19 November 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
The only reason this is my first public post in November in this section of the blog is that I was away on a Block leave, a new Sharekhan policy to take it off for 10 days in a row from work. However before I left I published this months Long Short report on 02 Nov and noted my Medium to Long term outlook. If you heard my podcast I was looking for a bounce early in Oct when we hit 10200 and almost 6 weeks later we are still in
bounce mode with lots of ups and downs but slow progress. The market is pulling out of oversold zone but volume and volatility are still high and need to drop if we are to get a right shoulder in the NIfty. So from 10000 to 10768 up and India Vix is still reading at 19.26 after today's trade. Not the sign of a top typically. History shows below that low readings like in Aug were followed by declines and this time-15%. But high readings near 20 were more often than not bottoms. Even if the VIX is
in a larger up trend some pullback would help in marking a sentimental high for the market, till then the sentiment is too negative and needs to cool down. READ MORE
