NSE Nifty - 11000 is the key level to watch for reversal

This post on NSE Nifty is coming after an earlier post on (26/5/16).

Following is the weekly chart of NSE Nifty. Its a bit untidy!!! It shows a long term channel, Elliott wave counts as well as a cup and handle pattern!! It is possible that the Nifty is currently in wave v of larger wave 3. A highly probable target for completion of wave v and so also wave 3 is 11000. The reasons to arrive at this target enumerated on the chart itself.

Another possibility is prices may be moving up in nested 1s and 2s, so that what is marked as iii may be wave (i) of some degree of wave 3. For now 11000 is the level to watch.

US Dollar Index - at an inflection point

This is in continuation of the earlier posts on DX published here on (1/May/16) and (5/Feb/2016). The Dollar Index appears to be in a triangle pattern since March 2015. It is currently at the lower end of the expanding triangle. As such the Dollar index is at an inflection point. There is a possibility that the Index is completing wave 4 and will move back up to complete wave 5. Alternately if the index breaks down decisively below the lower trend line, then it is likely to move down much further and may break the lows of March 2008. My preferred path is shown by blue line. Red line showing the alternate possibility.

WTI Crude

This post is in continuation of the long term analysis of crude done (here) on 30/4/15 and short term analysis done (here) on 28/10/16. This post shows both short term and long term possible counts.

The following is the weekly chart. It appears that b was completed in February last year and the prices are now moving up to complete c of B. If a = c then the target for c of B comes to around 108.

 

Following is the daily chart since the lows made in Feb 17. It appears that  prices so far may have completed nested 1-2, i-ii. If this is correct,prices may now move up fast to complete wave iii (assuming there is no more nested (i)-(ii)) The Fibonacci reatracements are worth noticing.