Sohil Parikh I am a proprietary trader trading in equity derivatives, having experience of 6 years..

Nifty Elliott Wave Short Term and Medium Term View

30 sec read

 

Nifty short term view

 

Next 2 sessions will be critical for nifty. Strength above 7730 is likely to open higher levels like 7920-8000.. On the other hand, if nifty weakens below todays low of 7532,we may see 7300. wave counts are depicted in the chart and alternate counts are in the bracket.

NIFTY_Daily_16-07-2014 (1)

 
 

Nifty could possibly be making a diametric as depicted in chart. therefore strength above 7730, likely to take market to 7920-8000 to complete G leg. And after that once again correction is likely..

 

NIFTY_Daily_16-07-2014 (2)

 

Nifty medium term view

 

At 7920-8000 Nifty is likely to complete 3rd wave and possibly making 4th towards 7300 for next 2 months.
NIFTY_Daily_16-07-2014
 

Disclaimer– Elliott waves to be effective,should be used with other studies Like supertrend,SAR. If markets are hinting towards some other possibility, then one needs to rework on wave counts.

Sohil Parikh I am a proprietary trader trading in equity derivatives, having experience of 6 years..

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