Weekly technical Analysis for week ended 15^th November 2014

Nifty made not so much during the period, but it made an all time high which is a positive indication for bulls. Nifty opened at 8337 made a high 8415 made a low of 8304 and finally closed at 8389. This week’s close is above previous week’s close which is a positive indication for bulls. So now it appears that the market might continue to move up making new highs. The Market is indicating that I might have slightly tired and would want to consolidated at these levels for some time now and then would make an attempt at the all time high again to achieve the targets mentioned as per Elliott wave. The distance between the 20 day EMA and the price is slightly come down and now at around 180 points if the it comes down to 100 points or so we can expect it move further. If it takes support at 20 day EMA nothing like that. So we have to see what the market is in store for us. The market is moving in close range for last two weeks which generally points out that we might move in one directing post that which would generally be a good move.

Elliott wave analysis

As market is moving in very close range there is nothing much happening as per Elliott wave. I have slightly added the wave count to wave-3 of wave-3 of large wave-5. It seems that we have completed wave-i and wave-ii and we are still forming the beginning of wave-iii. But if the market moves below 8290 I would have to change the structure. So as of now the target indicated by elliotte wave indicated by me nearly one month back of 8570 levels still holds good we are slowly moving towards it. So have patience and wait.

May all be peaceful and Happy

M.Mahiidar

Enjoying Life

Trend is Friend.