By Waves Strategy Advisors. For more information visit www.wavesstrategy.com or contact us
on helpdesk@wavesstrategy.com
In our previous update we mentioned that it is not only Nifty which is providing important topping signals but also the secondary indices are showing topping signs.
In the report published on 11th January we showed NSE midcap chart and Elliott wave counts as well. We mentioned 8500 as important level and prices made a low very near to this level and bounced back today. Elliott Wave counts suggested one final up leg pending in Midcap index as well before the top is in place….
NSE Midcap Index Daily chart:
(Elliott wave counts are removed from the above chart)
The daily research report “The Financial Waves” mentioned that, “In short, 8500 will be an important level which will decide that the uptrend in midcap index is over. Any move back above 8860 can lead to a final push towards …………..level on upside. We will be closely observing Midcap and Smallcap index over coming days to look if we see a topping pattern formation.”
To know more on direction of Nifty and Indian equity markets from short to medium term subscribe and see yourself the various technical tools we are using along with charts that is making us take this stand. Write to us at helpdesk@wavesstrategy.com or call on +91 9920422202.
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