Market Updates after the FED

Published: Thu, 03/22/18

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Dear Members,

22 MAR 2018

After the FED the marketts are still in search of direction. Over the last month the decline in Nifty appears relentless but with all the ups and down we are only down 200+ points from the low made in the first week of FEB. This along with many other technical divergences and the Inter market divergence discussed below makes for a interesting set up now that two major events are out of the way. The pressure created by the expectation of this Fed rate hike should ease near term but eventually it is going to be the bond market that will signal first what is going on. Base metals have seen a steep correction and are now at key support levels medium term. The Nasdaq was the only US index to make a new high calling for a change in wave counts there.

Aluminium Mcx

Aluminium prices are stilling on top of a 2 year rising channel trendline support at 134. If it holds we should start a fresh move up from here.

aluminium 200318

Nasdaq 100

The Nasdaq 100 is in wave 5 as discussed last week. The recent fall was 3 waves and this means mostly we are forming an ending pattern, an expanding triangle in wave 5. Wave e of 5 should make one final move up to the upper end of the channel for wave 5 that goes to 7300, to complete the pattern.

nasdaq 210318

Midcap v/s Largecap

Inter market divergences are a very good indicator of coming market turns, however no indicator is infallible. So for over a month now the new lows in Nifty are not confirmed by the Mid and Small cap indices and that in a way appears like the Nifty is over shooting itself on the downside. You may argue that the Midcaps fell more first as these indices are much lower but that they are not in crash mode for a while should also be noted.

swing200318

Nickel Mcx

Nickel prices did not correct much with the rest of the base metals. It has managed to diverge from the group for the nth time. But it is finding support on dips near the 40dema again and again which is at 866. So holding this level we can see another move up develop.

nickel 220318

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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
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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
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