Nifty Elliott Wave Updates for 01 Oct 2014

| September 30, 2014

Nifty broke above 8000 today but didn’t sustain and declined back sharply from 8030 to 7925 in just 30 minutes. Some days back, I expected Nifty to rise till 8024 once after entering 7875-7814 zone. Today Nifty achieved 8024.

Yesterday I mentioned that Nifty can go comfortably till 8024 but there is caution at higher levels specially in 8042-8086 zone and Nifty can initiate sharp decline till 7935 again from higher levels. Though, Nifty didn’t enter 70%-100% zone but it declined sharply from 61%-70% zone.

Now Let us see what charts are saying: –

Elliott Wave Chart Analysis of Nifty

Elliott Wave Chart Analysis of Nifty

It seems Impulsive that started from 7842 is completed at 8030 and correction for that whole impulsive is started. Correction is just started but not completed yet. By seeing the chart it seems, just wave (a) of correction is completed from 8030-7925 which is a clean impulse. Wave (b) is in progress that can consolidate for some time before start of (c) downwards.

It is difficult to predict the top of (b) upward but (c) downward likely to be of 100 plus points (may be Nifty starts dip from present levels only). Means, after some bounce from 7925, we can expect one more down move of 100 plus points from high. Where ever Nifty goes upward from these levels, we can expect a dip below 7925 once again.

61% – 78% of whole impulse from 7842-8030 placed at 7913-7880. As, wave (a) already corrected till 50%, we can expect whole correction till 7913-7880, may be lower levels but not below 7840.

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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