Sunday, January 31, 2016

Elliott Wave & Technical Analysis for Nifty

After a dull expiry for Jan series and big move on Friday, lets check out the charts as of now -





Last Week's summary -

- Positional Bias remains Down till it closes above 7480 as mentioned in the last Post.

- There is a Probability that only 3 waves of C have been completed and we may retest the low 7242 / go further down in this Week to complete the C as in chart .

- Trading below the 7400 level and Upper T/L would be a Bearish Signal in line with the above probability.

- Above 7480, we may test 7520 and 7600 apprx 

The Expiry Week traded above 7400 and below 7480, a sideways consolidation, which broke out above 7480, the first hour high on Friday.

- Now the Bias in Short term is Sideways to Up above 7480.

- 7480-7520 is the Support zone moving forward.

- Target Up, holding the support zone in short term is apprx. 7700 +- 25. 
There is a probability of a fast move to Channel top if Shorts remain persistent in the system.

- Close below 7480 may change the Trend to Down again.

- Higher Time frames are yet to reverse which calls for caution.


Nitin said...

Sir very good Analysis

AAR VEE said...

Observations: 2/2/16

- Close below 7480 signals weakness in structure.

- A-B-C up from 7242 is over at 7600 the 50% retrace.

- Another a-b-c down in progress from this high.

- This move can be part of a B wave with previous move from 7242 to 7600 being an A.

- If so then expect some sideways move in next few sessions between 7400-7600 broadly.

- No aggresive writing in Calls and 7400 PE remains the highest o.i. strike.