Nifty Bollinger Bands® with Neo wave, Why 17830 Crucial?

elliott wave neo wave nifty time cycles Sep 01, 2022
Trading, Nifty, Stock Market

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Bollinger Bands and Neo wave can be powerful combination to get range limit along with forecasting ability.

Below we have shown chart of Nifty along with Bollinger Bands and possible Elliott wave – Neo wave counts.

Nifty hourly chart:

Above chart shows that prices have been moving in double corrective pattern and the fall we saw on 29th August 2022 was only wave x as prices sharply recovered back above the Gap area.

A sharp fall followed by sharp rise results into a triangle pattern formation and the rise could have been wave a and now we are in wave b formation.

During sideways action Bollinger Bands work extremely well. As we can see in above chart support as per bands is near 17200 levels and resistance is at 17830 on upside. This is a big enough range but given the recent volatility such moves can be expected. The Bands can start contracting showing non trending behavior and range should reduce. Post the triangle pattern completion we will see a trending move to emerge.

In a nutshell, combination of Bollinger Bands with Neo wave can give a complete trade setup for traders as they can understand the maturity of trend and form classic Options Trading Strategy for low risk high reward trades. As after the range is done a strong trend will emerge where buying options will give multifold returns.

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