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India S&P CNX Nifty 50 Elliott Wave Update

by m.tamosauskas| August 27, 2014 | No Comments

09_CNX Nifty 50_140827

The Nifty 50 has now achieved original upside targets at 7954.00+/- with Monday’s high of 7968.25. A reversal is necessary to confirm the completion of minor wave iii.’s advance from the Feb.’14 low of 5933.30 and validate a 4th wave counter-trend decline in the months ahead. Basis a fib. 50% retracement ratio, idealised support is measured to 6867.30 – cutting this by a fib. 61.8% ratio, we obtain interim targets to 7272.80. Seen from the larger perspective, intermediate wave (3) that dates back to the 2013 low of 5118.85 is still in progress. Thus, once idealised downside has been achieved in the months ahead, a finalising upswing towards ultimate upside at 9037.10 is forecast afterwards.


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