Next Target of Nifty at 7104.30
Technical Analysis,Research & Weekly Outlook
(Sep 07 to Sep 11,2015)
Nifty-EOD Chart (04-Sep-2015):- |
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1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015)
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C continuation with recent bottom formation at 7626.85 on 04-09-2015
Conclusions from EOD chart analysis
That Wave-1 which started on 28-08-2013 from 5118.85 gained 4000 points and completed at 9119.20 on 04-03-2015 after many times new life times high formation and then that its 'ABC' correction started which is in continuation and no confirmation of its completion yet.
Fibonacci Retracement levels of on going ABC Correction
Nifty-EOD Chart (04-Sep-2015):- |
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1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC' correction beginning
3- Wave-C continuation with recent bottom formation at 7626.85 on 04-09-2015
4- Crucial 38.2% retracement level is at 7590 which is just below recent bottom
Conclusions from EOD chart analysis
ABC correction of 4000 points rally between 5118-9119 is on which will correct according to following Fibonacci Retracement levels:-
1- 13.0%- 8598
2- 23.6%- 8174
3- 27.0%- 8038
4- 38.2%- 7590(Crucial)
5- 50.0%- 7118(Crucial)
6- 61.8%- 6646(Crucial)
7- 70.0%- 6290
8- 76.4%- 6062
9- 78.6%- 5974
10-88.6%- 5574
Crucial 38.2% retracement level is at 7590 and Nifty has corrected up to 7626.85 which is just above it. Now correction is very much on and once sustaining below 7590 will mean high possibility of correction continuation towards next 50% crucial retracement level(7118)
Waves structure of 'ABC' correction
Nifty-EOD Chart (04-Sep-2015):- |
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1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
2- Wave-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion(7940.30 on 12-06-2015)
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7667.25 on 25-08-2015)
9- Wave-2 of Wave-C(8091.80 on 28-08-2015)
10- Wave-3 of Wave-C continuation with recent bottom formation at 7626.85 on 04-09-2015
Conclusions from EOD chart analysis
Corrective Wave-3 of Wave-C is on and no indication of its completion yet therefore its continuation is expected in the coming sessions.
Conclusions (After Putting All Studies Together)
All trends are down and Indian markets are in stiff grip of Bears as well as high possibility of correction continuation towards 7104.30.
Calculations of next target of Nifty at 7104.30
Wave-1 of Wave-C corrected 987.50 Points(8654.75-7667.25) and now Wave-3 of Wave-C continuation which has already retraced 464.95 Points till previous trading session. If Wave-3 of Wave-C corrects 100% of Wave-1 of Wave-C then it may move down up to:-
7104.30=8091.80(Wave-2 of Wave-C completed and Wave-3 of Wave-C started)-987.50(Wave-1 of Wave-C corrected)
As 50% retracement level is at 7118 which is just above 7104.30 therefore Nifty slipping towards 7104.30 can not be ruled in on going correction but in the mean time Bounce Back and Pull Back Rally may also be seen after Short Term Indicators moving into Over Sold Zone.