Nifty elliottwave analysis

Lets look at the nifty count .

The popular count doing rounds is nifty impulsing down.

Check this count .

The fall to me looks complex ,Though the c of Y does show 3rd wave fall conditions (continued falling even in extreme oversold situation),The present situation shows as long as 10900 holds

A high above 11200 looks possible ,The waves are overlapping in this upmove so need to be watchfull,Probably a X wave move is on .Below 10900 a new low looks quite easy .Lets see how the chart behaves .

HDFC BANK elliottwave

Dear friends,

                      HDFC Bank is a super heavyweight in nifty ,Lets see its wave structure.

The stock made a important low below 1900 ,Lets see the wave strcture from 1900.

The structure looks quite clear wavewise,The above chart is self explanatory also the 

3rd wave comes exactly 1.6(1)wave.Wave 3 ended with a ending diagonal .The fall from 2500

is quite sharp ,The fall looks impulsive but i am giving it more time to get confident ,For now 

the gap area near 2350 is stiff resistance ,Only above that i would consider bullish count ,Till then,

lets see how the price behaves and the pattern emerges.

Indusind elliottwave analysis

This bank struggled among other private banks in rally.Ofcouse reason being expousure to stressed assets. The stock has been in range for some time .Lets see its chart.

The above chart shows the triangle possibility as long as 1350 holds the stock has potential to do 1700.Another count with a possibility og ABC correction also shows upside coming .

The above chart shows ABC possibility and right now C on .abc of c iss done and d wave is on which has a resistance at 1550 levels.

So in both cases a rally is seen though different targets. Lets see how chart behaves.

MIDCAP index elliottwave analysis

Midcap index has underperformed for 2 years now, Many midcaps have become small caps.

The chart of midcap index is squeezing.Is it getting ready for big move ?Lets check up.

The above chart suggests WXY correction over and the price is squeezing in range now,

With range squeeze ,The upside momentum can start off  with a close above 18000.

This is quite bullish count lets see how the index behaves if it  closes above 18000.

Below 16400 the count gets negated .