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Impulsive down wave still in formation. Avoid longs till it complete formation.

Impulsive down wave still in force. Avoid longs till it complete its formation.
One minor wave down is still pending to complete  impulsive down wave.
As per the latest data, 3rd impulsive down wave still in force and one minor inner wave down is pending to complete. 

It can fall to anywhere between 10200-9950.
10000-9950 is strong support for Nifty.
Volatility rose to 31.56. 

We can observe that from past one month, we witnessed sharp moves in market. Wild swings changing direction very fast. Catching these kind of wild swings are very tough to analysts and impossible to normal traders.
Elliott Wave Principle Helping me to catch these wild swings most of the time.
Now come to current scenario, there is one more minor down wave is due and after that rebound can resume as part of counter trend wave.

Major trend is still downside. Any bounce is counter trend only.

Traders can utilize these wild swings as best trading opportunity as these swings range is huge between 150-400 points range.  Entry and exit is very crucial as stoploss levels are at distance so risk is heavy. Knowing exact support and resistance levels is very crucial to get profitable trades.

Resistance 10600-10700.
Supports 10200-10000-9950.

Suryadev Bandari
Research Analyst

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