Nifty Elliott Wave Analysis 4th December 2016 onwards – Indian Stock Market


In the last video I did a detailed analysis of Nifty from an Elliott Wave point of view and gave the main and alternate counts.

In this session I will discuss Nifty using the 15 min chart so that one gets a detailed view.

The premise is that Nifty is in Wave 2 of Wave 5 of Wave 3 as discussed in the last session. We also know that Nifty is most probably in a Triple Zig Zag correction and we are currently in the third Zig Zag with the Wave B in progression.

Probability 1 :

Wave B is a Zig Zag in itself which is running in the 2nd leg, that is Wave B is a Zig Zag and the current progression is the Wave b of Wave B.

Nifty Elliott Wave Count - 15 minutes chart 4th December 2016 onwards

Nifty Elliott Wave Count – 15 minutes chart 4th December 2016 onwards

From the above count the movement that I would predict for Nifty is that Wave b  of  Wave B will take support around the region of  8010-8040, if the support region is held then we will look at atleast the upper target of  8330 as discussed in the last analysis.

  1. Support @ 8040-8010
  2. If held then look for Wave c of  Wave B.
  3.  Wave c most probable target 8330.

 


Probability 2 :

Wave B has progressed as a Zig Zag and the Wave c of Wave B is already complete, look at the alternate count in the chart below.

Nifty Elliott Wave count 4th December 2016 onwards - 15 minutes chart, Alternate Count

Nifty Elliott Wave count 4th December 2016 onwards – 15 minutes chart, Alternate Count

If this alternate count holds then we will look for the Wave C or the last leg of the triple Zig Zag down to the region of 7900-7650, however more precise levels can only be obtained by looking at the structure of Wave C that is still under progression as per this alternate count.

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View the previous Nifty Elliott Wave Report here.

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