Eliotte wave analysis for SGX nifty

I believe that SGX nifty is on his fifth wave. Global news are positive as of now.already US market recovered and in positive for the year. so far SGX nifty is under performing. banking sector is the main reason to drag the nifty down. most of the banks in nifty index are corrected and in over sold position in last 2 weeks. on following weeks banking sector join the rally there are possibilities nifty can touch 10000 mark in June series.

Be cautious when everyone is negative market behaves in opposite.

As per the chart wave 4 is corrected with a zigzag. took support in 8800 level. looks like wave five is started and its clearly shows not much down side fall. Wave 4 is corrected 50% of wave 3 which is the support level 8800.

9000 will be the next support key support level.

İşlem kapandı: hedefe ulaştı:

Today in SGX nifty gave a irregular correction till 9800 level. My view on bullish has been corrected in seconds....

Nifty is so week. Crucial support is 9000 and followed by 8800. if these 2 broken again a huge selling will start.