Elliott Wave Analysis Report of Nifty for 14 Aug 2015
Nifty opened Gap Up today and bounced till 8428 within a fraction of opening and traded with volatility in negative bias for rest of the day before closing just 6 points up at 8355 after registering low of 8341. Nifty also gave 3-4 sharp swings of about 50 points both sides.We were expecting a bounce from lows (small or big). Nifty shown bounce of 23% but didn’t give the chance to buy as it opened Gap up and was 80 points up within seconds after opening. There after Nifty broke below opening price and traded with volatility in negative bias.
In some of my previous reports I mentioned repeatedly that conditions are not confident for positional longs and we can see a decline below 7940 or 38%-61% correction of total move from 7940 to high before further upside. Read Long Term and Short Term Elliott Wave Analysis of Nifty as on 10 Aug 2015. So, today I am taking a fresh look on move after 2015 low 7940.
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