WaveTrack International

Elliott Wave Financial Price Forecasting

India Nifty 50

by m.tamosauskas| May 2, 2014 | 1 Comment

09_CNX Nifty 50_140502

The Nifty 50 has advanced into a similar leading expanding-diagonal pattern as compared to the Hang Seng from its Dec.’11 low of 4531.15 but has outperformed since last December, and only now approaching a terminal upside completion of the pattern at 6869.85. There is now an increasing risk that it has begun a severe multi-month counter-trend decline. Idealised fib-price-ratio targets still a little higher, to 6949.80-7035.00 but these will be put aside should the current decline from the high extend lower during the next week. A counter-trend decline is labelled as a 2nd wave with interim targets to 6040.00 but an ultimate downside test to the fib. 50% retracement level at 5580.00+/-.

Category: India-CNX Nifty 50

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WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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