October 5, 2016

Elliott Wave Outlook of Nifty for 05 Oct 2016 Onward

Nifty almost achieved minimum target 8800 expected after break above 8689 in my previous analysis report Elliott Wave Analysis Report of Nifty for 03 Oct 2016 Onward. This analysis report is further update of my previous analysis as action expected in previous report is already happened.

Nifty opened gap up at 8770 and declined gradually towards 8740 followed by sharp swings between 8780-8740 later in the day. Overall it was a range bound day with volatility and finally Nifty closed 31 points up at 8769 after registering day’s low 8736 and high 8783.

Yesterday, more upside towards 8800 was expected and longs taken at 8689 were advised to hold with immediate / Intraday stoploss of 8718 whereas positional stoploss for all longs was 8665. Further I advised to book 50% longs in 8780-8800 range and hold rest with stoploss of 38% retracement of wave (3). Nifty bounced further to register day’s high 8783 without triggering immediate stoploss of 8718. Let’s have a fresh look at latest charts for further scenario.

Read more at http://sweeglu.com/elliott-wave-outlook-of-nifty-for-05-oct-2016-onward/

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