Nifty Futures analysis for 05-08-2019

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nf 60-min elliot pattern 050819
Nifty Future 60-Min Chart

Nifty Future, in 60-min Chart, appears to have completed Wave(iv) of wave (iii) of 3rd wave decline and is poised for a downside wave(v) of wave3 for the target range of 10839-10834 region.

The positive divergences in RSI indicate that the Wave3 is near its completion and wave4 bounce to occur which will retrace to 11138 to 11175 region.

The day Traders can sell it below 10998 with a stop loss of 11026 for the target of 10840.

The positional traders can wait for Wave(iv) bounce to initiate a short position near 11138-11175 region for the target of 10767.

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Disclaimer:
Vinay Agrawal will not accept any liability for loss or damage as a result of reliance on the information contained within this tool including data, quotes, charts and buy/sell recommendation. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Future and options trading on margin involves high risk and is not suitable for all investors. Before deciding to trade in Equities, Commodities, Currency, Derivatives or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.

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