Dollar is now showing signs of overbought !!
RSI & MACD not bullish -- a bit bearish !!
FED event gone - no more event lined up
If scenario wave count -- most probably wave 3 is about to end of wave 5 (not on chart )!!
SPX500 is trading at life time highs - breaking past its upper resistance of 2200 ! Expect more upside in coming months !!
Currently SPX500 is in Wave 3 of its final wave 5 !!
Let it cool down a bit to go long --
Entry Point - 2250 to 2217
Target - 2330
Stop Loss : 2180
Currently on 2hrs charts -- Spx500 in ...
Two things have happened :-
1. Cut in oil production ( even if only for short term )
2. Fed Hike - Bullish Dollar
From the lows of 28 to currently at 55 -- Crude has still enough strength left to go higher towards 67 - 70 by April 2017.
Crude now in Wave c after breaking the upper resistance of 52 -- lets wait ...
Gold has retraced to Fib level 76.4 !!
RSI - over sold Buy on Weekly Charts
Gold is charting ABC correction path of which wave b is in play !! On the other hand Dollar Index has run ahead of itself - it needs to cool down !!
Target of 1500 by April 2017
Stop Loss at 1100
Long Nifty : Long at 7970 - 7900
Stop Loss : 7750
We expect this to be a completion of wave 4 correction !!
On other hand USDINR is trading at life highs !!
Both of the above are either oversold or overbought !!
Looking at other coming events
-- Rate cut of 50 bps by RBI in december - expected (25 bps factored ...
Last Post : https://in.tradingview.com/chart/NIFTY/aRBujWSd/
Nifty -1.76% after touching high of 8960 has now entered into correction mode !!
So wave 5 ends of Wave 3 of Wave 3 !!
Expect this correction to complete either at 8550 ( Less chances ) or at 8700 levels !!
Wait till the FED meet this month -- Once ...
Nifty is now in overbought zone -- The immediate target on upside is 8990 which Nifty might touch by tomorrow.
Other major markets are not moving up i.e. a small correction is on the way !!
MACD & RSI - are overbought
On Wave count : wave 3 of Wave 3 of wave 5 is about to end !! Expect Nifty to once again touch ...
After touching a low of 42 in the start of this month crude has bounced back !!
This is the final C wave of wave 4 which most probably might continue till november !!
Expecting Brent Crude to touch 70 in coming 2 months !!
Anybody who got early around 42 recent low can add more at every dip !!
So after our last post -Nifty : Brexit Gone - Now What Long
The market has risen by more than 8% - i.e Nifty.
Nifty is now in a consolidation mode -- which we expect to be over within next 2-3 days - rebound might happen at 8471 ...