Nifty Latest Updates on Elliott Wave Analysis of 16 Feb 2015

| February 17, 2015

Nifty opened gap up on Monday and bounced sharply after opening to touch Intraday high of 8870 but trade with negative bias for rest of the day. Nifty closed 3 points up at 8809 after giving the low of 8793 with a sharp downswing of 60 points in end seesion. Let’s have a look on latest charts.

I am showing the wave counts after recent low 8473 and previous counts you can see on my last Elliott wave analysis report of Nifty for 16 Feb 2015 and this report is update of my last report.  See the latest chart below:

Nifty Elliott Wave Analysis for 18 Feb 2015

Nifty Elliott Wave Analysis for 18 Feb 2015

This is 5 minutes time bar chart of Nifty covering move after recent low 8473.

The wave started from low 8473 doesn’t looks like an clean impulse upside but seems to be in progress as double zigzag or triple zigzag as marked on chart. And it seems 2nd “abc” cycle completed on Monday at high 8870 with a connecting wave (X1).

Generally, Nifty can go till 8645 once in case of Triple Zigzag to overlap 1st ‘abc’ cycle and need to decline below 8470 again in case of Double Zigzag. Thus, the minimum decline till 8645 is expected in both the cases. Whereas 38% for last wave (c) is placed at 8766 and 61% placed at 8703. Inner wave (c) of 2nd “abc” cycle projected more than 138% but completed before 161% (8886) which I expected in last report.

Let’s have a look at Monday’s intraday move of Nifty:

Nifty Elliott Wave Analysis for 18 Feb 2015

Nifty Elliott Wave Analysis for 18 Feb 2015

This is 5 minutes time bar chart of Nifty covering intraday move of Monday. Again, the move from recent top 8870 doesn’t looks like an impulsive, not it looks like a simple zigzag (abc). So, it may be the formation of another complex correction as shown on chart or something else.

So, we need to go here with trailing stoploss at last reflex point for existing shorts to protect us in case of odds. Last reflex point is 8847 which is the start of last bigger wave.

Conclusion:

Though Nifty reversed without breaking above 8886 as I expected in my last report but there is no clear sign yet for any bigger downward move towards 8645 because wave were overlapping at top. So, we need to carry our existing shorts with trailing stoploss of 8847 till we see any further signal. Fresh Intraday trade can be done after identifying smaller wave pattern with small stoploss.

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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 (5)

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  1. Amit S says:

    Hi,
    I have been following your blog and now site for quite a some time. i wanted to know whether your book covers Fibonacci Time projections or not.
    Regards,

    • Deepak Kumar says:

      My Book covers the Fibonacci Ratios with respect to Elliott Wave’s cycles only. And it explains the combination of Elliott Wave’s Cycle, Personalities of Waves and Fibonacci calculation to identify market move. I don’t covers Fibonacci Time Projections. And I believe, Fibonacci Time Projections without wave cycles is guess work which works sometimes but not always. I teach Fibonacci Ratios without respect to Wave’s Cycles only and not with time.

  2. ak says:

    Can wave 4 and 5 end in same expandind triangle (nifty)?????. Bank nifty has clearly completed the 5 wave movement banknifty is bearish but nifty is in doubt.

  3. Narendra Shah says:

    Interested to know elliott wave