AbhishekHSinghCMT
Short

Nifty- Going into 2017- Painful C-wave in 4th wave expected

NSE:NIFTY   Nifty 50 Index
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14
1056 16
The rally from 6825 to highs of 8969 was all choppy & sloppy- lot of confusion as one can count it clean impulsive wave so this was the reason for me to believe that 8969 could be the top 2016 & likely going into 2017- Nifty could look for its larger C-wave which shall run into months likely make lows in the zone 6600-6700 where it retraces 61.8% - I am taking this target as A-wave in 4th has already retraced 50% surprised bears from the lows@6825.



Trade active: 22:59 Hrs 13th Nov2016

Sorry for Typo error
One cannot count clean impulsive wave upside starting from 6825 lows in Feb2016 to recent highs@8969 - so I am assuming that 8969 could be the top for 2016 & likely a B-Wave in yet to complete 4th Wave which shall likely be done in mid of June July 2017
Trade active: 10:35 Hrs 15th Nov2016

Day's Low@8125

Going Below 8150-8175- satisfied that Nifty likely has high chances of making fresh lows even below 8000 in coming days, but still we will watch what kind of bounce we get in the coming days.

"USDINR- Is this the reason for scary markets"
Trade active: 12:24 Hrs 15th Nov2016

Last Price@8147

Do not be in a hurry as markets not looking immediately for a bounce
Trade active: 13:07 Hrs 15th Nov2016

Last Price@8154

Now we will wait on sidelines for further market direction likely a bounce could be expected
Trade active: 13:36 Hrs 15th Nov2016

Last Price@8182

Nifty bouncing back
Trade active: 13:59 Hrs 15th Nov2016

Last Price@8150

Do not hold below 8135 - it is too risky to expect bounce also
Trade active: 14:17 Hrs 15th Nov2016

Last Price@8164

If expecting bounce -let us not hurry & wait because markets not giving confidence
Trade active: 15:00 Hrs 15th Nov2016

Last Price@8130

Let the Nifty Fall - May Nifty Rest in Peace- God Help The Bulls
Trade active: 15:20 Hrs 15th Nov2016

Day's Low@8094

Book Profits Guys & leave the last bit for others--hahaha

Trade active: 17:50 Hrs 21st Nov2016

Last Price@7929

I feel elated to get the move again at the top- Keeping it as a diary- awesome
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
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dont u think wave 4 have already happened in your chart ?
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@digi_anki, I just said - could be possible- this is what I think- if goes above 9119-then likely 4th wave is already done
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@AbhishekHSinghCMT - Don't you think there can be a possibility of markets bottoming around 8000-8100 levels. In that case 6825 would become Wave 4 and eventually Wave 5 exceeding 9119(Wave 3) levels?
Secondly, if you observe, then a straight line connecting 5118, 6825, 8000-8100 could be generated in the trend I am seeing.

Apologies upfront in my case my understanding of Elliot waves doesn't make sense to you... still learning and trying to make sense :)
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@SaurabhMehra, I don't deny this- that could be a possible count if 9119 highs are taken out.
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i difer a bit....
 
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This looks very scary! What about India macroeconomic as a whole, it does sound positive after government reforms.
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@SaurabhMehra, I consider price action as most important- that's my view.
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Thanks Abhishek! After seeing your weekly wave counts I am again confused with my weekly chart wave counts. :) This will be useful reference going ahead.
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@nirav5, There are lot of counts- You should not get confused have-Keep plan B ready - if Plan A does not work.
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