Probably,few have Monday blues but we are the ones who wait for Monday...This particular post is kind-of educative analysis to determine overall view of the markets purely based on prediction from my experience.
Let's check our surfboards right away & get it ready to surf along Nifty waves...
Next for Nifty around 8800's to 8850's,lets keep a note of this zone will be used later in analysis.
The above chart has two types of counts (nothing complex, simple wave counting only). Wave Type-1 starts @ 8520's & Wave type-2 @ 8540's. In both wavecounts Nifty has completed Wave-2 and now moving along Wave-3 where it's kinda consolidating forming symmetrical . Now we need to look for wave 3 end, check the fib extension levels on Wave-1 for both type-1 & type-2, Fib extensions 1.618 of Wave-1(Type-1) & Fib extensions 2.0 & 2.24 of Wave-1(Type-2) ends up in our marked zone 8800-8850,so Wave-3 will end in this zone.
Wave-3 is biggest wave, so what if we get a chance to ride the wave ? Yes, we do have a chance with the symmetrical triangle which we have noticed earlier.Considering that an upper breakout happens in Nifty , we will ride the bulls up to our zone 8800. Now,please take a look at chart again what do we see ? ...coinciding with wave-4, lets remove our shirts and dress up as Bear's till next support in Nifty which is 8700.Then back again to wave-5 upwards to 8900's. So here we are planning for all blooming rosy scenario of 500pts in Nifty .
If someother priceaction happens in Nifty other than our all rosy scenario, re-analyse the charts and enter based on confirmation from your tradeplan. Never enter on hope that as we did analysis, Nifty will follow our path.Everything goes well, we will pocket 500pts in next 20 trading days,probably around Sep 20's.With RBI Governor's appointment announced,if market takes it as positive we will get breakout from this triangle.
The crux is to enter Wave-3 of Triangle breakout, Wave-4 on and Wave-5 on simple pullback system.There is another post I did on BankNifty based on Elliott's in-line with this Nifty analysis,check it out. I hope this post is really informative on how to do an analysis n confirm your entry points.
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Happy Trading !!!