Nifty Elliott Wave Analysis for 04 Mar 2015

| March 3, 2015

Nifty opened flat today but declined sharply till 8926 just after opening followed by gradual rise above 8972 as I mentioned yesterday’s Elliott Wave Analysis of Nifty that Nifty need to move above 8972 to complete 5th wave. Nifty also registered new all time high of 9008 after breaking previous all time high of 8996 and closed 39 points up at 8996.

Though, Nifty broken 8996 but still I am not able to identify any clear medium term pattern. So again, I am concentrating and explaining only short term wave counts in my Elliott wave analysis reports of Nifty till I find something clear for medium term. Let’s have a look on charts:

Elliott Wave Counts of Nifty for 04 March 2015

Elliott Wave Counts of Nifty for 04 March 2015

This is 5 minutes time bar chart of Nifty covering bounce after recent low 8670 of 26 Feb 2015. It seems an impulse is completed from 8670 to 8940 which can be wave (A) followed by a corrective decline till 8752 which can be wave (B). And next impulsive (C) is started from 8752.

Most probabilities are suggesting this move as “abc” rather than “1, 2, 3” seeing the previous wave’s structure. And in latest chart also, wave (c) became slower that (a).

Wave (C) already achieved its minimum projection of 61% after breaking 8941 and 100% placed at 9022. Nifty may or may not achieve 9022 and we need to observe latest waves for that.

Let’s see wave (C) on separate chart:

Elliott Wave Counts of Nifty for 04 March 2015

Elliott Wave Counts of Nifty for 04 March 2015

This is again 5 minutes time bar chart of Nifty covering move after 28 Feb low 8752 which I am expecting as wave (C)

It seems, inner waves 1, 2, 3 and 4 of (C) are already completed as shown on chart with wave 3 as extended. So we can expect wave 5 of (C) to project 38% to 61%. 38% for wave 5 is placed at 8970 which is already achieved and 61% placed at 9021.

We can expect some correction after completion of this wave (C) and correction may be small or big which can be identified after counting progressing waves. But 8900 to 8886 is at least expected for correction.

Top of wave (C) is not confirmed yet as wave 5 of (C) is comfortable go till 61% and it is difficult to count its inner waves. Wave 5 of (C) looks like an Ending Diagonal.

Conclusion:

Nifty latest charts are suggesting some decline from higher levels at least till 8900-8885 but top is not confirmed yet as it is difficult to identify the structure of last wave 5 of (C) and Nifty didn’t shown any pattern for reversal yet.

But, it is advised to trade light and to look at latest wave pattern during live market hours before initiating any trade as positional view is not clear and Nifty just broken previous all time high.

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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"

Comments (8)

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  1. ajay says:

    Deepak,

    This is not the kind of answer one would expect from an EW practitioner and teacher.

    I am disappointed.

    Thanks anyway.

    • Deepak Kumar says:

      Dear Ajay,

      Wave A is always a 5 waves move in Simple Zigzag and 3 waves move in Flat or Irregular Correction. You asked, ‘8670-8940′ is a 5 wave A??

      Where would you see this type of correction?”” That means as per your knowledge of EWT wave A can’t be 5 waves?? But What EWT I know, wave A and C are 5 waves move. There are so many alternate Elliott Wave Theory modified by some specialist and you might be learned one of them. Butx I observed myself and applied myself and I believe only what I seen and observed, not whatever written in books.

      Your way of questioning was abnormal..

      If you could have asked, “Can wave A be 5 waves??”, My answer would be YES, It always can.

      But you asked, Where did you see wave A as 5 waves?? Is is right way to ask a EWT Practitioner? That’s why my answer was like that. And my answer means that I have seen wave A as 5 waves on charts and not on book you have read. Your way of EWT may be differ from me and So, you may not understand my counts. I have my own rules based on my own observations.

      And please, give respect if you want respect. Way of your questing was not the way it should be. If you are seeing something abnormal than ask, why it is like that. Don’t ask, where you learned that?

  2. GHANSHYAM says:

    YESTERDAY YOUR POST FALL 8880 & TODAY FALL 8500 OR BELOW WHAT IS CONFIRM FALL NEXT DAY?

  3. ak says:

    Top may be arornd 9180 spot nifty. Large ending diagonal target.

  4. rajveer says:

    Don’t know where the exact top is, but risk reward remains to the downside.

  5. Pradeep says:

    Well Done Deepak Kumar

  6. ajay says:

    Hi Deepak,

    ‘8670-8940’ is a 5 wave A??

    Where would you see this type of correction?

    Thanks,

    Ajay