Elliott wave with Ichimoku Cloud – Best Indicator to Trade!

elliott wave ichimoku cloud indicators nifty Sep 11, 2023
Elliott wave with Ichimoku Cloud – Best Indicator to Trade!

Elliott wave – Neo wave has helped us to stay on the buy side all the way when prices broke above 19430 levels.

We have been mentioning it in our daily research report – The Financial Waves short term update complete Nifty path using the concept of Elliott wave – Neo wave.

Two indicators along with Elliott wave that works best is Ichimoku Cloud and KST (momentum indicator)

Nifty 15 minutes chart Elliott wave and Neo wave is GPS of the market that provides forecasting ability and ability to trade with an edge.

As shown in above chart post the rally that started from 19224 prices managed to break back above the Ichimoku cloud to the levels of 19600 where it completed wave (a).

Pos that prices moved lower towards support of the Cloud and completed wave (b). The best trade setup for positional trade was when prices again bounced back from cloud support and broke high of wave (a) thereby confirming start of wave (c) higher in the form of Diametric pattern.

Why Diametric – As per Neo wave logics, when wave (b) takes lesser time as compared to wave (a) we can expect Diametric pattern to form. This is a 7 legged pattern labeled as a-b-c-d-e-f-g. Prices are currently only in wave c and so many more legs are yet to unfold taking prices to new highs.

Wave (c) target on upside if we measure 1.618 times of wave (a) is near 20070 levels. This is on basis of guidelines and not rules. On downside, lower cloud support is near 19700 levels and so dips can be used to buy the index as long as this level is intact.

Gann square of 9 Targets – We have derived Gann levels of 19391 and 19952. Prices moved from 19391 to the next Gann level of 19952 in just 6 days of time.

In a nutshell, we turned bullish near 19430 levels and prices have already rallied by 500 points. This only shows power of Trading using science of Neo wave with Ichimoku cloud and Gann square of 9.

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