Midcaps S&P EURINR DAX Jeera Turmeric

Published: Tue, 12/05/17

     

Dear Members,

05 December 2017

International markets and domestic markets are all diverging from each other. This is normal during the process of a major trend reversal. On the other hand the chart of the Midcap and many other New BSE indices that are broad based continue to show corrective rallies indicating ending patterns that should be a red flag to long term investors.Agro commodities continue to rally in the backdrop so expect a pick up in food inflation eventually.



S&P 500

The Big moves in the S&P 500 have pushed it to the trendline of all the highs since 2009 on an arithmetic scale as seen below. We remain in wave v of 5 for this move that could end up being the final push higher given 4 gaps up in the Dow in 2 weeks. What you do not have yet is a trend reversal

SNP 500 011217


EURINR

EURINR - has taken support on the averages twice now and should head higher as the Euro rises. Eventually towards the upper channel lines near 80.50. First resistance 77.88

EURINR011217


DAX

The German DAX index broke it swing lows into a third wave and this could be a major trend reversal as it completed a 5 wave rise. The major support is the lower end of the rising channel at 12510.

dax 041217


Midcap Indices are a series of 3 waves

Midcap indices fell over the last week confirming that the most recent rally to a new high was also 3 waves as I have been saying. If all the moves are 3-3-3-3-3, this is a ending triangle and a distribution pattern. One more new high is not needed as shown by the trendlines it already looks like a wedge, however even if that happens it would be part of the larger distribution and not a breakout or a new trend. Once the trend reverses for sure there would be one sided selling across mid and small cap stocks. Stay prepared for the same.

PicsArt 12-05-10.39.47


Jeera

Jeera broke out of the trendline of the last two highs into wave 3 of 3. Wave 3=1 points to the upper end of the trend channel at 26480, the breakout point near 21400 is support, and 20dma below that is at 19630. Holding these supports we should be trending higher for months to come.

jeera051217


Turmeric

Turmeric weekly chart, we are in wave 3 of larger degree. Support near 7385 on weekly charts and 7300 on daily charts, we are heading to near 3=1, at 9818 in the coming weeks.

turmeric051217

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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,
targets are based on Fibonacci maths and are only indicative of what the mathematical
model throws up. This is not a recommendation to buy/sell.
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