10 September 2015: Nifty Elliott wave analysis: How was 7840? A dot top and now prepare for drop. If it breaks 7700 then do expect 7540 again to be on screen.

You must read previous articles and watch the given chart carefully to understand this article completely.
For 10 September 2015: -

On 09 September 2015, FII Sold INR – 452.13 Crs and DII Bought INR 1194.58 Crs
I got my target at 7840 and being a disciplined trader I took my profit. It gave good money when traders were under panic mode and shorting market. Now near at 7840, we go long at 7600 put from 73 levels. I like to see where I can book this today. I am expecting something good.
We got two day of rally and today will be third day from 7540 low point of Nifty. If this market is bearish then we get 8th day reversal on fall but for rise reversal may come either on 3rd day or on 5th day. As of now it looks like we are getting reversal on 3rd day.
For today’s trading session, we are going to see another gap opening but this time it will be in favour of bears. One should expect support to emerge at 7700. If this support violate then we can expect panic mode to return. I am expecting some choppy sessions before fed minutes on 18th September 2015.
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Strategy for Nifty September future – I booked 175 points on profit on my long trades then added 7600 put. If a thing goes in our favour we can expect this doubling. Well, as it can be gap down after a gap up then this pattern can again generate a sell. If this sells go wild. Yes it may but I may not be greedy to wait to book profit on put.

S&P 500 (USA) – I was expecting a resistance to emerge around 1990. Check the high for last trading session. It is on dot at 1988 and then a fall. What a fall was this? It fell from 1988 to straight at 1942. Those who were brave enough to short have got a great return. Technically, it can come around 1920 to 1900 levels. Take a note that charts are showing for 1474-1500 as target for medium to long term. 
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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