$NIFTY $SENSEX October Monthly iMTF™ Market Update. The Indian stock market continues to make new high’s. However, we have had the first down month after 5 bullish months.
Note: All charts are provided by TradingView for this article
Below is the monthly chart.
Since Feb 2004, the India stock market has been in a long term bullish trend. There was a medium pullback in 2016 but the market has yet to experience a major pull back.
The market continues to move higher slowly approaching the next major resistance of 10259 which is the 150% Fibonacci extension.
Below is the daily chart from eSignal. We have enabled Elliott Wave with the iMTF® Indicator.
Even though the weekly and daily are bullish, the daily is not looking bullish anymore. It has a bearish setup with a breakout level below 9629.00. From Elliott Wave perspective, you are now in a ABC count after the Elliott Wave 5. Depending how the C wave develops, it can develop into a Elliott Wave bearish 3 which would be below 9629. If this happens, the Weekly time frame will have a high probability of major pull back.
Here is a list of India stocks that are completely bullish. The list has gotten bigger.
Here is a list of India stocks that are completely bearish. The list is going smaller
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