Nifty opened huge gap up at 7965 on Friday and bounced sharply till 8055 in morning sessions where it consolidated for a while but failed to sustain at higher levels and declined 90 points from high before closing 82 points up at 7981.
There was some confusion in pattern which I mentioned in my last analysis report but now we can see some clarity for next move on charts. So, today I am covering Nifty wave counts after July 2015 high 8665 as previous counts are same as I explained in my previous Elliott Wave Analysis Report of Nifty. Please read: Elliott Wave Analysis and Outlook of Nifty for All Time Frames as on 07 Sep 2015.
This is hourly time bar chart of Nifty covering move after July 2015 high 8655 which I am expecting as a start of downward impulse. Here it seems,