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Nifty Elliott Wave Update

14 Jun 2020 ‚óŹ 09:24 AM

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.

nifty140620

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..

bank140620

 

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