NIFTY

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

Nifty took support at the said levels and recovered.It is forming an expanding diagonal triangle (pink) which is the preferred count.If so, expect market to pause/correct after zooming past or being bit short of 8181( shown in pink lines).

The second alternative count is very bullish if it happens which is given in yellow.Wait and watch 8181.

Strong support exists at 7422, even if correction occurs in case diagonal triangle is proved right.

Nifty

NIFTY

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

NIFTY DAILY

All through my previous posts I had been mentioning about Elliott wave “Guideline” at some places.A guideline is a highly probable event that may be happening.But at no point a Elliott Wave “Rule” should be broken.If broken, something else is happening than what the Analyst had been thinking.

In Nifty Daily, the 4 th wave has touched 7840, the top of wave 1, though not closed below it.But this is a rule which cannot be broken.If broken, one of the two things are happening :

1) A Diagonal triangle is forming,( see yellow and pink markings)

2) Or the 5 th wave has already completed and we are in correction ( see blue markings)

I believe a Diagonal triangle or 1st alternative is forming ( not shown with trendlines to avoid too many markings).After finishing 4 th wave of the diagonal triangle we may see wave 5 up as shown by yellow markings and pink trendlines on chart.If diagonal triangle is forming, a break below 7840 is permissible , but not violent breaks, and then trend should resume up.So watch 7840 -7800 area.

At no point should we break 7540, if this count is valid.

The Alternative scenario is marked in blue, where a truncated 5 th wave or 5 th wave failure has occured and we are in correction.This may lead to some long term corrections.

Nifty

Conclusion : Watch that we don’t stay too long and too much below 7840-7800 to be bullish.

WEEKLY NIFTY

Weekly Nifty if you look at, is forming a series of 1-2 , 1-2 .So longer term panics are not seen, since 3-4-5 has to be formed.But brace up for the correction, if it happens.

Nifty Weekly

 

 

NIFTY

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

NIFTY DAILY

Nifty daily may finish wave v of 3 near 8250 ( approx) and then may correct for some time.Longer term targets on the Weekly are still bullish which you can see by the wave markings.Since last 2 months I had been saying that longer term market is bullish, so don’t try to pick the pennies of correction and be pound foolish.

Nifty Daily

NIFTY WEEKLY

Nifty Weekly

NIFTY

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

NIFTY DAILY

Two possible scenarios emerge from current price action.

Scenario 1 : Preferred count : Wave 1 of 5 is complete and wave 2 of 5 is currently forming.After this wave 3 of 5, wave 4 of 5 and wave 5 of 5 is pending upwards.For this scenario to hold watch support levels of 7862 and 7540.At no point should 7540 broken.

Scenario 2 : Wave 5 is complete.This looks unprobable and only sharp falls or failure to stay above 8181 in the next few days will confirm this count.This scenario leads to a very long correction.

Click on chart

Nifty Daily

NIFTY

Disclaimer : These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.Consult your financial advisor only before you trade.

NIFTY

I said NIFTY likely to touch 8836, based on Elliott wave counts if indeed 5 th wave was forming.See the link https://devadasnayak.wordpress.com/2014/08/17/nifty-62/

These are Elliott Wave guidelines, so keep a tab on your charts to infer any change in trend.Corrections also can happen fast with the uptrend remaining intact.

NIFTY DAILY

Nifty Daily

NIFTY WEEKLY

Nifty Weekly 1

 

NIFTY MONTHLY

Nifty Monthly