Last week was the dull week where nifty moved within just 50-80 points except sudden rise of 90 points on Friday just before closing. Nifty opened last week at 8231 and closed at 8238 after giving low of 8088. Overall last week was without any trading activity as no trade triggered as per conditions because of range bound movement. There was a small trading opportunity on Friday, but it was during live market hours and came just 60 minute before weekly close, so practically it was not safe.
So, today I am having a fresh look at whole decline from all time high 9117 to see if I can conclude something from bigger picture as well as smaller time frame. Please read my last week report Most Probable Elliott Wave Counts of Nifty as on 12 Oct 2015 to understand this report better. Let’s start with daily chart.