October 3, 2016

Elliott Wave Analysis Report of Nifty for 03 Oct 2016 Onward

Nifty opened mild lower at 8581 followed by a decline to register day’s low 8555 but bounced from lower levels and traded with positive bias for rest of the day with volatility. Finally Nifty closed 19 points up at 8611 after registering day’s high 8636.

Friday, I expected a pause or small bounce or sharp recovery towards 8800 but didn’t suggest any exact trade because bottom range based on the pattern was very big to calculate any safe and small stoploss. I just advised to avoid fresh selling as small or big recovery was expected. Let’s have a fresh look at latest charts for further scenario.

Today I am covering the move after 2016 high 8968 only as there is some confusion in the pattern of previous waves which further making it difficult to identify short term moves. We will ignore previous waves for time being and will focus on very short term pattern only.

Read more at http://sweeglu.com/elliott-wave-analysis-report-of-nifty-for-03-oct-2016-onward/

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