Friday, September 5, 2014

Elliott Waves Analysis Report of Nifty for 05 Sept 2014 by Deepak Kumar

Nifty Charts: Words of cautions:
Majority is in favor of sell now and already started building short positions. Though time of reasonable correction seems near but Nifty may not give you chance easily. Wave 5th is started now, the next move for some time (1-3 sessions) may be tough, when majority favor selling, and market will not give you chances to enter easily. 
Stoploss of weak traders may hit and small trader like me (I know I am an average analyst but a worst trader) get penalized. Patience is the key.

Seeing present scenario, Nifty may show levels above 8141 again in next 1-3 sessions, may be till 8168-8235. Stoploss for my longs taken today at 8102 NF is 8067 (spot) now for targets above 8141 Spot. Will trail stoploss tomorrow.. after opening.. SEE Charts..