Nifty Elliott wave with KST Momentum indicator – BANG ON!

Apr 16, 2024

Elliott wave is the GPS of the market that helps to understand the overall maturity of the trend and also provides confirmation if there is a reversal in vicinity.

Below is the chart of Nifty which was shared on 10th April 2024 much before the fall started when prices were trading near 22700 levels.

Nifty chart - anticipated on 10th April:

Nifty happened: as on 16th April 2024

Nifty has moved sharply lower and the forecasting of the down move was done much before the fall in US stock market DJIA and also before the Israel war news. Following was mentioned on 10th April 2024:

Anticipated - Nifty GPS Elliottwave counts with channel and KST indicator all suggesting matured stage of up move with major #Gann hurdle at 22877, KST failing to show momentum breakout and trendline resistance, ALERT!

Happened: Nifty moved precisely as expected and prices reversed down to making a low of 22100 already. The move on downside has been sharp and fast which is in lines with Elliott wave outlook

Prices completed wave 3 higher and reversed down as momentum failed as shown by KST indicator along with trendline resistance. Elliott wave already confirmed wave 3 to be near completion within the Ending Diagonal or terminal pattern.

Support on downside is near 21980 which is the area where ongoing wave 4 can complete and then again a pullback on upside is possible. However, breach below 21710 will indicate bigger downside correction.

Do note the above chart is as per Elliott wave and not Neo wave.

In a nutshell, above research highlights simple Elliott wave application and how it helped to capture medium term reversal on Nifty almost near the top of 22700 much before any news or events!

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