January 19, 2017

Elliott Wave Analysis and Outlook of Nifty for 19 Jan 2017

Nifty opened flat at 8403 and bounced sharply to register day’s high 8460 but failed to sustain at higher levels and declined back by more than 60 points to register day’s low 8397 before closing 19 points up at 8417.

Yesterday, same 8344 was the point below which we can think of any reversal and 8461-8490 was expected on upper side. And trading strategy was to buy on dips using stoploss 8344 and minimum targets 8461-8490. Think of selling only after break below 8344. Nifty bounced as per expectation but didn’t break previous high 8461 and declined back. Let’s have a fresh look at latest chart for further scenario.

Today I am covering bounce from 26 Dec 2016 low 7893 and earlier wave counts are explained in my previous analysis report Elliott Wave Outlook of Nifty for 11 Jan 2017 Onward.

Read more at http://sweeglu.com/elliott-wave-analysis-and-outlook-of-nifty-for-19-jan-2017/

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