09 September 2015: Nifty Elliott wave analysis: So we got “expected 8th day reversal” and equally about to hit 7840 in most desired fashion-A big GAP up!!!

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

For 09 September 2015: -

On 08 September 2015, FII Sold INR – 659.67 Crs and DII Bought INR 447.41 Crs

I have quoted few important technical and wave fact on the given chart. It was never be short around 7600. We added our desired long in the lower side. I have quoted for the target of 7840 which I feel will come by today itself. This is a good way to trade. Predict a move and then follow your move.

It was eighth day reversal of trend. This can sustain for good reason. I am expecting even bigger targets in relief rally. Fall will come but it will come only after completion of this recovery. It may challenge 8100 levels too.

For today’s trading session, we are going to see a gap up. If this gap up sustain for whole day then it will be named as bull’s gap up. This may result 3 to 5 day rally. This recovery is saying for buy in every intraday dip. If it can close above 7840 then it will be very interesting.

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Strategy for Nifty September future – I do not think that I am going to trade after gap up. We have long from lower levels where we are gaining well if I assume that SGX will continue to stay up by 100 points. Technically above 7840-7860 it will move more. A “White Wednesday” is my desire and expectation. Will it invite short covering? If this happens then it will be dream comes true for bulls.

S&P 500 (USA) – In the last session I said for short around 1950 but 1950 came with bull’s gap up and hence around 1990. Let this run continue. Take a note that this relief rally can maximum sustain till 17^th September only. I am expecting nervousness due before next fed meeting.