Nifty Weekly Update

Published: Mon, 05/20/19

20 May 2019

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

What worked last week in calling the market bounce was a reverse channel support line. Drawn by first taking a trendline of the highs and then taking a parallel line to the bottom end for support. This level held out and we bounced right back and are now heading to the top end of the channel again at 12100. I have marked 5 on the chart however in most indices this is an overlapping pattern and therefore not impulse. Ideally a complex corrective pattern or wave B of an expanded flat. READ MORE

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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 momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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