5 already entered in extended zone above 70% extension but still some upside can be expected seeing inner waves of wave 5. After 70%, wave 5 can rise anywhere till 8235 which is 100% extension for wave 5.

Though some upside is expected but still range from 8141-8235 should be taken as cautions for sharp decline till 7970-7850. Buyers to keep stoploss of 8025 spot. Most nearest levels can be calculated by seeing internal waves of wave 5.

Inner Counts of Wave 5

Elliott Wave Analysis of Nifty

Elliott Wave Analysis of Nifty

By seeing only wave 5 started from 7857, it seems wave 4 is already completed at 8050 and wave 5 has the potential to rise till 8159-8226 in next secession. Levels above 8251 are rare possibility.

After making top, Nifty can start correction for whole wave started from 7540 that can decline till 7970-7850 in normal seeing extended 5th wave.

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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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