04 June 2015: Nifty Elliott wave analysis: One can expect technical support at 8100-8080 levels but there is no guarantee that it would not break.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 04 June 2015: -
On 03 June 2015, FII Bought INR – 727.61 crs and DII Bought
INR 412.66 crs
Another crash on Dalal Street and it hit a low at 8094. I
booked my short on my expected levels itself. Chart patterns have destroyed all
hopes of any sustainable recovery. I took a long near the low of 8100 levels. I
am expecting some bounce due to sharp selloff.
For today’s trading session, I am expecting a flat start. Then
we can expect technical support at 8100-8080 levels if any further fall comes. I
have no idea how long this recovery can continue. I am waiting for such signal.
It is my anticipation that it can face a logical resistance at 8200 levels. Things
are not suitable for betting investment deal at these levels.
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Strategy for Nifty June future – I am long from near to 8100 lows
which I have forwarded for the day. I am expecting technical levels of 8200 or
nearby. Technical support will offered at 8100-8080 levels. We can think for
this recovery to sustain for opening or first half at least. Rest depends on
intraday development. I will plan to exit my long even if mild sell signal
emerges.
S&P 500 (USA) – It is expected same old movement. Technically
this choppy move may be the part of topping formation. I do not think that we
can see decisive trading opportunity here. My waiting is longer than expected
for a strong short signal. I have no problem; I will wait with my patience. I retain
my view that a big crash is close. A possible crash can signal as big as
1900-1800 levels.
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