US500- Get Ready-Thrust Upside Can Lead to Wave 3 DownsideFor Educational Purpose
Last Price- 3480 / 20:29 Hrs IST (Indian Standard Time) / 19th Oct2020
Wave (iv)- Penultimate wave -unfolding as a triangle then next wave should be the final thrust upside - only criteria is top @3588 should not be crossed for current wave count to be a valid count
Expecting
One push upside close to 3550/3570 to finish wave-(v) ( Crossing above 3506 highs)
Once wave-(v) done & holds below 3588 highs then we expect larger degree Wave-3 to unfold below 3588 tops
Wave 3 should travel 161% of Wave 1 distance downside giving us minimum target 3100 / 2950 later
Wavetalks
US500- Will it drop & help India Nifty for Wave-Y? DownSP500 / 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