Elliott Wave Analysis of the Sensex

Wave Pattern Traders Team Wave Pattern Traders

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

Author

Wave Pattern Traders Team

Wave Pattern Traders

Specialists in the use of Elliott Wave, Market Analysis, Fractals & Fibonacci.

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