Nifty Weekly Update

Published: Tue, 06/12/18

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11 JUNE 2018

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

Midcaps have been leading the way and after breaking to new lows started a counter trend bounce again late last week that ended in a hammer candlestick on weekly charts. Now a hammer can be a bullish set up if you believe that the larger trend is up or the market is sufficiently oversold. But I want more evidence from the market itself at a higher degree to confirm this. Till then my sense would be that the move is counter trend and will end soon. The chart below shows a series of important trendlines that are at work and the neckline to a potential H&S top that is now in place in the Small cap index. READ MORE

Some people might not like the H&S below but if you take a Midcap index the shoulders do overlap.

nifty 110618

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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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