Nifty Poised for US Elections ??

Nifty has been in a consolidation mode since the last month and a half, making a higher base at 8550, a level which assumes significance due to the number of times it has been tested over the previous three months.

Nifty may continue to find strong support at around 8550 which may act as a make or break pivot for Nifty.

With US elections a few weeks away, the  TO on Triple Trend Oscillator are aligned identically as they were just a few weeks before the Indian elections during 2014.

Both, the long and medium TO are placed above zero indicating a bullish bias. The short TO however is showing weakness in the near term which is reflected by the corrective phase of Nifty being witnessed now.

It remains to be seen if the indices will witness a breakout post the outcome of US elections, as it did post Indian elections.

The Elliott wave count may  suggest wave 5 of 3 fell short of its target of 9110 to end 8960 and  we may be witnessing wave 4 correction.  The impending wave 5 continues to have higher target of 9840, we may see during 2017.
See post  : http://eqtrend.blogspot.in/2016/08/elliott-wave-targets-for-nifty-9840.html

Nifty Weekly