Nifty

Published: Tue, 01/24/17

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23 JANUARY 2017

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 

Last week I noted that 3 wek rallies pause and we paused. 8460 was an important level because of the island gap above it that formed in Nov. Till surpassed the current rally has ened. The next wave down has 2 alternate paths that we have explored over the last week but the prefferred one is simply sticking to the original view taken at the start. Ahead of the budget though you would expect stock specific enthusiasm to show up. It would be surprising to see the market drop off after what was a hammer candle on the monthly chart below but as you saw last year 2 hammers were eventually broken on the way down...  READ MORE

nifty-230117

 LONG TERM  

THE LONG & SHORT REPORT :- The LSR is our detailed monthly forecast of where the markets are headed, including sentiment indicators, inter market analysis, wave counts and a global perspective . Report now available TO Indiacharts Subscribers.

Long term Perspective and Basis: Updated 03 JAN 2017

Sensex completed a long term 5th wave in 2015. This year we made a lower top and for the last quarter of 2016 have formed an engulfing bear candlestick pattern usually seen at most major tops in the past. The quarterly chart below shows the recent move as an X wave that kissed the blue trendline that was broken last year. The next wave down should test previous lows in the quarters ahead. The Sensex also ended the year with a massive inter market divergence with the Midcap indices that did make a new high for 2016. Such divergences are often a advance warning of a major trend reversal at hand. Many may want to argue that 1994-2001 is wave 2 and not wave 4, however based on my assessment of Economic cycles as discussed in the Economic cycles section of the website this is a better assessment. You will need back data going back to the 1940s to get the full picture on this. The existence of a triangle from 2008-2013 allows us to mark that as wave IV. Till proven otherwise wave V of 5 has ended completing a supercycle degree Bull market that started with the inception of the RBI in 1934.

 sensex

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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Value Wave Stocks discusses the short term trading set ups that we use while taking our trading decisions. Value wave Investments. discusses the long term set ups that we use while taking our investment decisions. We hold investments in these stocks and are interested in these opinions. This is not the only reason considered while taking our actions. Kindly take the help of a qualified investment advisor before trading. Rohit Srivastava is a Fund Manager of a trading PMS fund at Sharekhan Ltd. that has active open long and short positions in the futures markets at any point of time. The opinions here are for your education and understanding only of how we identify stocks to trade/invest in. We change our opinion daily and even hourly. Any actions taken by you are at your own understanding and risk. We do not offer personalised advise or research of any kind.
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