09 February 2016: Nifty Elliott wave analysis: Failure at 7530 can result 7200 easily. This time it can try to break 7000!!!

You must read previous articles and watch the given chart carefully to understand this article completely.
For 09 February 2016: -

On 08 February 2015: FII Net Sold – INR 84.56:  DII Net Sold – INR – 279.49
Yesterday, it has broken 7450 then we saw a steep 100 points dip. More important is that it has failed on dot 7530 resistance levels. How was that? We never opt long in this trap. Now I am expecting the retest of recent long. Relief rally has died brutally.
For today’s trading session, I am expecting market to open with big gap down. We may not see even 50-33% retrenchment of this gap down. Do not try to catch the falling knife.
Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.
It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.
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Strategy for Nifty February future – The way it has cracked below 7450 we cannot see easy recovery anymore. Although recovery remains tough since first January itself. Below 7300, we can see 100 points more for intraday. We are active on 7200 put.

S&P 500 (USA) – It hit 1828 yesterday itself before last hour bounce. This took support at our mentioned level of 1825-1800 range. I am still confident that sooner or later 1800 levels will have to break. So the time is on. For today’s session it may try to retest 1828 levels again. If things go the way I am anticipating then S&P should break 1800 levels by this week only. Do not opt long. 
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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