In this session I will be doing Elliott Wave Analysis of Nifty 50 ( An index of Indian Stock Markets ) and will be giving future targets for the same.
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In the previous report I discussed that Nifty should atleast achieve the targets between 8900 – 9119 in the upcoming sessions, ever since then Nifty has made a high of 8968.70 which is in the previously specified range and hence this calls for another look at the charts and hence I’m publishing this analysis.
For starters the current Wave label is as follows:
Nifty Elliott Wave Count as on 11 September 2016
According to this Wave count either the Wave C or Wave 3 seems to have completed at the level of 8968.70.
From here on 2 possibilities exist –
- Either the ongoing Wave is a 4th of the 3rd and hence is a Flat correction.
- The 4th of the 3rd completed at 6825.80 as mentioned in the previous report.
Considering Possibility 1 –
If the current progression is a flat then we will expect a huge downward movement, around the level of 6850 once again in a 5 Wave formation.
But since we do not have enough evidence as of yet to support this possibility we will keep it as an alternate count for now.
Considering Possibility 2 –
If the current progression is a 5th of the 3rd then the 3rd Wave of this 5th of the 3rd seems to be completed till the level of 8968.70 hence the remaining upside targets as mentioned in the previous post will be achieved only after Nifty gives a pullback for the 4th Wave and that should achieve a minimum level of 23.6% retracement.
Hence the possible targets for the pullback for Wave 4 from Elliott Wave as well as Price Action perspective are –
Target 1 : 8663.56
Target 2 : 8475.22
Nifty targets September 2016 onwards
Hence the strategy I would be using would be to wait for these targets and then look for further evidence.
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