Nifty Elliott Wave Update

MARKET UPDATE: 26 JUL 2020

NIFTY
TIME	TREND	UP LEVEL	DOWN LEVEL
Medium term trend	Up	11325-11600	10556

Explanatory Note : Wave 3 continues amid rotation between stocks/sectors.

After a few days of strong breadth the market paused again as it continues in wave III of 3 higher. We are very close to the upper Bollinger band at 11325, the next hurdle to the market. Above that is the 78.6% retracement mark near 11400. So wave III can end in this range, however till a 5 wave advance is not complete we should see higher levels as well. The bands are pushing upwards now and could expand with the momentum. The weekly RSI is at 59. 60-65 is the first range where counter trend moves end. Above that it has way way up to go into overbought zone above 70.