Indian $NIFTY at Major Ichimoku Resistance and Elliott Wave 5. The Indian stock index $NIFTY is in a long term bullish trend. Below is the monthly chart provided by eSignal.
We are illustrating two separate systems here. One is Elliott Wave and the second is Ichimoku.
From the Elliott Wave perspective, we are in a bullish trend and now the “retail” wave is being formed which is the Elliott Wave Count #5. Most Elliott Wave Technical people will indicate there will be a high probability of reaching the pivot high which is indicated by “63 PTI”. However, this is not the case YET! W.D. Gann always stated that a reversal will have a lower high. In that case, there can possible exist another resistance before the pivot high. We have shows this other resistance at 8504.11 which was the Wave B.
From the Ichimoku perspective, we are in a strong bullish trend. Price never got back to the cloud after it started trending. It held a minor support at 6824.70. Price now is at a major resistance. If it conquers this resistance value then price will have a high probability of testing the high.
Both systems are telling the “same story”. This shows again how Elliott Wave and other systems are automatically built into Ichimoku
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