Nifty targets using Neo wave, cannot be more accurate!

neo wave nifty Jun 20, 2024

Neo wave along with a simple price indicator helps to form powerful setups with a good accuracy. In the previous monthly report dated on 6th May 2024 we anticipated possible correction in Nifty. Nifty moved precisely during an event!

The market move as per its own pattern and events just acts as catalyst that can reduce or increase the time period 

Nifty Weekly chart anticipated as on 6th May 2024

Nifty Daily chart as on 6th May 2024

Wave analysis as 6th May 2024

Weekly chart divergence – This is an important chart with lot of technical information. We can see that prices are clinging to the upper trendline but failing to break above it with momentum since many weeks. There is series of negative divergence that we can see on the weekly time frame. It is rare to see triple negative divergence that we are witnessing now and it is not a very good omen. Also, as per wave perspective we might be completing wave (e) higher of Diametric pattern and should start seeing wave (f) to start soon if it is already not started. Next few days of price action will confirm this.

Daily chart divergence – Nifty on the daily time frame is also showing series of negative divergence. We can see that there is a double top formation as well near 22800 levels. Also as mentioned in previous monthly report if we break above 22800 then it will only extend the topping process before we reverse back on downside. Also wave (e) has taken similar amount of time to that of wave (c) which is in sync with matured outlook.

In a nutshell, …. Series of negative divergence across Weekly, daily charts are warning signs and breach below 22350 followed by 22200 will open downside targets for 21750 or lower to 21100 levels. …. Time to embrace increase in volatility and sharp moves from here on and Options can provide classic opportunity for traders to trade on either side of the trend.

Nifty Happened on weekly chart

Nifty daily chart: Happened
Happened: In 6th May monthly research we mentioned clearly about series of negative divergences seen across the time frame. There was slow down in momentum on weekly, daily and hourly charts and this was also much before the election results that were declared on 4th of June 2024.

Also, we anticipated that a break below 22350 can result into market moving down to 21750 followed by 21100 levels. This was based on the targets of wave f projected down compared to wave b. Nifty as soon as broke below 22350 collapsed on downside moving towards 21280 levels. After forming a low near 21280 levels market recovered sharply. We even mentioned in our daily research that prices can touch lifetime high levels again when index was only near 22000 levels. This was also on the basis of Diametric pattern which completed wave f on downside and wave g higher started. This clearly shows despite of the event and volatility the pattern worked out extremely well.

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