Nifty 50 Index Bullish Sequence to the All Time Highs

The Nifty 50 Index has a bullish sequence from the lows to the all time highs. The index currently shows nine swings up from the all time lows into the 2018 highs. It is now correcting the cycle higher from the February 2016 lows. This is noted on the chart with the red 8 label. In this article there is not an Elliott Wave count on the chart as it’s the natural swing count the price and momentum indicators suggest.

Notice from the all time lows to the 2008 highs appears to be 3 swings as noted with the red 3 on the chart. Next, the dip into the 2008 lows was strong enough to suggest it was then correcting the whole cycle from the beginning. That was the 4th swing.