In the last analysis my main count suggested that Nifty will show a downward movement which it did.
In this weeks Elliott Wave Analysis of Nifty I will be discussing the 2 possibilities that can play out in the days to come.
Probability 1 :
Nifty will move up in a Wave c progression of the Wave B ( of one higher degree ) and go on to achieve the upper levels of
Level 1 @ 8250 ( Already Achieved )
Level 2 @ 8340
Level 3 @ 8400
Nifty Main Count and Alternate Count December 10th, 2016 onwards.
After this the next leg would be the Wave C of the last Zig Zag and would be a leg down to the levels of 7900 – 7650 or even below, that would only become clear by looking at the then Wave structure.
Note : You should also consider the probability that Wave B can be a Flat or a Triangle and I expect you already know what kind of trading strategies can be employed in that scenario.
Probability 2 :
Wave C was completed near the 7916 region and recent up move from there on is the new leg up, the Wave iii of 5 of (3) to be precise.
In that case we will most certainly test the 8965 levels and probably go even higher.
You can have a more detailed view in the video report below.
Video Report :
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View the previous Nifty Elliott Wave Report here.
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