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Today we will be covering...
Today, we will examine the Indian stock market, specifically the NIFTY 50 (NIFTY 50 is the main index for the National Stock Exchange of India).
NIFTY 50 Cycle Analysis
I mentioned before that the Indian stock market is one of the most bullish in the long term.
In the past we analyzed Indian stock market ETFs, INDY and INDA.
For the INDY, we caught the peak, the correction bottom, and likely the bounce peak.
Timewise, they were at similar times as for NIFTY 50.
The chart below shows the weekly cycle composite of NIFTY 50 (ticker NSEI), comprising the three dominant cycles. Adding additional important cycles does not change the big picture.
Remember, the price should not be associated with cycle amplitudes.
Cycle peaks and troughs should be used as approximate price turning points.
Sentiment & Technical Analysis
The CNN’s Fear & Greed Index dropped just below Extreme Greed.
NYSE Weekly A-D Line is negatively diverging from the S&P 500 as the latter is hitting an important trendline resistance.
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