Nifty Weekly Update

Published: Mon, 07/30/18

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30 JULY 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

Last week I discussed the reverse divergence between the Nifty Midcap index and the RSI indicator. This week we have one more negative divergence in that indicator as the new high in the RSI is not supported by a higher high in the index yet. On the other hand the chart below shows a series of multi month inter market divergences between the Nifty and the Nifty Midcap index. This happens when one of the two indices makes a new high over several months not confirmed by the other. Eventually the trend changes for the months ahead. We face such a situation today as the Nifty is at a new record while Midcaps have been falling for months. Nifty is the upper half of the chart below READ MORE

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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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