We were expecting a bounce from lows (small or big). Nifty shown bounce of 23% but didn’t give the chance to buy as it opened Gap up and was 80 points up within seconds after opening. There after Nifty broke below opening price and traded with volatility in negative bias.
In some of my previous reports I mentioned repeatedly that conditions are not confident for positional longs and we can see a decline below 7940 or 38%-61% correction of total move from 7940 to high before further upside. Read Long Term and Short Term Elliott Wave Analysis of Nifty as on 10 Aug 2015. So, today I am taking a fresh look on move after 2015 low 7940.
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