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Elliott Wave Financial Price Forecasting

India CNX Nifty 50 Elliott Wave update

by m.tamosauskas| December 17, 2014 | 1 Comment

09_CNX Nifty 50_141217

Engaged in a 4th wave within the larger five wave expanding-impulse sequence, the Nifty 50 is now approaching interim support towards 7897.75+/- that is derived by a fib. 61.8% ‘golden-section’ cut of the entire anticipated 8626.95-7477.85 range. An intra-hourly reversal is required to initiate a temporary rally for (minute) wave b within minor wave iv. prior to continuation lower during the next several weeks ahead. For the time being, ultimate downside towards 7477.85 can be maintained but should the Nifty accelerate below the interim support at 7897.75+/-, it would be indicative of a deeper decline for minor wave iv. – a fib. 50% retracement measures to 7154.10+/-.


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