Monday 16 May 2016

Nifty 50 Elliott wave and Gann Analysis

Dear All###

Most of us may be bit irritating about the recent Nifty 50 move,every two

day and third day we have to reverse the trade.Ok this is the complex correction

or time correction in nature.I have mentioned in my earlier 6th May weekly

review that market undertone is bullish as Nifty 50 touch and close above

7965.In Earlier post i said that question is that Nifty 50 reverse before 7500 or 7250.

Now above 7965 Next Range target open will be from 8325-8650.

Now today Nifty 50 unable to close below 7790.So Gann support at 7760

and Gann cluster Resistance at 7860-7880-7890 & PRZ 7965.

As per Elliot wave above  7915,you may see short covering rally upto 7965

and above 7965 new buying emerge.


Nifty 50 Hourly Probable Elliott wave count



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