Elliott Wave Impulse + Bearish Shark Pattern

NSE_EOD:NIFTY   Index of the 50 listed India companies
158 5 5
India Nifty             had an impulsive structure from bottoms of 6825 on 29th Feb 2016 which is almost finishing its up leg & coinciding with bearish shark pattern could be a potential setup for going shorts below 7400 or in the range of 7550-7580 with strict stoploss of 7625 for targets of 7255 ...7125....6950 as extended target.
Trade closed: stop reached: Pattern which was discussed was failed pattern and trader should be very creative by taking opposite position which was taking long positions as Nifty travelled 7700 and above. It has scope of travelling in the range 7800-7850 but be careful if Spot Nifty trades below 7580---all long positions should be closed & trading below 7400---open short postions as most likely nifty going below 7400 will trap all bulls.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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As per last update 7625 was our protective stop...got it & Nifty travelled above 7700. From here Nifty has scope to travel in the range of 7800-7850 but be careful as any move below 7580--Avoid taking taking long positions and later any movement below 7400...Be ready for the Show ....Nifty will most likely trap all bulls. Our Critical point is 7400 mark...
Bang On.....Look at Nifty ...Yet again it respected the level which was mentioned...Longs should exit if Nifty trades below 7580....Recent low was just above 7580 & bounced back.....Intraday traders could have used this piece of information for trading. Having said that, once should not forget that If Nifty trades below 7580 ---all longs should exit & trading below 7400...Hmmm...It could be something else for India Nifty...Be careful & Have a nice trading week.
Nifty Protecting Key Level of 7580...Making a low of 7582.25...Up ...Up & Away....Closing at 7735 on 30th March 2016....Awesome
We have two possible scenarios going forward for Spot Nifty....If 7580 is overlapped then we should be cautious & be ready to see some correction .2nd scenario if Nifty Trades above 7850...Then we could have extremely bullish scenario on hand. Till then consider the zone 7580--7850 as no trading zone or trade with the swings. Regards,
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