March 2, 2018

Elliott Wave Outlook and Trading Srategy for 01 March 2018

Nifty opened lower at 10488, registered low 10461 and traded with positive bias for rest of the day with range bound volatility. Nifty traded in 10535-10461 range for whole day and closed 61 points down at 10492.

Yesterday, the overall wave counts were suggesting one more decline for low below 10276, most probably from 10637-10829 range. For short term, bounce towards 10662-10740 was expected with 10562-10520 as short term support and 10520 as breakeven point and stoploss for longs.

Trading strategy was to hold existing longs with stoploss of 10509 but Nifty opened lower below stoploss and stoploss was triggered. Now, let’s have a fresh look at latest charts for further scenario.


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