Nifty Elliott Wave Analysis Report for 07 Oct 2014

| October 6, 2014

Nifty was range bound on 01 Oct 2014 and there was less participation from traders because of 5 holidays ahead. Nifty moved in 30 points range for whole day and finally close marginally negative at 7945. In my previous report I expected Nifty to consolidate in range for some time and Nifty consolidated for whole day.

Let us see the further road map of Nifty for 07 Oct 2014, Tuesday

Elliott Wave Chart Analysis of Nifty

Elliott Wave Chart Analysis of Nifty

There is no change in wave formation yet. Pattern shows that wave (a) downwards completed as impulsive and wave (b) is in progress that may complete somewhere above 7980 followed by final wave of correction (c) downwards.

Current pattern indicates a gradual move above 7980 first followed by a very sharp correction of 100 plus points from high. Upper range may be anywhere between 7980-8020 and lower range may be anywhere between 7900-7860. You may see volatile move with fast swings in next 1-2 days.

Pattern will be negated if Nifty break 7915 before hitting 7980.

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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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