Nifty Elliott Wave Outlook for Oct 2015 Expiry Week

| October 25, 2015

In my last weekly Elliott Wave Analysis report of Nifty we expected Nifty to achieve minimum 8298 on upside and if even touch 8322 then possibilities will be open for 8450-8550. Nifty finally managed to break 8298 on Friday with gap up after a week long struggle and also breached 8322 opening the possibilities for higher levels. Let’s have fresh look at latest chart to see what is there for nifty in Oct 2015 expiry week.

Today I am covering Nifty move after 29 Sep 2015 low 7691 which I am expecting as start of wave (C or 3) explained in my previous report Nifty Elliott Wave Analysis for the Week commencing 19 Oct 2015. Previous counts are same as I explained in this report. Also read my complimentary report Is Nifty Heading for New High or New Low – Elliott Wave Analysis which I published on 24 Oct 2015 to understand this report better.

Targets of Nifty for Oct 2015 Expiry

Targets of Nifty for Oct 2015 Expiry

This is 15 minutes time bar chart of Nifty covering move after 29 Sep low 7691 which I am expecting as start of wave (C or 3).

If I look at the progress wave (3 or C) then a new upside wave is started from 8088. This new upside wave can either be start of some sort of inner wave (3) or (5). So, we will go with minimum and assume it as start of inner wave (5) from 8088.

So, it seems inner wave (3) completed at 8242, (4) completed at 8088 and wave (5) is in progress. Minimum 38% project for wave (5) is placed at 8298 which is already achieved whereas normal projection 61% is placed at 8428 which may or may not be achieved and 70% is placed at 8474. Wave (5) will be in extended zone after breaking above 61% retracement.

Now, let’s have a separate look on progress of wave (5) of (C or 3) on separate 15 minutes chart.

Targets of Nifty for Oct 2015 Expiry

Targets of Nifty for Oct 2015 Expiry

This is 15 minutes time bar chart of Nifty covering move after 8088 which I am expecting as a start of inner wave (5) of (3 or C).

There are possibilities that inner waves (iii) completed at 8294 followed by wave (iv) may be completed at 8217 on Wednesday as Irregular/Flat Correction and inner wave (v) has been started from 8217.

Minimum 38% for wave (v) is placed at 8295 which is already achieve whereas 61%-100% is placed at 8344-8423 which may be achieved in coming sessions by seeing the waves on first chart.

Now again, let’s have a separate look on progress of inner wave (v) of (5) of (C or 3) on separate 5 minutes chart which is started from 8217.

Targets of Nifty for Oct 2015 Expiry

Targets of Nifty for Oct 2015 Expiry

This is 5 minutes time bar chart of Nifty covering move after 21 Oct 2015 low 8217 which I am expecting as start of inner wave (v) of (5) of (C or 3).

This wave seems somewhere within inner wave (iii) of (3) as shown on charts. Wave (3) may complete somewhere within 8344-8384 followed by wave (4) downwards and 5 upwards. Immediate Stoploss for any longs must be 8263 which will be reduced to 8298 if Nifty breaks above 8326.

Conclusion:

For the expiry week, Nifty have possibilities to bounce minimum till 8384-8428 and maximum till 8655 and immediate stoploss for any longs must be 8263 which must be reduced to 8298 if Nifty manage to break above 8326 and keep reducing stoploss at 38% retracement of wave 5 started from 8217 at every rise. We need to see fresh counts once the stoploss trigger.

Minimum 8384-8428 is expected and we need to see fresh wave’s pattern again after reaching there. But be cautious after reaching 8384-8428 and avoid holding any heavy long position overnight. Never trade without stoploss.

Inner wave counts and latest patterns with stoploss will be updated daily in my Daily Elliott Wave Analysis Reports of Nifty.

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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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