4 Sept – Tops in All Indian Indexes ?

Was there sufficient warning that all Indexes were in trouble ?  Nifty 50, Bank Nifty, Nifty Junior, and Nifty Midcaps.

This is our post of 4 Sept 2018 – word for word. (No charts in blog posts).

Nifty 50, Bank Nifty, Nifty Junior, Nifty Midcap 50 Elliott Wave. As on 4 Sept 2018.

All these indexes could have completed a larger 5th wave and put in important tops.

Nifty 50 : As on 4 Sept 2018. CMP 11,526.

Nifty 50 could have completed a 5th wave on multiple degrees of trend at 11,763.  Price has also fallen below the trend channel of the last few months.

Bank Nifty : We had pinpointed the level of 28,200 – 28,400 as strong resistance in our last couple of posts.  Price here too has completed 5 of 5 of 5.

Nifty Junior / Nifty Next 50 :

We had 2 counts earlier.  Today’s decline has put the leading diagonal count in favour. This argues for an important top at the Jan 2018 high at 31,990 and wave ii complete at 31,436.  Price appears to be in wave iii down.

If this count is correct, price should decline rapidly to 27,350

Nifty Midcaps 50 : We had only 1 count for this, which was the leading diagonal count, and an important high in place at the Jan high of 5,725.  Price appears to be in wave iii down, which should decline below 4706

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