11 December 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 

When the momentum whipsaws a good idea is to use it along with the trendline or moving average. Nifty weekly momentum crossed back to buy mode in the week before but this week Nifty is back below the 40 week average after failing to cross the 20 week average. This morning Nifty is about to break the 10489 and 10440 swing lows of the weekly chart that will further confirm the corrective nature of this 6 week counter trend bounce that was mostly in Nifty but across the board in stocks. If prices remain depressed the weekly momentum may cross back to sell mode. The failure to cross the 10965 leve of the 20 week average was an important confirmation needed along with the weekly momentum for the trend to change. The momentum reading therefore is a false signal so far. The reverse can also ben see in 2017 when the momentum was giving false sell signals but Nifty was not closing below the 20 week average.  READ MORE