Nifty has been moving precisely as per Elliott wave pattern! What is next?

Nifty has given a break below the mark of 10330 in today’s session. So will the downtrend continue?

Nifty selloff seen over past few days might have caught many by surprise but trust me this has been as per the channelling technique and Elliott wave methods I have been talking about over past few days.

We have also published our latest monthly research report “The Financial Waves Monthly update” and mentioned the following:

From trading perspective, it is important to keep a tab on 10500 – 10550 levels where there is confluence of channels which can be seen on the monthly chart in Figure 1. Since this is a big channel the resistance will keep shifting higher with each passing day but the best of the up move might be over and it is time to be alert and not complacent like majority. Keep a tab on ……. levels on downside as move below it will be first sign of weakness… BANG ON!

Look at the trading strategy given over past two days in our “The Financial Waves trading update”

Trading strategy given on 7^th November 2017 - Short positions can be created on move below 10400 with day's high as stop and target of 10370 or lower. BANG ON! Nifty broke below 10400 and selling pressure intensified on 7^th November

Trading Strategy given on 8^th November 2017 - Short positions can be created on move below 10340 with 10390 as stop and target of 10290 or lower. BANG ON! Nifty moved precisely as expected and is moving below 10290 levels.

If you would have subscribed to our Intraday / Positional Stock tips, following are the few calls given in today’s session

REPCOHOME FUT SELL BELOW 585 SL 591.4 TGT1 581.1 TGT2 574.7 – Target 2 achieved

CASH CHAMBALFERT SELL BELOW 141.55 SL 142.95 TGT1 140.75 TGT2 139.25 – Target 2 achieved

MRPL FUT SELL BELOW 129 SL 130 TGT1 128.4 TGT2 127.4 – Target 2 achieved

IBULHSGFIN FUT SELL BELOW 1186.2 SL 1196.2 TGT1 1180.2 TGT2 1170.2 - Failed

Please note the above is only for reference and the accuracy cannot be 100%. There will be a few calls that will not be in favour but if we use systematic method of trading then on net basis there is high probability of closing in positive.

Nifty daily chart: published on 2^nd November 2017

Following is a part of research report published in morning of 2^nd November 2017 - Let us see if this euphoric rise can continue beyond the daily channel resistance which is slowly shifting higher everyday but it is not very far away. On upside 10500 is next hurdle that prices have to cross to continue this momentum ongoing….

The above was published in daily equity research report “The Financial Waves short term update”

Here again is the webinar of last Friday for reference - In my latest webinar published on 3^rd November 2017 I mentioned clearly why it is prudent to not get carried away and stay alert. You can see this yourself: How to trade Nifty from here? Will confluence of channels work again?

The above shows the various Equity research products we offer and how they have worked out during the scenario when majority have been complacent. I am not saying we are going down in vertical way but it looks the distribution has started and it is time to be alert and not get carried away in the euphoria!!!

Subscribe NOW “The Financial Waves short term update” that provide detailed Elliott wave analysis on Nifty, Bank Nifty, stocks with important support and resistance levels. In case you would like to get Intraday / Positional Stock tips register now and get research free along with it.

The Financial Waves Monthly update is now published. See yourself various methods of forecasting across Nifty, Metal Index, Crude, INR and much more in this comprehensive report. Subscribe NOW annually at 30% less price.