Dear ,
On Monday I published the following chart in My Nifty weekly Update. Today we broke the rising trendline from the 2016 low. Trendline breaks are important confirmations of trend reversal. Two things to note here this ends 2 and half year run on the Nifty. There are longer term implications because the final moves were not certainly impulsive. The entire rise is 7 legged and not 9 legged as in impulse waves that are 5
waves with a bullish motive. This is important for long term investors. For traders note that everyone is watching such breakouts and that is why we do not trade breakouts but use them as goal posts.
01 OCTOBER 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
In the 4th week of a decline the ferocity of selling intensified. The rising trendline from the 2016 Feb bottom is at 10700 as an important level with longer term implications. The market is still looking for reason for what just transpired but it is just us catching up with global trends where an EM sell off and a more recent trend reversal have already taken place. In fact EM currencies have already corrected back after their losses while the USDINR is sticking near the
highs and not pulling back yet. READ MORE
