Intraday Trading Nifty Impulse pattern on 5 Minutes chart!Sep 12, 2022
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Nifty has been moving precisely as per Elliott wave / Neo wave pattern even on 5 minutes chart. We call wave theory as GPS of the market
In the below chart we have shown Nifty movement along with 5 minutes Time cycles
The entire rise on upside is in steps of 5 waves and the 5th wave is forming Ending Diagonal or Terminal pattern. Ending diagonal pattern consists of 5 waves but corrective and we forecasted this possibility in last week. In this wave 4 will overlap with wave 1 and momentum will be less, so we will also see negative divergence on the indicators.
Yes, Neo wave theory can help you forecast even divergences on indicators. This is the power of learning wave theory to trade with an edge.
So, the overall tone for market is up but with slower momentum, with this information a trader can form classic trading strategy on Options. We expecting market to move as per the path shown and will keep evaluating as the day progresses.
In a nutshell, knowing GPS of the market is powerful way to trade and combining it with simple Candlestick and price action can give you much needed edge over majority of other traders who lose money.
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