17 August 2015: Nifty Elliott wave analysis: Expect a volatile bearish week. Nifty has resistance at 8550-8570.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 17 August 2015: -

On 14 August 2015, FII Bought INR – 403.76 crs and DII Bought INR 179.20 crs

My call was to make or break trade on Thursday. It makes the trades and shoots up on Friday as I was expecting. I booked my short on Thursday itself and an unfortunate stop loss took my long deal. I have not participated on rise thereafter as stock calls were better than index.

Rather I picked some put options in last hour of trade as I am anticipating that Friday’s rise may get sold sooner. I have some key observation on charts. On daily chart it is forming a “W” pattern which may cause some indecisive moves on chart. This pattern used to develop due to unexpected rise and unexpected sell off.

For today’s trading session, I am expecting a choppy start this week may not remain choppy. I can use a better term that week may be volatile bearish. Once this recovery ends up, we can see another brutal sell off. Based on Elliott wave short term wave count we may go under one more selling under this current on-going wave. Technical resistance will emerge at 8550-8570 zones. Below 8480, expect another beginning for fall.

Well, Mr. Prime Minister, have look on equation of INR vs USD. Do controls before things go out of hand? The blind assurance cannot help for longer run. As per economy is concern, I fail to see any great chance with a change in power at centre.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty August future – Well, it may be termed as a miss of 150 points long trade opportunity. I say I missed it because I caught the long trade on very right time. Fine, from 8550 levels, I cannot see any big possibility of rise. Rather it may truncate at higher levels and it may re-test lows. Hence, as long as Nifty Future is below 8570, one can expect fresh beginning of fall. If not today then very soon one more round of sell off will hit.

S&P 500 (USA) – I repeat that as long as it is staying below 2110 it has bearish pattern which can act any time from nearby resistance.  Based on long term chart it is ninth month of choppy trades. Before 2110 it may face resistance at 2095 levels too. I am expecting another week where it can go longer with resistance at 2110. If moves comes near 2110 then it is a short call to trade.