Dear Members,
08 Jan 2017
The weekly Elliott Wave commentary with Targets and levels is published every Sunday to
Subscribers, This is only an excerpt of our observations from recent publications.
MEDIUM TERM
NIFTY ELLIOTT WAVE UPDATE
Time wise now all the rallies from Dec are 5 weeks long, That leaves us with only price. The trendline of the highs and lows, or Bollinger bands provide with the upper and lower end of the ranges for price. And that is what they have been doing for a while. Moving in this narrow channel, till we get a final breakout. In the meantime Nifty formed a hammer on the weekly charts this week, a
candlestick pattern that involves opening and then selling off intra week only to recover and close near or above the opening for the week. It reflect that the buyers came in to support the market at lower levels. The following chart is of the Nifty 500, it shows not just time symmetry between A-C-E but also alternation between D-E and updated for today's price action so far that has already touched the trendline of the previous two highs. READ MORE
