Nifty 50, Nifty Gold INR, Nifty Gold USD, Defty Elliottwave

In this post, We deal with the elliottwave structures for the following :

Nifty 50

Nifty denominated in Gold Rupees (i.e. Nifty denominated by the local price per gram of Gold in INR)

Nifty Gold USD (Nifty denominated in International Price of Gold per Oz)

Defty (Nifty 50 denominated in US Dollars)

Why do we look at so many denominations of the same index ?  The wave structures are different for each of them, but what they represent and expectations go a long way to confirming the wave count of the local Nifty 50 index.  In this case, all of them are telling us the same thing - expect near term sideways to lower followed by a prolonged uptrend.

Nifty 50 Elliottwave Update : CMP 10,240

Primary count Working hypothesis : Wave 1 minute degree completed at 10,137 (not the all time high of 10,490), and is currently in a complex correction in wave 2 minute degree.  Wave 1 minute took 149 days from 7,916 to 10,137.  As this wave 2 minute degree is expected to be shallow, it should take approx the same time as wave 1, which puts the nifty in a choppy range between 9,687 and 10,490 for the next 2-3 months.

Alt count allows the nifty to fall briskly to below 9,687 in wave 2 minute degree before resuming its upward journey.

Nifty 50, Nifty Gold INR, Nifty Gold USD, and Defty Elliottwave

Nifty 50 Elliottwave 2 day chart

Nifty denominated in Gold Rupees (i.e. Nifty denominated by the local price per gram of Gold in INR)

Message is the same : Awaiting 2nd wave of intermediate degree to complete before resuming up trend.  Suitable for domestic investors who are unsure of allocating resources to gold or equity.

Nifty 50, Nifty Gold INR, Nifty Gold USD, and Defty Elliottwave

Nifty denominated in Gold per gram in Rupees

Nifty Gold USD (Nifty denominated in International Price of Gold per Oz)

This is the true measure of the Nifty based on international price of gold, so this is Nifty priced in Real Money, not influenced by whims of central bankers or politicans.  Very important measure.

Nifty 50, Nifty Gold INR, Nifty Gold USD, and Defty Elliottwave

Nifty denominated in International price of Gold.

Defty (Nifty 50 denominated in US Dollars)

Here too the message is the same.  Awaiting 3rd wave up on 3 degrees of trend.

Nifty 50, Nifty Gold INR, Nifty Gold USD, and Defty Elliottwave

Defty (nifty 50 denominated in US Dollars)

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