Market Grind - IC News - Nifty Video Lead Dollar Midcaps and More
Published: Sun, 03/31/19
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31 March 2019
Expiration done has the midcap rally matured? The Nifty video shows the short term set up and levels to watch. And after the FED and ECB the dollar is set up to rise rather than fall, the exact opposite of what most investors think. All this and more in this weeks wrap up.
Karachi
i do not like this index going into a bear market because it reflects the worsening social mood in our neighbourhood. So it raises the risk of more future border skirmishes among other geopolitical tensions that are usually associated with wave C declines. Now the index fell in 5 waves marked as A, and retraced 61.8% a year ago but spent the rest of the year forming a triangle that appears complete in 5 legs now. Unless there are more subdivisions we may have
started wave C down where C=A itself goes to 29800.
S&P 500
S&P 500 made a minor wave i and ii with a 61.8% retracement. Early stages of wave 1 of a larger 5 wave decline in progress.
USDTHB
The Thai Baht, a clear 5 wave advance followed by a pullback to the lower bollinger band inside a falling channel in wave II. III=I up from this low would go to 32.40
Midcap Madness
An alternate to the Midcap wave count published in the morning is to redraw the ending diagonal from last week into a expanding triangle and we have a wave 5 topping pattern complete today. Lets watch for follow up action on this to confirm.
Dollar Index
DXY, daily momentum indicators are in buy mode. The DXY closed below the 200dma at 96.42. A close above this level would be positive sign. Wave wise we should have started minor wave iii up. Remember DXY is a triangle as shown by the grey lines or a series of leading diagonals as the rallies were marked as impulsive on this chart earlier. Both outcomes are bullish.
Lead Mcx
Lead found support at 136.15 after a 5 wave fall, and till it holds we could be in wave b up. The wave iv high at 141.42 is the immediate resistance. Will wave carry higher to more retracements, it is possible but not certain.
Nifty Video Update
Nifty made a lower top and should head lower in wave iii down to 11280 and if that breaks 11100. 1.20 mins
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Rohit Srivastava www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and
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Value Wave Stocks discusses the short term trading set ups that we use while taking our trading decisions. Value wave Investments. discusses the long term set ups that we use while taking our investment decisions. We hold investments in these stocks and are interested in these opinions. This is not the only reason considered while taking our actions. Kindly take the help of a qualified investment advisor before trading. Rohit Srivastava is a Fund Manager of a trading PMS fund at Sharekhan Ltd.
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