Hello fellow traders. As our members know Indexes have been giving us a lot of good trading opportunities recently. Another instruments that we have been trading lately is NIFTY from India. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NIFTY published in members area of the website. The index is showing impulsive bullish sequences in the cycle from the March 2020 low. Consequently we are calling for more strength in the Index, suggesting members to avoid selling it and keep on buying the dips in 3,7,11 swings. In further text we’re going to explain Elliott Wave Forecast and how we traded the instrument.
NIFTY 1 Hour Elliott Wave Analysis 7.1.2021
NIFTY is bullish against the 15454.4 low in first degree. The Index ended cycle from that low as 5 waves. Currently we are doing 3 waves pull back in ((ii)) intraday pull back. Correction looks incomplete at the moment suggesting more downside toward 15644.6-15525.5 area. Strategy is buying the dips at blue box area. As the main trading is bullish , we expect to see 3 waves bounce at least from the blue box. As soon as the price reach 50 Fibonacci Retracement against the (b) blue peak, we should make long positions Risk Free. We will put SL at BE and book partial profits.
NIFTY 1 Hour Elliott Wave Analysis 7.5.2021
NIFTY found buyers at the blue box zone as expected. As the price already reached and exceeded 50 fibs against the (b) high, we made long positions risk free and took the partial profits. We already got clear 3 waves so wave ((ii)) pull back can be completed at 15635 low. We need to see break above ((ii)) black high to confirm next leg up is in progress. Alternatively pull back still can turn out as a double or flat. In that case our long trades would be stopped at BE ( no loss) , and we will enter again at the next set of equal legs.
NIFTY 1 Hour Elliott Wave Analysis 7.8.2021
We got nice rally from the blue box, however it didn’t break previous ((i)) high. In the mean time pivot at 15635 low has given up. Current view suggests ((ii)) can be still in progress toward 15634.16-15461.3 area. Longs from previous blue box are still active as far as the price holds above last low. If we reach new blog box, we will get chance to enter the long side again. Don’t recommend selling in proposed push down and favor the long side ,buying the dips at the next extremes against the 15452.5 low.
NIFTY 1 Hour Elliott Wave Analysis 7.16.2021
Eventually NIFTY made extension down toward blue box area 15634.16-15461.3. The index found buyers again. We got nice reaction from the blue box, breaking toward new highs. Members who are long from the blue box are enjoying profits in risk free trades. NIFTY remains bullish against the 15634.9 low in first degree. It’s expected to keep finding buyers in intraday pull backs in 3,7,11 swings.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.