Nifty index
over 20 years period is best covered in a Chart of symmetric 34 days with proper MACD
(5,34,5) aka Elliot Wave Oscillator ; in this instant , it is from 11/10/1996
to 09/02/2017. Chart speaks for itself :
Out
of 150 candles, Bebo aka Macd (5,34) were in positive territory 113 times & just
37 times in negative. Most interesting facts are summarized in the following
Table : observe Nifty starting with ATL
low (775) corresponding to Bebo value of { - 70 } swing up & down to ATH
high (9119) with extreme Bebo value of 1916.
According to : http://www.feedroll.com/technical-analysis-oscillators-indicators/700-elliott-wave-oscillator-ewo/#disqus_thread the
highest values
of the EWO are during the Third Wave ; it looks to me 9119 qualified as such.
Subsequent swing low did not yield a Zero Line cross down but gave a low value
of 342 as such a fall of 1574 from previous value. In the attached TF
5DaysCycle chart, a zero line cross down is visible. Also, similar a zero line cross down is visible in TF 8DaysCycle, 13DaysCycle & 21DaysCycle (Single candle only)
Further
to : http://lalitlk-lalit-lk.blogspot.in/2016/09/analysis-of-nifty-with-step-sum.html
I am sharing a table for the full range of Index under studies:
#1 : Nifty
all time low ATL 775.43 had a Step Sum value of minus 35 based on 119 “Step Up”
& 154 “Step Down”.
#2 : On
30/10/2002 step sum showed a 0 (Zero value) & remained positive since then.
#3
: With ATH in Nifty at 9119, step sum showed a high of 313 based on 2565 “Step Up”
& 2252 “Step Down”, subsequently after
a peak of 314 & low of 286 and it came out of the range to show a high of 320
on 13th February 15, 2017.
