December 14, 2016

Elliott Wave Updates of Nifty for 14 Dec 2016

Nifty opened mild gap up at 8196 and declined sharply to register day’s low 8155 but bounced from lower levels and traded with positive bias for rest of the day. Nifty bounced by 70 points from low to register day’s high 8228 before closing 51 points up at 8221.

Yesterday, shorts were suggested in 8182-8199 range with stoploss of 8203. Nifty declined by 40 points after opening at 8196 but stoploss of 8203 was triggered later. It must be 20-25 points loss if traded. Let’s have a fresh look at latest charts for further scenario.

Today I am covering bounce from 21 Nov 2016 low 7916 to conclude short term scenario and previous wave counts are explained in my previous analysis report Elliott Wave Analysis Report of Nifty for 05 Dec 2016


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