Nifty Elliott Wave Update

MARKET UPDATE: 15 JUN 2020

NIFTY
TIME	TREND	UP LEVEL	DOWN LEVEL
Medium term trend	Up	10550-11257	9544-8909

Explanatory Note : The third wave is subdividing opening up to an extended move.

Is the move up a-b-c or 1-2-3. The market achieved most of the requirement of an a-b-c advance falling short of the 61.8% retracement but making a higher high than 9890 and closing down this week. The weekly momentum has rising and come close to zero as well. But the decline seen this week in markets appears corrective in nature and not impulsive from the highs. I therefore would like to also think about the possibility that the rise from 7500 is 1-2-1-2, and wave 3 extends. Either 3=1 near 11600 is achieved, or wave 3 of 3 where 3=1 is at 11257 is next based on this. A move above 10329 would surely clear the way to get there as the fall this week was a-b-c on daily charts, a move above 10149 [wave b high], would be the first sign that this maybe happening.

The bank index has lagged behind Nifty and the weekly momentum on this chart crossed over to the buy side only this week so it has catch up to do. Bank nifty closed down making a high of 21807, which maybe wave 1 of the next wave higher, so wave 3 would test the 20 week average at 23030 and 3=1 is at 25030 just close to the green 40 week average..