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This is the weekly chart of the Nasdaq 100; the most recent dip comes after a five-wave advance on the chart. So the decline is only a correction along the path of a larger up trend—wave ii of 3 in this case, where wave 3 can continue to ward 22377. Support is at 19581 and 19344; one of the two should hold.

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Silver has been on fire recently and it took support at the 3 year high setting the stage a sustainable bullish trend longer term

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USDJPY can turn bearish again if it breaks below 152, breaking the rising channel for the most recent advance. The move inside the rising channel can be three waves if 152 breaks. Wave c was also three waves. Then, the entire pattern would look like an ED where wave e ended at the recent high. That can mean prices go back to 140—no more new highs until new...

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After rising inside a channel, the US 10-year bond yields are breaking the rising channel for wave B on the downside. This confirms the start of wave C down for bond yields. In terms of levels, it means eventually going back to maybe 3% in the US 10-year note, as wave C will break the neckline at 3.8%. So this will be a multi-month decline in bond yields,...

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A double bottom near 21800 is a good starting point ahead of election results. The only hurdle from global markets is the CPI print coming out Wednesday. After that, the markets will move in anticipation of the election outcome—and the market will know beforehand what that will be—do not go against it.

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The triangle in Silver is part of an X wave. So, as we get closer to 25.76, we are closer to the end of wave E of the triangle, from where prices can resume the journey lower. But that has not happened yet. This is a wait and watch for what comes next. Let the momentum indicators like RMI confirm that this is happening.

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NVDA may be at the end of wave 5 at various degrees in time. The fifth wave itself was inside a rising channel, and we reached the top end. This is the leading stock driving bullish market momentum and any reversal especially below the rising channel would change the way people think about the market for the months to come

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WTI recently took support at the 20dma near 74.80 and is now heading higher in wave iii, which can take it to 88$. The rally may not end there as we should develop a five-wave advance. Oil is the outlier in commodities and often manages late-stage rallies before deflationary trends kick in. Stay prepared for an oil price spike in the coming weeks which can impact...

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The Nifty index fell in five waves on the hourly chart below and the hourly momentum shows a positive divergence at the lows. The five wave decline indicates a downward trend but in the near term it means that we can bounce back in three waves to retrace 50% or 61.8% of the fall to 21800 or 21850 before we head lower again.

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SBI, or the state bank of India, first formed a triangle and then a five-wave move higher. The triangle itself is a pattern that proceeds the final move in a particular direction. By that nature, it mostly occurs in wave B or wave 4 of a trend. So, irrespective of what the triangle meant, the next rally is a five-wave move that can end something. A higher degree...

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Tata Steel chart - if we connect all the highs and lows since September, it can look like an ED or 'ending diagonal' pattern. The ED is a triangle pattern that occurs at the end of a trend and is marked as a-b-c-d-e in the direction of the existing trend. After wave e, we try to anticipate a trend reversal. This pattern will further confirm if the ED's lower line...

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The hourly chart of the Nifty Smallcap 100 index now shows a five-wave decline. In Elliott wave analysis, a five-wave move in any direction is directional. Meaning that it tells us which side the trend is. From that point on, every bounce becomes an opportunity to sell because the trend is down. The smalcap index was the last man standing in Indian markets, going...

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The Private bank index broke the January low ahead of the Bank's nifty intraday today. Is this a lead indication that the next wave is down? I would like to think so. It would be wave C or 3 down for the bank nifty if proven true. The bank indices are below the moving averages already and the Nifty is testing the 20dma today. 45 mins to close the session.

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The breadth measured based on the number of stocks above or below the 50dma can be a good sentiment indicator. Weakness shows lower market participation at new highs and should set it up for a correction. Diffusion indicators like this are sometimes useful, especially while gauging the short-term trend.

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The entire pattern for Reliance Industries looks like ABC, especially as we have respected the upper end of a rising channel. This perfect channel was possible because the chart is adjusted for the demerger of Jio Financial Services. If your chart is not adjusted, it may not be the same. What are the implications? Watch the RMI and trend indicators.

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The only thing I can tell you about this stock is that it is a text book looking head and shoulders top pattern and the neckline is breaking today. So will we do what the text book says? Can the size of the head be replicated. Something to think about especially as you are near the neckline that is now the resistance.

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Do you see it coming? What comes next after Z in the English Alphabet? Think about it. Even if you say A, you can count to ABC. So, three waves higher is a minimum for the dollar. But I think maybe there are bigger things happening here, like a third wave. Let the price action confirm.

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The Leading diagonal pattern in the EuroStoxx 50 index does not bode well for the European stock markets. Bounces from such a pattern do not last and at 38.2% the X wave that formed in the last 2 weeks appears more than sufficient for the start of a gigantic decline in European equities. That is how I have seen this pattern play out in the past and therefore all...