Elliott Wave Analysis of the Sensex

The current bounce appears to be suggesting a 4th wave of an impulse wave is likely in progress. We need to see 9 swings for an impulse wave with one extended wave, so the better look and preferred idea is to see a new low for both the Sensex and Nifty. A move back below 37000 is needed to support further weakness for wave [d] of the triangle idea.

The alt idea for wave 4 is to see a bit more upside towards 37800, to end a 3 wave bounce from the Aug lows followed by new lows under 36000 to end wave 5 and complete a large impulse wave from the Jun 2019 highs, it’s then I would suggest investors could look to turn bullish as a large rally in 3 waves to correct the current decline would be expected to develop from below 36000.

Sensex

Nifty

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott Wave Analysis of the Sensex

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