Practical Application of Elliott’s Wave Principles by Deepak Kumar July 15, 2015 1Analysis by Deepak Kumar | www.sweeglu.comElliott Wave Analysis Report of Nifty for 16 July 2015 Nifty opened gap up today at 8462 followed by a sharp bounce till 8530 where it consolidated for rest of the day in 8531-8505 range before closing 69 points up at 8532. Nifty also achieved 8507-8548 which possibility I mentioned in yesterday’s report after seeing yesterday’s consolidation at top. I was struggling to identify any confident wave counts from last 2 sessions but present wave’s structure is indicating the possibilities of break above 8561. Let me show you the probable counts. This is 30 minutes time bar chart of Nifty covering move after June 2015 low of 7940 which I was expecting as completion of impulse at 8561 followed by the start of corrective decline but now the structure seems different.
Practical Application of Elliotts Wave Principles by Deepak
Kumar July 15, 2015
1 Analysis by Deepak Kumar | www.sweeglu.com
Elliott Wave Analysis Report of Nifty for 16 July 2015
Nifty opened gap up today at 8462 followed by a sharp bounce
till 8530 where it consolidated for rest of the day in 8531-8505
range before closing 69 points up at 8532. Nifty also achieved
8507-8548 which possibility I mentioned in yesterdays report after
seeing yesterdays consolidation at top. I was struggling to
identify any confident wave counts from last 2 sessions but present
waves structure is indicating the possibilities of break above
8561. Let me show you the probable counts.
This is 30 minutes time bar chart of Nifty covering move after
June 2015 low of 7940 which I was expecting as completion of
impulse at 8561 followed by the start of corrective decline but now
the structure seems different.
Practical Application of Elliotts Wave Principles by Deepak
Kumar July 15, 2015
2 Analysis by Deepak Kumar | www.sweeglu.com
May be it is just wave 3 which completed at 8497 followed by
wave 4 as Irregular Correction which completed at 8315. And later
bounce from 8315 may be wave 5 in progress which needs to break
previous high 8561 and can go higher till 50-61% projection which
is placed at 8601-8667. We need to analyze decline from 07 Julys
high 8561 on separate 5 minutes chart which is also suggesting bit
higher levels.
This is 5 minutes time bar chart of Nifty covering move after 09
Julys high 8315 which I am expecting as completion of wave 4 and
start of wave 5. Start of this wave is difficult to identify but we
can see impulse pattern after 8425 with clear corrective waves in
between. If we see at top, there is an abc correction after an
impulse. No matter if we dont count previous waves but Nifty can
bounce minimum till 8540-8561 which is 38%-61% projection of
Practical Application of Elliotts Wave Principles by Deepak
Kumar July 15, 2015
3 Analysis by Deepak Kumar | www.sweeglu.com
wave 5 identifies at top (shown as small red numbers). And Nifty
should not break below 8503 which is end of small inner most waves
4 at top. Further move can be calculated when Nifty reach at 8561.
Conclusion: Minimum higher levels of 8561 or above looks possible
after seeing latest charts and Nifty should not break below 8503
before 8561. So, stoploss for longs should be 8503 which is end of
last smallest correction. It is early to predict nearby top and
further scenario can be analyzed if/when Nifty breaks above
8561.
Practical Application of Elliotts Wave Principles by Deepak
Kumar (The perfect tool to predict the future of Stock Market)
