India Nifty 50 – Set to Begin Declines

by WaveTrack International| June 11, 2018 | 2 Comments

India-CNX Nifty 50 – January’s Zig Zag Pattern Set to Begin Wave [c] Declines

January’s decline began a zig zag correction from 11191.00 as minute wave 4. Subdividing into an [a]-[b]-[c] pattern. First of all wave [a] completed an initial decline into the February low of 10250.00. Wave [b] has since unfolded higher as an expanding flat pattern, (a)-(b)-(c), 3-3-5 ending into the mid-May high of 10957.00. Wave [c] declines are now in the early stages of accelerating lower. Ultimate targets to 9795.00+/-.

Nifty 50 – Elliott Wave Price Forecast by WaveTrack International

Nifty 50 – [wave [c] description so far]

Short-term upside targets to complete sub-minuette wave (ii) towards 10855.00+/- were hit into last Thursday’s trading session at 10857.00. The following decline to 10692.50 has now begun wave (iii) declines. These declines can be expected to accelerate lower during the coming week. Downside targets for wave (iii) are towards the March lows of 10057.00+/- and 9895.00+/-. Wave (v) downside targets remain unchanged towards 9795.00+/-. This also ends wave [c] of the zig zag pattern that began this correction from January’s high of 11191.00.

Nifty 50 – Fibonacci Price Ratios for alternate lower targets

However, take note that India’s Nifty 50 could still hit lower targets. The following Fibonacci Price Ratios can be used as a pointer. The 9795.00+/- level is the fib. 38.2% ret. of minute wave 3’s advance from 7896.00. However, a lower target is derived if wave [a] including the March lower-low is extended by a fib. 38.2% ratio to 9451.00+/-. Even, slightly higher targets should be considered at 9708.00+/- if wave [a] to its orthodox low at 10250.00 is extended by a fib. 61.8% ratio.

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