December 5, 2016

Elliott Wave Analysis Report of Nifty for 05 Dec 2016

Nifty opened gap down at 8153 and declined further towards 8100. Nifty bounced from 8100 by 80 points to register day’s high 8159 but failed to sustain at higher levels and declined by be 90 points to register new day’s low 8070 before closing 106 points down at 8106.

Yesterday, trading strategy was to hold shorts taken in 8231-8237 range with fresh stoploss of 8203 expecting targets 8122-8066 keeping trailing stoploss of 30 points. Nifty achieved both the targets but with 50 points bounce in between. We also expected a sharp decline towards 8066 because of extended wave (5) completed as Ending Diagonal Triangle which also happened. Let’s have a fresh look at latest chart for further scenario.

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