Nifty : BiMonthly chart with MACD (5,34,5) aka EWO as on June 2019

Monday 22nd July 2019.

Nifty Index is being compiled since 02/07/1990 ; as such, a Time Frame of Bi-Monthly (Open, High, Low & Close over a period of two months for the Index) cover the full range of the Index since inception (in log Scale ) :

The most revealing fact is that Index is very bullish since inception with
 (1) positive Macd - implying EMA(5) is greater than EMA(34) - being in almost 82% time  (116 candles out of 141 being in POSITIVE) ;

, (2)  Macd topped at 2108 in the previous candle while Nifty was 6357 & remains all time high ,
  (3) Macd cross down zero line with Nifty subsequent  to a low of 2253 and finally
  (4) march of positive MACD is in progress counting 60th candle (i.e., 10 years continously)

My understanding of EWO suggested that :-
big W= 6357 - 279 = 6078,
followed by retracement by67.5 leading to X = 6357-2253 = 4104 and
presently in progress Y = 12103 - 2253 = 9850 , just a point above 161.8 of W .(1.62 with standard deviation statistically)

Table of DATA in #TF34DaysCycle and #TF55DaysCycle confirms the conclusion of #TFBi-Monthly in general save & except in case of #TF55DaysCycle there was NO ZeroLine even when dip to 2253 occured.