Nifty Ichimoku Cloud with Neo wave on 15 minutesAug 18, 2022
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Nifty approaching 18k and has been on a tear on upside with no pullback or correction that majority have been waiting for.
During strong trends, the simple powerful indicator can be Ichimoku Cloud which can be combined along with Neo wave pattern for prudent entry and to catch reversal.
Nifty Neo wave 15 minutes chart:
Nifty has been moving up in form of Gaps. We can see that after Gap up opening prices are simply consolidating for rest of the day. So in order to make use of this trend one has to look for pullbacks towards the cloud support and then enter keeping stoploss of prior wave low.
Neo wave pattern – The entire rise looks to be in form of Diametric pattern. Prices are currently in wave g of the pattern. As per Neo wave we will get negative confirmation once there is two stage confirmation. As per this we need to see faster retracement below the last rising segment.
In the above case wave g started from 17790 levels and so break below this level in faster time will indicate that the short term consolidation or correction of this up move can start. Ichimoku Cloud support is also placed near 17800 levels.
Thus by combining Neo wave with Ichimoku cloud one can combine the power of Forecasting tool along with strong trend following method.
This is especially crucial for Option traders who are looking forward to catch a reversal with small risk and good rewards.
In a nutshell, Nifty immediate support is near 17790 levels with 18k as the hurdle. Move above 18k will continue the uptrend towards 18293 which is also Gann level and wave g equality of wave a.
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