Author: niftytechblog

Nifty 13-06-2017

As said on 10th June, I was not convinced that wave (iv) was complete due to time factor for wave (iv) and (ii), Today time taken by wave (iv) is >= to wave (ii).

I can say that we should soon see wave (v)/iii up-move

Nifty 13-06-2017

Nifty 10-06-2017

Current State: As per my count,below is current numbering.

I am still not clear if wave (iv) is complete or not. Normally I like to see wave (iv) taking more time than wave (ii), which is not the case now. Wave (ii) took 5 days & wave (iv) 3.5 days. At the same time, some of my other indicators says wave (iv) might be complete.

Hence, Either wave (iv) is complete or may take another 1-2 days to complete.

Nifty going above 9689 can confirm that wave (iv) is complete and wave (v)/iii is in progress.

 

Nifty 10-06-2017

Nifty 29-05-2017

I would like to update my numbering of my previous post https://niftytechblog.wordpress.com/2017/05/23/nifty-23-05-2017/

  1. Wave iv came to wave ii region. This is possible in terminal form of Elliott wave
  2. But now I see that current wave v got elongated. This made my wave iii as shortest wave – which is not allowed in Elliot wave theory.                                                                Wave i length = 292, wave iii = 261, current wave v = 296 (in progress)

Hence with this new development, my best guess is below count which is in form of extended wave iii

Nifty 29-05-2017

 

Nifty 23-05-2017

Expecting one more push UP to complete wave v/(v) and then correction to 9000 level should start.

Small wave iv seems matured and wave v/(v) should start now.

For this view to be valid, Nifty should not fall much below today’s Low.

Nifty 23-05-2017

Nifty 02-04-2017

It seems Nifty is forming a-b-c FLAT pattern for wave (iv). If I am correct, soon Nifty should start moving down to around 9000 level.

9140 – Look out for this level. Once broken, we can say that wave (c) of FLAT in progress.

Wave (c) to take 4-6 days to complete.

nifty 02-04-2017

Nifty 27-03-2017

Expecting bounce tomorrow. Would like to see Nifty breaking previous low of 9017 first and then start moving UP.

  • First – Nifty to go below 9017 (Would like to see this but Nifty may decide not to agree with me)
  • This should show bulish divergence in hourly RSI
  • Aggressive Trader – Thereafter get ready for entry. Play on 34 EMA, 5 min chart. When Price moves above 34 EMA in 5 min, enter long position. Stop loss could again be 34 EMA or tomorrow’s HOURLY LOW
  • Conservative Trader – can enter on break of RED trend line

Lets see if this setup gets build up tomorrow or have to wait more

nifty 27-03-2017