Aurobindo Pharma Nasdaq Dollar Crude

Published: Sun, 06/03/18

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I have just published a New You Tube Video discussing all the Trends and the potential for a Rate Hike this week by the RBI. These are the issues at hand. Also below are updates for the week published to Subscribers.on Aurobindo Pharma, Nasdaq 100, and the Dollar index. Also crude could have topped out for the time being.

Midcaps Lead the Way

Dollar Index

The monthly chart of the dollar index shows a 5 wave decline and a 3 wave rise and we are now close to the 20 month average at 95.33. Failure to go above it and sentiment at 94% bullish on the DSI, should mean thta wave 2 up completes here and wave 3 down starts longer term. At the wave IV high we should have a double top then. 3=1 would go to 80.70 in the next 12 months.

dxy310518

Nasdaq 100

The Nasdaq did not do much while the Dow was falling but it remains below the 78.6% mark. Yesterdays dip I watched three stocks Microsoft Intel and IBM and both were up recently on very thin volume but yesterday all were down on a big jump in volumes. So the chart of key tech stocks indicate selling pressure showing and and it might be precursor to another big move down in the Nasdaq. EW counts indicate wave C down coming from the right shoulder.

nasdaq 010618

Aurobindo

Aurobindo Pharma remains on track to drop to the long term channel line and trendline of its wave 4 lows near 450.

auro 010618

Crude

Crude Oil started to drop again and broke the wave a low of 65.80 in my 28/05 update and wave c down to 61-58 has started. The risk however is also that the longer term top is in place. From the bottom in 2018 Crude rallied in 3 waves and may have completed an X wave. Having closed down for the Month of May and breaking the wave C rising channel we get added evidence of this. The alternate for one more new high discussed yesterday on the CRB index should then be forgotten for the time being. The risk is if we break 58 and head back to 45. and as discussed in the 29/05 update wave Z down can go back to 23$ even as crazy as that sounds as of now.

crude 020618a

USDJPY

Global divergences have become a reality. Meaning that different markets are doing their own thing.Over the last month Nikkei is up even as Most Asian markets are down. Dax is up but Swiss and Peripheral europe are down. The story is similar then in currency markets. A counter trend move in the dollar index has meant bullish moves are back in many other pairs. Will the DXY also prove to be bullish then? I do not know, but there would be more upside above 95. That said look at each pair for its own merit and the USDJPY below shows the potential that the recent move up was 5 waves and the correction 3 waves. This means that at least one more rally in USDJPY maybe on the cards. Support at 108 and 3=1 at 115 is the upside potential. Is this a larger up trend, it could be.

usdjpy 020618

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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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