# Nifty can show 8615-8648 without breaking below 8547 – EW Analysis for 11 Feb 2015

Nifty opened huge gap down today and and traded with huge volatility rest of the day. After opening 50 points down at 8478, Nifty bounced sahrply 170 points from low as expected to register Intraday high of 8645 followed be sharp deline till 8475 again but recovered 100 points again from low in last session. Finally Nifty closed 39 points up at 8565 end of the day. Let’s have a look on charts.

This is 30 minutes time bar chart of Nifty covering move after high 8996. It seems,

- Wave (a) of this correction is completed from 8996 to 8705 as impulse which is of 290 points.
- Wave (b) completed from 8705 to 8838 as corrective “abc” wave which corrected wave (a) by approx 45%.
- Wave (c) completed from 8838 to 8473 which projected exactly 123% of wave (a). Inner wave (5) of (c) is highly extended which resulted in sharp reversal as I mentioned yesterday.

Now, an “abc” cycle is completed from 8996 to 8473. We need to see the nature of bounce after low on separate 5 minutes chart.

This is 5 minutes time bar chart of Nifty covering move after today’s low 8473.

The upwards 3 waves “abc” move at the top is suggesting a possibility of Irregular correction here as shown on chart which suggests,

- Wave (1 or A) is completed from 8473 to 8613.
- Wave (2 or B) is completed from 8613 to 8475 as 3-3-5 Irregular Correction as shown on chart.
- Wave (3 or C) is in progress which is at the start of its inner wave 5.

Start of inner wave (5) of (c) is known to be reflex point and first reversing impulsive after completion of wave (c) usually cross that Reflex points. But here, first impulsive didn’t cross reflex point. Start of wave (5) of (c) was 8717 but Nifty high was 8645 (as shown on first chart). So, there are possibilities that this wave may be “abc” rather than 1,2,3.

But in both cases, wave (3 or C) needs to achieve minimum 100% projection of wave (1 or A). 100% projection for wave (3 or C) is placed at 8615, 123% placed at 8648 or 138% placed at 8668.

There is a formation of smaller wave (i) and (ii) at last which is suggesting an upside of 60 to 90 points from present levels.

**Conclusion:**

The whole scenario and formation of smaller wave (i) and (ii) at last is suggesting minimum upside till 8615-8648 without breaking below 8547 as wave (ii) can never go below (i). So, immediate stoploss for existing longs must be 8547 and break below 8547 will negate this short term pattern.

**Category**: Nifty

Very accurate….

great deepak,all targets met.now waiting for next post.