Nifty PSE Index

The nifty PSE index has retraced 38.2% of wave 2 of wave 3. In doing so it is also ended up holding the 20 week moving average, which was important support that also held at the bottom of wave 2 in the month of April. We are therefore starting wave 3 of 3 which should be a significantly important move higher and should bring about greater discovery for public-sector stocks. The index itself should move towards 4400 based on the fractal map below, from the current level of 3622.

Alternate count to the PSE sector index could be something like this. Here wave 3 is already extending and the next extension for wave 5 of 3 to complete is near 4614 [161.8% of 1]