Elliott’s Wave Analysis Report of Nifty for 15 Sept 2014

| September 14, 2014

Nifty is in consolidation mode from last 3 session with complex type of correction. Though Nifty declined almost 120 points from high of 8179 to low of 8058, still it is hovering around 8100 from last 2 sessions. As I said it is a complex correction, predicting the exact trend is quite difficult.

Now, it seems two possibilities on charts but both possibilities are suggestion dips from high, let me show you both possibilities with expected levels.

Possibility 1

15 Sep Nifty - CopyFirst possibility is same as I mentioned in my previous report. Nifty may be progressing in Complex Double Correction “abc-x-abc” where “abc-x-a” is already completed till 8058, “b” either completed at 8114 or may go till 8132 and final leg correction “c” is pending that can show lower levels till 8045-8018 in next sessions followed by a start of new move upside.

2nd Possibility

15 Sep Nifty - Copy2nd possibility says, Big wave A completed from 8179-8058, B is either completed at 8114 or may go till 8032 and Big C downwards is pending that can show 8000-7950 levels n next sessions. Corrections are very difficult to identify and risky to trade, we should avoid trading corrections.

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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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