Forecasting the movement of Equity markets on the basis of news or events is like looking at the rear mirror and driving. US Elections results might result into a short term spike or volatility probably a random movement but eventually the original trend or pattern will resume its course.
We at Waves Strategy Advisors believe that markets are patterned and follow a rhythmic path determined by Elliott wave. Also everything is governed by natural laws and so market also follows Time cycles that is integral part of every creation.
Look at the below chart of Nifty that shows the forecast done on 03rd November 2020 morning research report The Financial Waves short term update before equity markets open.
Nifty Daily Chart:
Nifty 55 days’ Time Cycle has again bottomed out and turning on the buy side. This cycle has kept index in a range to sideways action for more than 2 weeks now. It will be interesting to see if the same can help Nifty to inch higher again in one final attempt on upside before we can turn back down. From wave perspective, it is usually a violent reversal and fall that marks the end of a big move. So far Nifty has been falling as we expected but the much needed momentum and violent behavior is still missing. One should therefore trade cautiously given the split performance across the stocks.
Bear in mind that the leader has started faltering. When the market leader like Reliance falters it sends across a warning sign. The reason can be results or anything else but a leader that led index all the way on upside can also lead it down. So keep a watch on Reliance and of course Bank Nifty charts as well.
“The Financial Waves short term update “is a daily research report that contains detailed Elliott wave counts on Nifty, Bank Nifty and stocks along with applied technical tools and explanation. Markets do not move randomly but in predictable patterns that can help us making right trading decisions! Know more on how to get access to this research report HERE!
Do not have time to see the reports, we have given short calls on Nifty, Bank Nifty, stocks, Options and it has worked out extremely well. Get access to the daily advisory calls directly on Whatsapp and SMS. Get access here
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