Nifty opened mild Gap up today at 7869 and bounced till 7877 but traded in 50 points range for rest of the day with negative bias. Nifty closed 7 points down at 7849 after registering day’s high of 7877 and low of 7825.

I my last report, I mentioned that the possibility of good upside but the upside must be faster, any slow move or consolidation below 7905 will create doubts in up move. I also suggested buying in 7836-7794 range with stoploss of 7883 for minimum targets 7905, Nifty entered in 7836-7794 range but bounced till 7864 only and closed at 7849. An intraday trade gave only 15-25 points profit. Let’s have a look at latest charts now.

Today I am showing Elliott wave counts only after 16 Nov low 7714 as previous counts are same as I explained in my yesterday’s report Nifty EW Analysis for 19 Nov 2015 – Perfect Example of 3-3-5 Flat Correction. This 5 minutes chart is same as I posted in my yesterday report as there is no change in it.

Elliott Wave Theory counts of Nifty
Elliott Wave Theory counts of Nifty

This is 5 minutes time bar chart of Nifty covering move after Monday’s low 7714.

It seems an impulse is completed from 7714-7860 followed by corrective ‘abc’ decline from 7860-7725. This upside impulse may be wave (A or 1) and downwards corrective decline may be wave (B or 2).

After completion of wave (B or 2) at 7725, wave (C or 3) has achieved exactly 123% projection after touching 7905 which is normal projection we expect for wave (C). So there are 02 possibilities,

  1. Maybe it is wave (C) already completed at 7906 and downward wave for 7714 and below started as move after high 7906 became slow which is not normal for wave 3.
  1. But if I look at inner wave structure of wave (C or 3) alone, the move doesn’t convincingly look like a complete impulse yet. So, may be wave (C or 3) still in progress.

As there are 02 possibilities on above chart so we need to concentrate on decline from 7906 for further scenario.

Elliott Wave theory analysis of Nifty
Elliott Wave theory analysis of Nifty

Important Levels of Nifty for Tomorrow:

Important levels of Nifty for tomorrow on upside  are 7875-7882 and on downside are 7825-7762. Very short tern charts turned sideways  because of slow move and consolidation today. A decline of 60-100 points is also possible in Nifty.

It is not a complete Elliott Wave Analysis Report of Nifty with Trading Strategy which I sent to my Clients/subscribers.

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