Nifty Updates Elliott Wave Analysis of Nifty for 09 Oct 2014

| October 9, 2014

Nifty again opened Gap down today and traded in 7870-7815 range making lower lows and lower high and closed mild negative after a fast upswing of 50 points in end session. Nifty disturbed medium term pattern today after break below 7941 and I need to wait for some time to identify a new pattern that may be clear in next 1-3 session. As medium term pattern is disturbed, I am focusing only on short term moves till I find clear medium term pattern.  

Let us see, what short term charts is suggesting: –

Elliott Wave Analysis of Nifty

Elliott Wave Analysis of Nifty

There is no change in the short term pattern yet. Upside impulsive from 7842-8030 followed by small impulsive from 8030-7924 is still creating hesitations for selling at lower levels.

No matter, what was the move from 8160-7842, either impulse or corrective but the move from 7842-8030 doesn’t looks like a corrective wave, it can be identified as clean impulse.   If it is an impulse, either it can be taken as wave (a) or wave (1), but in both case next wave must be corrective.

Now, possibilities for wave (1) are gone as next wave corrected more than 100%. Only possibilities of wave (a) are there, assuming downward wave from 8030 as “Irregular” (b). If it is Irregular (b) then (c) upward must go at least till 8030 again. The same I mentioned in my Yesterday’s report: –

 Elliott Wave Analysis Report of Nifty for 08 Oct 2014

Ending Diagonal EW Pattern

Ending Diagonal EW Pattern

If we see today’s move, it formed a Diagonal Triangle at the end which indicate the end of a wave. Now, if Nifty break below today’s low then there may be the start of new wave downwards that can show new lower levels.

Conclusion:

Over all,  I am not confident in selling at these levels seeing impulse after impulse. According to my understanding of EWT, there may be a bounce till 8030 and I would like to wait and see if Nifty shows 8030. 

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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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