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NIFTY 50 BREAKS HIGHER – BUT PART OF EXPANDING FLAT

by WaveTrack International| July 11, 2018 | 2 Comments

The Nifty 50 has just broken above the May high. However, it is unfolding ina ann expanding flat from 10957.00 as minute wave 2. This allows a -8.6% decline during next couple of months

The Nifty 50 has broken above the May high of 10957.00 which negates declines to 9795.00+/- as the continuation of January’s zig zag corrective downswing. This revised count relabels the correction as ending last March at 9903.00 as minor wave iv. four within the Feb.’16 impulse uptrend as part of intermediate wave (5).

India Nifty 50 - Elliott Wave Price Forecasting Update by WaveTrack International

India Nifty 50 – Elliott Wave Price Forecasting Update by WaveTrack International

Minor wave v. five begins with minute wave 1 ending into the May high at 10957.00. Yet, wave 2 is most likely unfolding into an expanding flat – see fig #1. This requires a more immediate upside test towards 11175.00+/-. But afterwards expect a decline to 10282.00-205.00+/- before completion and a resumption of the larger uptrend.

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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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