3 Powerful Indicators on Nifty (That Actually Work)

elliott wave ichimoku cloud nifty Sep 13, 2021
Nifty, Ichimoku cloud, Elliott wave

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By combining Ichimoku Cloud, Elliott Wave and Open Interest analysis it is possible to form a powerful trade setup.

Diametric pattern is defined as per Neo wave and it consists of 7 legs. A peculiar behaviour of this pattern is that wave g tend towards equality with wave a, wave f tend towards equality with wave b and wave e tend towards equality with wave c.

Now look at the below chart for further understanding

Nifty 30 minutes chart:

Elliott wave analysis

Nifty on a 30 minutes time frame shows Diametric pattern with prices currently moving in the form of wave f. We can clearly see that wave b came near the cloud support before the wave c started and similar behaviour is observed even now when wave f is near the support of the cloud and looks similar to that of wave b. A break above 17400 will further confirm that wave f is over and we will have wave g starting upwards.

As per Fibonacci equality target of wave g to that of wave a we will get targets near 17500 for the current ongoing up move and one can accordingly take trading positions.

Open Interest analysis:
OI profile chart shown along with prices gives further conviction for identifying key reversal areas. We can see that 17300 is near term support as there is high build up in OI for Put options of 17300 strike price and 17500 is highest OI for call OI. So break above 17400 can provide a good opportunity for a move atleast towards 17500 levels.

The above research clearly showcase how Ichimoku Cloud, Neo wave and OI profile can help in taking a clear trade setup for Option traders and form the strategy accordingly. These are simple yet powerful methods of forecasting and trading the markets.

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