Nifty Elliott Wave Analysis and Levels for 17 July 2015

| July 16, 2015

Nifty opened gap up today at 8546 followed by a sharp bounce till 8575 where it consolidated for rest of the day in 8575-8560 range and bounced more in end session before closing 84 points up at 8608. Nifty also broke above previous high 8561 which expected in yesterday Elliott wave analysis report of Nifty. Let’s see the wave’s counts on latest charts.

Nifty Elliott Wave Counts for 17 July 2015

Nifty Elliott Wave Counts for 17 July 2015

This is 30 minutes time bar chart of Nifty covering move after June 2015 low of 7940 which I was expecting as the start of impulse I explained in my yesterdays report.

May be it is just wave 3 which completed at 8497 followed by wave 4 as Irregular Correction which completed at 8315. And later bounce from 8315 may be wave 5 in progress which needs to break previous high 8561 and can go higher till 50-61% projection which is placed at 8593-8659.

Nifty already achieved 8593 and may break above 8659 in coming sessions. Wave 4 we are seeing as Irregular Correction which is known for more bullishness. Thus, wave 5 have good possibilities to be extended above 61%. 61% placed at 8659, 70% placed at 8705 and 100% placed at 8872.

We need to analyze bounce from 09 July’s high 8315 on separate 5 minutes chart which is also suggesting bit higher levels.

Nifty Elliott Wave Counts for 17 July 2015

Nifty Elliott Wave Counts for 17 July 2015

This is 5 minutes time bar chart of Nifty covering move after 09 July’s low  8315 which I am expecting as completion of wave 4 and start of wave 5.

Start of this wave is difficult to identify but we can see clear impulse pattern after 8425 as shown on chart. If we see move after 8315, it seems an impulse is in progress which is somewhere near the end of wave 3. There are 02 Gaps in between that impulse which are unfilled also satisfying the personalities of wave 3. Please see counts carefully on chart.

So, there may be some 23%-38% correction  after completion of wave 3 followed by a good rise again. It is early to predict top yet but good higher levels can be seen. 38% retracement of wave 3 till now is placed at 8543 which should be stoploss for existing/fresh longs.

Conclusion:

Minimum higher levels of 8561 or above are achieved as expected in yesterday’s report and now 8659 is minimum next level which seems possible. Nifty have possibilities to go higher above 8700 also but we need to look at waves again once Nifty reach 8659. Wave 5 will be in extended zone after 8659 where there are possibilities for sharp correction.

Thus, it is early to predict nearby top and further scenario can be analyzed if/when Nifty breaks above 8659. 8543 should be the Strict Stoploss for longs which is 38% retracement of preceding wave 3.

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.