$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 weekly chart. The weekly confirms the monthly time frame. The major support that has now been establish is at 9629.29.
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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