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NIFTY 50 BREAKS HIGHER – BUT PART OF EXPANDING FLAT

by WaveTrack International| July 11, 2018 | 5 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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    Category: Elliott Wave, India-CNX Nifty 50, Uncategorized

    Comments

    5 Responses to “NIFTY 50 BREAKS HIGHER – BUT PART OF EXPANDING FLAT”

    1. Praveen Vishnu Shamain
      July 11th, 2018 @ 3:59 pm

      Thank you very much.

    2. Wavetrack International
      July 11th, 2018 @ 4:08 pm

      You are most welcome! Very best wishes!

    3. Anita
      August 8th, 2018 @ 7:58 am

      Nifty has now gone way beyond 38% extension and son not an extended flat. What is your view now?

    4. Wavetrack International
      August 8th, 2018 @ 10:57 am

      Hello! We already know that January’s decline between 11191.00 and 9903.00 unfolded into a zig zag. This would mean that the following advance is either a new impulse uptrend or another zig zag – if the latter, then resistance will be at 11726.00+/-…should a ‘reversal-signature’ occur from 1726.00+/-, then this will be labelled wave ‘b’ within a developing triangle or expanding flat – either way, wave ‘c’ would pull the index sharply lower over the following weeks. We hope this is of help. Very best wishes, WaveTrack’s EW-team

    5. Anita
      August 8th, 2018 @ 1:46 pm

      Thank you very much.

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