Nifty Video Update

Wave 2 done wave 3=1 goes down to 11236 and extentions to 11025. Wave 2 retraced almost 61.8% before starting wave 3 down. 2.30 mins

https://screencast-o-matic.com/watch/cFQ6itqE3T

USDINR

USDINR completed a 5 wave move in wave III up. WAVE II retraced 38.2% so wave IV could do 23.6% or 38.2%, at 72 and 71.55, with the wave iv of III low at 71.65. So ideally we will not go much below the wave iv low. You may use a reverse channel, from the highs to the lows to get support levels for wave IV.

FII Index Futures

The trend in FII positioning has not changed. Every time they build up some long positions the trend stops there as they start selling and going back short again. Pea Long Positions were in Sep 2016 before Demonetisation. After that their stand remains defensive, like never before. The blue line has turned negative again showing that they are now short index futures

Crude

Crude bounced in wave ii of c to the 66% mark, however wave c remains the best count as long as we are below 71.40. c=a goes to 61.20

US 10 Year Treasury notes

As discussed yesterday bond prices fell to the lower line of a consolidation range. If they bottom here the odds of a triangle would open up else breaking lower in wave 3 of larger degree would result in a bond yields spike from the US to everywhere else. We are at a critical break down point for the bond market. US 10 year notes.