Nifty expecting bearish to sideways movement (Elliott Wave Analysis) [Video]
|In the last video update which was published on October 7th, the view for Nifty was bearish (minimum two legs down) with a downside T1 of 10065 which has already been achieved and the market formed a intermediate low near 10000 level.
As of now there seems to be two possibilities from an Elliott Wave perspective and both seem to be suggesting bearish to sideways movement.
Hypo 1: The move down from 11760 level seems to have already completed the first leg as W.a/i, W.b/ii is either complete or still under progression, in either case this means that we are looking for one more leg down for W.iii/c and hence waiting for clear bearish sign for shorting would be the trading strategy with the Invalidation level above 10936.
Hypo 2: Suggests that the current sideways movement is for W.4 Cir. meaning that we still have to see one more down leg for W.5 Cir. However this particular case is less likely due to the excessive amount of time consumed by W.4 Cir.
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