NIFTY - SANTA CLAUS RALLY

Hi Friends,

In my last post I mentioned about Head & Shoulder breakdown on Nifty. As mentioned Nifty is in complex correction in WXY.

NIFTY

Currently Nifty seems to be in 'X' wave of the complex correction; which is further subdivided. Nifty seem to have completed 'b' wave of X at 7551. It may bounce to 8110 in 'c' wave of X if Bulls mange to cross 7765-7815; else it may continue its decline to 7490-7440 or lower. Until Nifty stays below the Channel Resistance near 8110-8180 it may further continue it's decline to 7200 and 6800 in 'Y' wave of the complex correction. Only a sustained move above 8180 would be an indication of end of downtrend. And hence, I would look for any alternate wave count only above 8180.

The current decline is similar to the correction of 2011. Indian Market generally witnesses a major correction of approx. 30-40% in every 7-8 years. And it is observed that the corrective phase generally lasts for 11-13 months. Nifty Topped out in March 2015. So the current decline may last till April 2016; and Nifty may bottom out near 6800.

April 2016 may bring once in lifetime opportunity to Invest in Equities. So lets wait and watch. 


Thanks & Regards,

Harsh Dixit.

NIFTY - EW ANALYSIS

Hi Friends,

In my last post I mentioned about Head & Shoulder breakdown on Nifty. As mentioned Nifty is in complex correction in WXY.

NIFTY

Currently Nifty seems to be in 'a' wave of Y of the complex correction; which is further subdivided. Nifty seem to have completed extended 3rd of 'a' wave at 7540. It may bounce to 7850-7900 in 4th of 'a' wave and continue its decline to 7490-7440 later. Until Nifty stays below the neckline around 8000 it may further continue to decline to 7200. Only a sustained move above 8000 would be an indication of end of downtrend. And hence, I would look for any alternate wave count only above 8000.


Thanks & Regards,

Harsh Dixit.

NIFTY - HEAD & SHOULDER BREAKDOWN

Hi Friends,

In my last post I mentioned about Head & Shoulder Pattern. After the bounce to 8655 Nifty started declining. This is a channelized decline. It seems to be a complex correction in WXY.

NIFTY

Currently Nifty seems to be declining in 'a' wave of Y of the complex correction; which is further subdivided. Nifty broke below the neckline around 7960 and sustaining below it. Current decline may further continue till 7630-7540. After which Nifty may try to retest neckline around 7960-7990. Sustaining below the neckline may further open downside to 7230-7160.

 
Thanks & Regards,

Harsh Dixit.