Wednesday, July 8, 2015

NIFTY - EW Analysis

Hi Friends,

In my last post I mentioned about Head & Shoulder Pattern. However, Bulls managed to protect 8000 and Nifty bounced almost 50% of the Fall to 8561. This rise seems to be a part of Expanded Flat. Currently Nifty seem to have completed X wave of the channelized  complex correction in WXY.
After forming a Doji near 8500 Nifty dropped sharply and closed below 8385 which is initial confirmation of trend reversal. If it sustains below 8385-8420 we may see a further decline to 8185 and 7940 in future. Close below neckline near 8000 would further open a downside to 7500 in future.

Thanks & Regards,

Harsh Dixit.