Elliott wave update

Nifty has moved below 20 day EMA after nearly one and half months which is a bearish signal. So now the 20 day EMA becomes resistance and now nifty would try to move towards the 50 day EMA which happens to be around 8226 will it move there it appears to be so. Even we have a trend line there drawn from the low of the start of the current trend so it appears that this level i.e 50 day EMA to be crucial level for nifty as any break of this line is not good for bulls are in last nine months this line has offered support for any falls so watch out for this level.

As far as Elliott wave is concerned it seems that the third wave seems to be complete ( as of now might change as how the market moves) and we are in the fourth wave, the fourth wave would not in any case go into the area of the first wave so first wave top appears to be at 8226 which again is the 50 day EMA. So 8226 is the crucial level for the market to watch for. 

May all be Peaceful and Happy

M.Mahiidar

Enjoying Life

Trend is Friend.