Nifty Elliott Wave Analysis and Updates for 29 July 2015

| July 28, 2015

Nifty opened mild gap up today at 8371 and traded with volatility in negative bias. Nifty bounced till 8397 in morning session but started declining and registered day’s low of 8321 before closing 24 points down at 8337.

Today I am showing the counts of decline from 8655 only as previous counts are same as I explained in my yesterday’s analysis report of Nifty. Read Nifty can Decline below 7940 in August Expiry – EW Analysis on 28 July 2015

Elliott Wave Counts of Nifty on 5 minutes chart

Elliott Wave Counts of Nifty on 5 minutes chart

This is 5 minutes chart of Nifty covering move after latest high 8655 which I am expecting as progress of inner wave (A) of last and third ABC cycle of Triple Zigzag as I explained in my yesterday’s report . If we look carefully at the chart, there is not even a 23% correction within this decline of 330 points. So, may be wave 3 is still in progress.

So, most probable counts suggest that this impulsive decline from top is in last leg of inner wave (3) as shown on chart. Wave (3) may complete at lower levels most probably in 8295 -8231 range followed by corrective bounce of 23% -38% as wave 4 and then decline again to complete wave (5) of (A) at lower levels.

Please read the chart carefully and try to understand how I marked inner waves of this impulse. There is a Complex correction like structure within wave (2) and Irregular Correction type of structure within inner wave (iv) of (3) which I shown separately on chart 2 and chart 3 below. Have a look.

Elliott Wave Counts of Nifty showing complex correction

Elliott Wave Counts of Nifty showing complex correction

This is Chart 2 showing closer look of wave (2) marked on Chart 1 as Complex Correction.

Elliott Wave Counts of Nifty showing irregular correction

Elliott Wave Counts of Nifty showing irregular correction

This is chart 3 showing closing look of inner wave (iv) of (3) shown on chart 1 as Irregular Correction.

Conclusion:

Nifty chart is suggesting that the decline from 8655 is impulsive which is within last leg of wave (3). This wave (3) may complete somewhere within 8295-8231 range followed by corrective bounce of 23%-38% of whole decline and then fall again for fresh low.

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Other Possibility: Nifty can bounce sharply from present levels also if 3 wave’s structure at bottom is Irregular (b) of any correction. But Nifty needs to decline again after bounce in this case also.

Short term trend is selling on rise but we can see a small corrective bounce within next 2 sessions.

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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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