Nifty Neo wave with Ichimoku Cloud, Amazing Trade Setup!Jul 06, 2022
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Advanced Elliott wave acts as GPS of the market and gives clear direction and maturity of trend. This combined along with Ichimoku cloud can provide perfect trade setup even for Intraday.
Below shows Nifty Neo wave count along with Ichimoku Cloud. This research is picked up from daily Equity research report “The Financial Waves short term update”
Nifty 60 minutes chart:
Elliott wave analysis:
Nifty formed a short term low near 15170 on 17th June and completed wave (a). Post that we are seeing upside retracement and prices have moved nearly 61.8% of the prior fall in overlapping fashion. Prices are moving in double corrective pattern and after completion of wave x possibly a triangle is ongoing. Sharp selloff on 5th July was wave b and now wave c on upside is going on.
Thus prices found support at the Ichimoku cloud and also as the rise and fall is sharp we expecting triangle pattern formation. Thus by combining Elliott wave with Ichimoku cloud one can derive strong trade setups especially in Options.
Options trading Short strangle looks to be a good strategy given the sharp fall and sharp rise which will result into non – trending behavior.
In a nutshell, after knowing the GPS of market and important support levels one can trade effectively using simple powerful techniques.
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