US500- Will it drop & help India Nifty for Wave-Y? Down

Short

S&P 500 Index (OANDA:SPX500USD)

OANDA:SPX500USD S&P 500 Index

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SP500 / US500 has been all messy & choppy -if upside rally stops in 3450-3475 then we expect down move with initial halt close to 3300 level & dropping further can take it to 2935-2950
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NASDAQ 100 - Head & Shoulder at the top-12440 High ( Bearish Outlook)
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MCX Gold - Triangle Evolved into Ending Diagonal (Possible Scenario)
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India Nifty Market Commentary
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India Nifty was struggling to move above 11900 post-gap-up move & whole of the session was all up before dropping sharply in last hour might be showing its intension that domestic & global markets all may get ready for a move towards south.

India Nifty has moved up recently as X-Wave (10790 to 11905) -looks like an irregular correction & could be heading down in Wave-Y if holds below 11870/11880 zone

India Nifty -Last Idea Published

Nifty - Careful in 11870-11880 (Sell Below 11850)

Best Regards,
Abhishek H. Singh, CMT
Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
https://t.me/wavetalks

Comments

Hi Abhishek
Isn't this an impulse from 10800 levels?
Looks impulsive, but has the internal structure of a corrective? Would love to hear your thoughts

dummyaha

@dummyaha Will consider this as Impulse when it crosses above 12435 (shall be neutral between 11900-12450) the level when Index fall started in Jan2020 and Global indices gives new highs like Dow/US500/Nasdaq

AbhishekHSinghCMT

@AbhishekHSinghCMT, oh ok. Correlation with global indices! Interesting. Surely improves the probability.
Lot to learn from you :)

Sir Nifty 11905 top it can Reach 38.2% or 50%

rajesh51975

@rajesh51975 This has no answer at the moment as more confirmation is required

Well done with the Elliott Wave analysis, have a similar view here. Thanks for sharing!

A doubt, how can Wave X be larger than Wave C of Wave W ? The moment current wave crossed 11620, it technically can’t be called Wave X ... if at all, we r still in a corrective phase, the present leg would be Wave B of an extended flat in which case one should be witnessing an impulsive decline back to 10800 or even lower