Nifty - Long Short Report - Dollar GBP Crude

Published: Tue, 03/08/16

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The Long Short Report - March 05 2013
Dear ,

The latest Long Short report titled ''Expect the Unexpected'' was published this weekend and is on the website to Read. This Update is critical as it follows one of the strongest weekly rallies in a long time on rate cut expectations and is ahead of the coming FED meet.

I hope you have read the Latest Economic Cycle Update, if not it is here Indian Economic Crisis 2.0 to understand the Macro Economic situation and where we are in the Kf cycle.

Find below the Weekly Elliott wave Analysis and other updates.




08 MARCH 2015 

The weekly elliott wave commentary with Targets and levels is published every Sunday to Subscribers, This is only an excerpt.


MEDIUM TERM

NIFTY ELLIOTT WAVE UPDATE 

Nifty surpassed 7250 but the weekly momentum has not crossed back to a buy. The weekly RSI rebounded from close to the 30 mark like it did in Sept. The RSI is coming close to a falling trendline of the highs in the indicator.......  READ MORE

nifty070316



GBPUSD

GBPUSD - I always discuss USDGBP but the reverse was important today because first I have more historical data for this contract and second it tells us that we are approaching a point where there has been support many times in the past. At 1.36 the GBPUSD has bottomed multiple times and once slightly above it. So while I was marking the decline from 2014 down as 1-2-3 on this scale it can also be A-B-C. The reason to consider this is just the fact that somehow this level held out in the past. And so Brexit or not this might be the worst case scenario for the Pound Sterling. Also note that while many currencies are strengthening against the Dollar recently the Pound is still falling so it is all alone in this affair. But that cannot go on. Once Brexit is discounted by the markets it might join the others on their way up against the dollar. So pay attention to a trend reversal in the GBP here.

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Crude

Crude - has rebounded from a level that was a multiple support resistance zone. Crude moved above the 35$ mark and now 37.75 is going to be important. A move above that would overlap the presumed wave 1 and confirm that the bottom is already in place. Most people argued with my view last month for the last few dollars down. Some are waiting for 20$. I was clear that you cannot catch the last 5$ down. So this will remain important. Especially because most other commodities appear to have bottomed for now and crude was the last one flagging risk.

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Dollar Index

The dollar index continued to decline and pushed the daily momentum to a sell. It did not however close below the 20dma at 97.07 as yet. I believe this is wave iii down and should carry prices down to the 94 mark eventually.

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
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Price levels are based on Fibonacci maths and are only indicative of what the mathematical
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interested in the views and opinions expressed. This is not a recommendation to buy/sell.
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