bimalscave

ELLIOT FORECAST FOR 04 AUG 20

Long
NSE:NIFTY   Nifty 50 Index
ANALYSIS BASED ON TECHNICAL PARAMETERS ( NO NOISE)
NIFTY TODAY WITH A GAP DOWN, ENTIRE DAY REMAINED UNDER SEVERE DOWNTREND,PRIMARILY DUE TO THE STRENGTH EXHIBITED BY THE DOLLAR INDEX ....AND SELL-OFF DUE TO PROFIT BOOKING.NOW THE ANALYSIS WHICH WAS DONE EARLIER WAS BEARISH ...AS MAJOR INTERMEDIATE WAVE LABEL WAS ON COMPLETION,HOWEVER NOW WITH THE OPENING OF TODAY AND ITS CORRESPONDING MOVEMENT...IT SEEMS FURTHER UPSIDE MOVEMENT CAN'T BE RULED OUT...THE C WAVE ENDING DIAGONAL CORRECTION IS COMPLETE(200 SMA ) AND FROM TOMORROW FURTHER UPSIDE MAY RESUMES WITH CONSOLIDATION FROM THE INITIAL HOURS OF TRADING...THE EXTREME AREA AS OF NOW REMAINS 10850 LEVEL.IF IN CASE INDEX FURTHER DECLINES THAN THE LEVEL MENTIONED IN THE CHART...THAN THE CUT WILL BE MUCH DEEPER.IMPORTANT LEVEL FOR ANALYSIS IS AS GIVEN THE CHART.
ASSIMILATION ONLY FOR EDUCATIONAL PURPOSE
TRADE AS PER OWN RISK ASSESSMENT.
Comment: EXPECTING A CORRECTIVE DECLINE NOW....

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