Nifty Prediction for 09/01/2020
On 08/01/2020 nifty opened on red line and went up from that point with a green candle. Still posted lower high and lower low. From low of 11929 to high of 12044 was up move. Now this may be short covering. If you observe chart short term average (5 DMA) is about to cross long term average (34 DMA) downwards. This is indication of further down trend. But again we have to observe nifty at red line.
I have changed my Elliott wave counting. At high of 12289 I have assumed that wave 5 has ended. If this is true, then major correction of ABC count have started. Current down wave I have counted as wave 1 of A. Probably now there will be wave 2 of A which is upward wave.
For all of our share analysis software clients: Keep close watch on your holding and if you get 34 DMA sell signal then you may sell that share and buy again at the lower level.
Nitin Shripad Joshi