In this report I’m taking a look at the alternate Elliott Wave Count for Nifty as the Invalidation level is now crossed.
As of this point in time it seems that the bulls have taken control and a new impulsive leg is in progress.
Two trading strategies can be implemented for this particular market.
Nifty Elliott Wave Analysis 27th January 2017 onwards
1. Getting long above the 8670 region which will result in a big Stop Loss below the 7980 mark.
2. Waiting for this 5 leg wave up to complete and then getting long at the pullback around the 50 – 61.8% retracement level or the immediate support which seems visible around 8440 – 8320
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