Nifty-50 appears to be completed a wave B of one higher degree and the setup is ripe for unfolding wave c down. Confirmation to come on breach of the rising trend channel currently placed around 18000.
Disclaimer: The view is based on EWP and is not a trading call. This is shared for people who want to learn Elliott wave & Technical Analysis.
Gold XAUUSD has seen a similar pattern ( Fractal represented by BOX on the price chart) formed between August'2011 to September'2012. A similar pattern has currently unfolded and we are at the cusp of the breakdown of the consolidation range, while range breakdown will mean flinty times for gold bulls as gold remained in cyclical correction for around 1000 days...
S&P 500 appears to finish its pull back and is now set to resume lower. The Ideal target will be a new low to the recent swing. Additionally, the Fibonacci levels proportion to previous moves has been shown. The RSI is falling to take off the equilibrium zone in the pull back indicating weak to sideways bias.
Bearish Head and Shoulders pattern
Type: Bearish Reversal
Prior Trend: Bullish
Look: Like human body head & shoulders
Right shoulder: Right shoulder is formed when prices correct after a sustained up trend
Head: once the correction is over prices resume their uptrend and make a new high that is prices start a rally to new highs than the prior high which was...
Nifty's previous week's low was a significant low in proportion to the Elliott wave guidelines, which probably marks an end to the wave "Y" with an open-ended question on the back of the mind as the next wave will be another "X" or we have ended a larger Elliott wave pattern. Momentum indicator like relative strength indicator is signaling divergence and recouping...
