Fresh Elliott Wave Counts on Nifty Charts for 12 Aug 2020

Fresh Elliott Wave counts and Fibonacci calculations on daily, hourly and 15 minutes charts of Nifty for Wednesday, 12 Aug 2020 by Deepak Kuamr

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Nifty opened higher at 11322 and bounced further to register day’s high 11373 but declined back by more than 70 points to register day’s low 11299 and closed 52 points up at 11322.

Yesterday, intraday bounce towards 11322-11341 was expected with support at 11270-11257 but there were cautions for small or big decline after achieving 11341.

Intraday trading strategy was to buy Nifty in 11270-11257 range for targets 11322-11341 but Nifty opened gap up and targets were achieved at opening only. Later Intraday selling was advised in 11330-11346 range with stoploss of 11353 for target 11261, Nifty declined till 10299 from 11330 and was giving profit more than stoploss but later bounced back without achieving target and stoploss was triggered. Now, let’s have a fresh look at latest charts for further scenario.

This Analysis report is covering Elliott Wave Analysis of Nifty on daily, hourly 15 Minutes chart only. Refer previous analysis report for Analysis on all time frames. Link to last analysis report is https://www.sweeglu.com/nifty-trading-strategy-for-03-aug-2020-based-on-elliott-wave-analysis

Elliott Wave counts on daily chart of Nifty

This is daily time bar chart of Nifty covering decline after all time high 12430 which I marked as start of major wave (4) on monthly chart. Again, is no major change in wave counts on this chart.

It seems an impulse completed from 12430-7511 and same can be wave (A) or (C of Irregular Correction). 61% of this whole impulsive decline is placed at 10550 and same was major resistance. Nifty gave good breakout above 10550.

From low 7511, it seems an (abc) wave completed from 7511-9889 but decline from 9889-8806 is also corrective (abc) and next wave bounced above 9889 again.

This (abc) bounce followed by (abc) decline followed by bounce is making the pattern complex. It can be progress of double zigzag correction with first (abc) cycle completed from 7511-9889, wave (X) may be completed from 9889-8806 and 2^nd (abc) cycle may be in progress.

Within 2^nd wave cycle, it seems wave (a) completed from 8806-10328, wave (b) may be completed from 10328-9544 and wave (c) may be in progress. Wave (c) achieved normal 100%-123% projection placed at 11066-11425 and Nifty registered high 11373.

23%-38% retracement of progress of wave (c) is placed at 10941-10674. So, 10941-10674 is major support and 10674 is major downside breakeven point. Nifty is in positive zone for short/medium term as long as trading above 10674.

But Nifty if close a complete daily candle below 10655 can result in bigger decline towards 9544-8806 again.

Let’s analyze the progress of wave (c) of 2^nd (abc) cycle started from 9544 on lowest possible time frame.

Elliott Wave counts on hourly chart of Nifty

This is Hourly time bar chart of Nifty covering move after 9544 which I marked as start of wave (c) on daily chart.

It seems inner wave (1), (2), (3), (4) is completed and wave (5) may be in progress from 10562. Wave (5) already achieved 61% projection after break above 11299 and next 61% projection is placed at 11558 which may or may not be achieved.

Within wave (5), it seems inner wave (i), (ii), (iii), (iv) is completed and wave (v) may be in progress. Wave (v) also achieved its minimum 38%-61% projection (not show on chart for the sake of clarity).

Now, let’s have a separate look at progress of wave (v) on lowest possible time frame to check its pattern.

Elliott Wave counts on 15 minutes chart of Nifty

This is 15 minutes time bar chart of Nifty covering bounce after 10882 which I marked as start of wave (v) on hourly chart. It is very tough to identify inner wave counts within wave (v) but still I tried to mark most probable wave counts, although confidence is low.

It seems wave [1], [2] and [3] completed till 11224, wave [4] may be completed from 11224-11130 as very complex type of Irregular Correction and wave [5] may be in progress.

Wave [5] already achieved 61% projection placed at 11342 and next 100% projection is placed at 11472 which is a rare case. Nifty can give a small or big decline before breaking higher above 11472 if I am right at counting waves.

23%-38% retracement of progress of whole wave (v) is placed at 11257-11185and same can be assumed as immediate support.

Nifty Outlook Trading Strategies for Wednesday, 12 August 2020

Nifty outlook and Trading strategies for 12 Aug 2020 are for clients only. We post complete analysis report with outlook, important levels and trading strategies on weekends only. On other days, we just post analysed charts with explanation.

Previous day’s complete Analysis report is uploaded on our Facebook Page “Sweeglu Elliott Waves” in PDF format.