Nifty Bang ON movement as per Elliott wave Pattern! Must See!

Nifty Bang ON movement as per Elliott wave Pattern! Must See!

Elliott wave is GPS of the market. It helps in understanding the maturity of trend and also provide complete trade setup.

We published an article yesterday mentioning the medium term trend for target beyond 22k – read here

However, Neo wave helped to capture the short term movement including the sell off seen recently.

Below is the chart of Nifty shown on 28^th December 2023 indicating price movement over short term, before the up move to resume.

Nifty hourly chart – Anticipated on 28^th December 2023

Happened:

Elliott Wave analysis – Neo wave is advanced part of Elliott wave with more rules and patterns providing increased objectivity.

As shown on first chart which was published on 28^th December it was mentioned that prices can head towards 21820 levels in form of wave e where it will be equal to wave c and then we can see short term correction before the up move above 22k levels.

Nifty made a high near 21834 and reversed on same candle and touched intraday low of 21520 as on 3^rd January 2024.

2 stage faster retracement concept- Advanced Elliott wave – Neo wave gives the concept of two stage faster retracement which confirms if the ongoing trend is about to reverse. This helps to get precise entry with good risk reward opportunity.

So a faster pullback above 21760 will indicate that wave f is over and wave g is probably starting.

By understanding Neo wave patterns and rules trading accuracy and ability to forecast market can increase sharply.

In a nutshell, Nifty is in medium term up move with short term correction currently seen precisely as expected. Post completion of wave f we are expecting upward move in form of wave g and the exact entry of the same will be derived using the above two stage confirmation method.

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