Nifty Elliott Wave Update
28 Jun 2020 ● 02:20 PM
MARKET UPDATE: 28 JUN 2020
Explanatory Note : The third wave is subdividing opening up to an extended move.
So unless proven otherwise my best wave count is 1-2-1-2. The third wave is subdividing and extending. Wave 3 of 3 started this week. Wave 3 of 3 can go to 11200 if 3=1. In case of a correction near term the 20 week average near 9848 is the key support. We did not get past the 40 week average this week at 10484 this week and should make another attempt at it next week. We are at 61.8% near 10550 and touched it this week. This is an important level both psychologically and because bear market rallies usually go past this mark. Till we do not cross it we can keep options open shorter term about the path that prices may take. But I am anticipating that the wave counts below will be proven right because of the massive short interest in the markets somewhere. The weekly chart shows a higher top higher bottom progression with 9544 as the higher low made last week that will be the important swing low to hold on a closing basis for the upward trend.
Bank nifty went past the wave 1 high intra-week but did not close above it or above the 20 week average at 22126. Above the 20 week average we will to to the 40wema at 24630. Weekly momentum is in buy mode and not yet back to zero.