Nifty in Expiry Week- Jan 2016

Are the Bears leaving or still sniffing opportunity?

Last week Nifty achieved the basic target of Correction at 7350 apprx and went further down. Let us check the short term Probability in store for this week.




It is continuation of the Elliott Wave and Technical Analysis of last week, so please read this post along with it for clarity 

http://aar-vee.blogspot.in/2016/01/elliott-wave-technical-analysis-for.html

- 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 

- This truncated Week may see volatile moves. Trade safely.