29 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 

How did I call the top in Midcaps last year? Among the indicators I publish in the Long Short report this one shows the relative strength of the BSE200 to the Sensex, now the BSE200 is the erstwhile Midcap index before the new ones were formulated in 2002 and so it gives more history. That said the indicator was at levels last seen in 2000 and then formed an ending pattern into the Jan 2018 period. The yellow indicator topped at the start of Jan even as Nifty rose for the rest of the month. After that it broke down from the blue wedge pattern and has been falling since. This fall in the indicator v/s the Sensex shows that the broad market was in distribution and the Midcap cycle was over for now.   READ MORE