Indian and US market Outlook
Nifty has made a significant recovery after hitting a low of 19223 on August 31, 2023. According to Elliott Wave Theory, the Nifty made its low as Wave iv of Minute Degree Wave {iii} within Wave (i). Until November 2023, Wave (i) of Minute Degree Wave {iii} might drive the index toward 20400-20600. As Wave (ii) of Minute Degree Wave "{iii}," a pullback toward 19000 is what we can anticipate.
On Friday, September 1, 2023, Banknifty may have completed Wave (ii) of Minute Degree Wave "{iii}." By November 2023, it may move toward 48800.
The S&P 500 may rise as Wave (v) of Minute Degree Wave "{iii}" toward 4800. Minor Degree 1 and Minute Degree Wave {v} may peak between 4900 and 4950 till the year's end.
Until November 2023, the Nasdaq 100 appears to be peaking as Minor Degree Wave 1 in the range of 16370 to 17450.
In a sequence known as Wave 1-2 and 1-2, DJIA is expanding. Thus, given its current structure, the DJIA may outperform other major US indices through the end of the year.
On Friday, September 1, 2023, Banknifty may have completed Wave (ii) of Minute Degree Wave "{iii}." By November 2023, it may move toward 48800.
The S&P 500 may rise as Wave (v) of Minute Degree Wave "{iii}" toward 4800. Minor Degree 1 and Minute Degree Wave {v} may peak between 4900 and 4950 till the year's end.
Until November 2023, the Nasdaq 100 appears to be peaking as Minor Degree Wave 1 in the range of 16370 to 17450.
In a sequence known as Wave 1-2 and 1-2, DJIA is expanding. Thus, given its current structure, the DJIA may outperform other major US indices through the end of the year.
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