Israel Palestine War Impact on Stock Market – Is it Time to Buy?

israel stock market technical analysis trading Oct 09, 2023
Israel Palestine War Impact on Stock Market – Is it Time to Buy?

On 7 October 2023, Palestinian militant groups led by Hamas launched a large-scale invasion in Israel from the Gaza Strip.

So what is the impact of Israel Palestine war on stock market?

Such events will result into in short term volatility but chart never lies and it is best to rely on charts for support and resistance levels along with trading opportunities.

Nifty daily chart:Elliott wave with Time cycle - As shown on above chart prices are moving within the Time cycle support zone between blue and the red time cycles. Along with that we can also see support of the blue trendline.

Prices as per advanced Elliott wave – Neo wave is moving down in form of wave b which looks to be either completed or near completion. Post this we should see an upward thrust in form of wave c that can take prices towards the upper Gann levels of 19952.

Interestingly, despite of Israel Palestine war prices are managing to follow the wave patterns and Time cycles extremely well.

Events only result into short term volatility but the overall trend will resume.

Move above 19620 to resume positive trend in form of wave c higher with support near 19480 levels. Below this we can expect some pressure but eventually the up move can resume.  

In a nutshell, despite of the event and Israel war, stock market movement is as per GPS of the market – Elliott wave and Time cycles.

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