India’s NIFTY index continues its primary down-trend, breaking support at 4700 on the weekly chart. 63-Day Twiggs Momentum holding below zero confirms the down-trend. Target for the primary decline is 4000*.
* Target calculation: 4700 – (5400 – 4700 ) = 4000
The Straits Times Index also shows 63-day Twiggs Momentum declining below zero, suggesting a primary down-trend. Respect of the descending trendline on the weekly chart strengthens the signal. Breakout below primary support at 2500 would offer a target of 2100*.
* Target calculation: 2500 – ( 2900 – 2500 ) = 2100