Nifty Outlook and Elliott Wave Analysis as on 01 July 20115

| July 1, 2015

This is same Elliott Wave Analysis Report of Nifty for 02 July 2015 which I sent to my Students/Subscribers today. I am posting this report here on my blog as sample report.

Nifty opened Flat today at 8376 and traded with strength after for rest of the day to rise more than 100 points from previous close. Nifty also achieved my expected targets of 8423-8493 I suggested in my analysis report of 30 Jun 2014. Finally Nifty closed 84 points up at 8453 after registering day’s low of 8370 and high of 8481. Let’s have a look on latest charts.

Nifty Elliott wave analysis for 02 July 2015

Nifty Elliott wave analysis for 02 July 2015

This is 15 minutes time bar chart of Nifty showing move after June low of 7940. It seems wave (1) completed from 7940-8034; wave (2) is completed from 8034-7952 as Irregular Correction, wave (3) completed from 7952-8423, wave (4) completed at 8423-8195 and  wave 5 is completed at today’s high 8481 or may complete at bit higher levels.

So, we can expect a small or big correction/decline after completion of this impulse which is either completed or very near to complete. Levels can be calculated after seeing the start of correction.

There is a possibility for Nifty to decline below 7940 again in near future if we look a long term chart shown in next daily chart.

Nifty Elliott wave analysis for 02 July 2015

Nifty Elliott wave analysis for 02 July 2015

This is daily time bar chart of Nifty covering move after Jan 2015 high of 8996. This chart I explained in many of previous analysis reports showing the possibilities of Triple Zigzag correction and same I shown here.

If the upward impulse started from 7940 which I explained in my first chart is actually wave (c) of X2 as I shown on 2nd chart then there may be one more down leg below 7940 as last ‘abc’ cycle of Triple Zigzag. Any naked long must be avoided from now as decline may be sharp and fast if it is really a progress of Triple Zigzag.

Conclusion:

Nifty already achieved our expected targets of 8423-8493 I mentioned couple of days before. Now it seems an upward impulse is already completed at 8481 and may complete at little higher levels and we can expect a small or big decline after completion of this impulse. Levels for correction/decline can be calculated after seeing the start of correction.

We can’t ignore the possibility of a sharp decline below 7940 again as I shown on 2nd chart. So any heavy long positions without stop loss must be avoided and light shorts can be initiated after identifying downwards trigger with small stop loss.

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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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