May 1, 2018

Further Elliott Wave Analysis Update of Nifty for 02 May 2018 Onward

Nifty opened higher at 10705, registered low 10704 and bounced sharply just after opening. Nifty traded with strength for whole day and bounced more than 60 points to register day’s high 10759 and finally closed 47 points up at 10739.

Yesterday, short term outlook was bullish with 10575-10486 as short term support range but expected a possibility of Ending Diagonal pattern at top started from 10509 indicating decline towards 10585-10559 without breaking above 10746.

Trading strategy was to hold strategic shorts or Nifty puts taken in 10666-10696 range using exact stoploss of 10747 expecting 10585-10559 as downward targets. Nifty bounced above 10747 which negated Ending Diagonal Pattern and our stoploss for the trade was triggered. A big stoploss of about 80 points triggered after a long time. Now, let’s have a fresh look at latest charts for further scenario.


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