NIFTY - Jul 30th to Aug 29th EOD Analysis - Scenario 1

NIFTY has completed its 5 wave move by touching 5032. Now corrective waves A, B & C will further take NIFTY down to 5000 and from there another 5 wave move will take NIFTY all the way down to 4716 or much lower than that

ELLIOT Wave & Fibonacci Level

Elliot waves and Fibonacci retracement/extension level always go hand in hand. By drawing Fibonacci extension level by connecting wave 1 high of 5348.5 & wave 5 low of 5032.4. It is clearly evident that a maximum fall of upto 4716 is on cards

The move should be to short NIFTY if we see it in the range of 5169 to 5196 and from there it is expected to close Aug series at 4700 levels

Sep Series can see a move up to 4800 to 4900, but then eventually 4500 and level below to 4300 is very much possible before end of this year

Summary


Aug series will see NIFTY at 4700 level, so short NIFTY futures around 5169 to 5196 level for a target of 4716