Nifty Elliott Wave Update
30 Aug 2020 ● 11:41 AM
MARKET UPDATE: 30 AUG 2020
Explanatory Note : Wave V of 3 still to take off
From the higher swing low of 11111 we are going to attempt to get up to the upper Bollinger band that closed this week at 11967 and is rising. In short the move to 12000 maybe on the cards in the coming weeks based on the Band. We are in wave v of 3 up, where if the vth wave is equal to the first then we end up at an all time high. The weekly RSI is at 64 and rising. Readings near 70 were tops during the bear market phase but otherwise we have seen readings of 75+.
Bank nifty ended up closing above the 40wema at 23808 that should now be a support level. The move up is a 3rd wave and the RSI at 56. If wave 3=1 then we have room till 28530 on the upside.