Elliott Wave Theory Counts of Nifty for 11 August 2020

Elliott Wave Theory analysis of Nifty on 30 minutes and 5 minutes chart by Deepak Kumar with detailed explanation.

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Nifty opened higher at 11270 and bounced further to register high 11337 but failed to sustain at higher levels and declined by about 100 points to register day’s low 11238 and closed 54 points up at 11268.

Friday, overall Nifty was in positive zone with 11167-11113 as short term support and there was possibility of bounce above 11341 in coming days. Whereas Intraday bounce towards 11300-11341 was expected after break above 11232.

Intraday trading strategy was to buy after break above 11232 with stoploss of 30 points. But Nifty opened gap up and targets 11300 was achieved at opening only. Later 11284-11258 was updated as intraday support, Nifty broke 11258 but didn’t stay below 11258 for more than 15 minutes. Now, let’s have a fresh look at latest charts for further scenario.

Table of Contents

This Analysis report is covering Elliott Wave Analysis of Nifty on 30 Minutes and 5 Minutes chart only. Refer previous analysis report for Analysis on all time frames. Link to last analysis report is https://www.sweeglu.com/nifty-trading-strategy-for-03-aug-2020-based-on-elliott-wave-analysi30

Elliott Wave Count of Nifty for 11 Aug 2020 on 30 Minutes Chart

Elliott Wave Count of Nifty for 11 Aug 2020 on 30 Minutes Chart
Elliott Wave Count of Nifty for 11 Aug 2020 on 30 Minutes Chart

This is 30 minutes time bar chart of Nifty covering move after 11232 which I am expecting as start of Irregular Correction.

There is possibility of Irregular Correction after 11232 with inner wave [A] completed from 11232-11057, irregular wave [B] completed from 11057-11341 and wave [C] completed from 11341-10882. If this is really an Irregular Correction completed at 10882 then Nifty can bounce sharply above 11341 again.

It is tough to count inner waves of the bounce from 10882-11337 but if Nifty has to bounce above 11341 then 23%-38% retracement of this whole bounce can be assumed as support. 23%-38% retracement of this whole bounce (from 10882-11337) is placed at 11229-11163.

Overall bounce is bit confusing, so let’s have a look at very last bounce started from 11130 on lowest possible time frame to check its pattern and to calculate immediate levels.

Elliott Wave Count of Nifty for 11 Aug 2020 on 5 Minutes Chart

Nifty wave counts on 5 Minutes Chart
Elliott Wave Count of Nifty for 11 Aug 2020 on 5 Minutes Chart

This is 5 minutes time bar chart of Nifty covering bounce after recent low 11130 which I am analysing independently.

It seems wave [1] completed from 11130-11209, wave [2] may be completed from 11209-11149, wave [3] may be completed from 11149-11337 and wave [4] or [5] may be in progress.

38% retracement of wave [3] is placed at 11265 and Nifty traded below 11265 but didn’t stay below 11265 for more than 15 minutes. So, 11265 is still immediate downside breakeven point as long as Nifty trading above 11265 on 15 minutes closing basis.

Within wave [4], it seems a Simple Zigzag (abc) correction completed from 11337-11238. 23%-38% retracement of wave (c) is placed at 11257-11270 and same is broken. Break above 11270 is indicating bounce towards 11322-11337 again with 11270-11257 as immediate support.

Nifty Outlook Trading Strategies for Tuesday 11 August 2020

Nifty outlook and Trading strategies for 11 Aug 2020 are for clients only. We post complete analysis report with outlook, important levels and trading strategies on weekends only. On other days, we just post analysed charts with explanation. 

Previous day’s complete Analysis report is uploaded on our Facebook Page “Sweeglu Elliott Waves” in PDF format.

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