Irregular 5-3-5 Elliot Wave SGX Nifty

SGX Nifty seems to be forming an irregular 5-3-5 Elliot wave. As such, a kind of triple top is forming after a strong rally and the volumes seem to be weakening. With inflation on the rise, bond market yields increasing and USD peaking, fundamentally, the market seems to be set for another wave of correction in what could be a period of Quantitative tightening with further rate hikes to fight inflation. Expecting to see rally to fizzle out at 17950-18100 before a correction to about 16400.

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