January 23, 2017

Elliott Wave Outlook of Nifty for Jan 2017 Expiry Week

Nifty opened mild gap down at 8404 and bounced to register day’s high 8423 but failed to sustain at higher levels and declined sharply by more than 80 points to register day’s low 8340 before closing 85 points down at 8349. Nifty broke 8344-8461 range after 5 sessions.

Friday, 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 8343.  Nifty broke 8343 on Friday after a long consolidation and now we needs to have a fresh look at latest chart as there is abnormality in previous pattern.

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-outlook-of-nifty-for-jan-2017-expiry-week/

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