Last week #NIFTY registered several events that are likely to define its path for multiple months.
This overview contains:
– analysis of the monthly/weekly/daily candles and TA;
– long term Elliott Waves forecast.
This analysis is part of the Weekly Series – US Indices, Cryptocurrencies, Commodities, Currency, Large Cap stocks – that can be viewed here.
Last week, with a strong move downwards, the monthly candle moved below 8 EMA and flipped the monthly PSAR bearish. A the same time, RSI crossed from the overbought territory and MACD moved closer to make a bearish cross.
The weekly candles formed a Falling 3 Methods combo that almost guarantees a continued decline. The measured depth of the decline is discussed in details in the Elliott Wave section.
Note that the 8 and 20 EMA formed a bearish cross and RSI moved below the mid point.
The daily price fell strongly below 200 DMA that now acts as a strong resistance. While there is a chance of a rally, it will likely be short-lived, lacking support by indicators.
ELLIOTT WAVES + FORECAST
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