Elliott wave analysis of The Nifty 50 Index for January 15, 2021

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The Indian Nifty 50 could have peaked at 14,653 which a break below 14,040 strongly will suggest, while a break below 13,131 is needed to confirm that a important top is in place for a corrective decline towards minimum the 10.826 - 11,675.

That said, we also need to stress, that the possible top hasn't yet been confirmed, which means that further upside pressure towards 15,073 can't be excluded yet. So stay flexible, but tighten you stops.

Remember the trend and patience are your firends

The material has been provided by InstaForex Company - www.instaforex.com

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