Nifty Trading Post Election Results – Elliott wave

diametric pattern elliott wave nifty Jun 04, 2024

Election result outcome has been way different than Exit poll. This resulted into a sharp correction in Nifty and Bank Nifty indices along with a crash in broader markets.

Events can result into a challenging trading environment given the rise in volatility and less reaction time.

Let us look at the target levels that was discussed on the 24th May 2024 and the 30th May 2024 webinar much before the event.

Nifty chart – shown on 24th May 2024

Nifty hourly chart – shown on 30th May 2024

Nifty daily chart – Diametric pattern

Nifty happened: Hourly chart
Elliott wave analysis

As shown on above charts, Nifty target was given as 23290 on 24th May 2024 much before the election outcome.

Low made by Nifty near 22420 was predicted as per the following tweet on 30th May 2024 - wave b ongoing which can complete near 22490-22420 zone post which wave c should start higher. Nifty made a low of 22417 on the same day and reversed sharply up by 200 points on the same day.

Happened: Prices post Exit poll, reacted sharply higher on 3rd June touching lifetime high levels of 23338 gaining more than 700 points. This was very near to the target of 23290 given on 24th May.

Prices post touching lifetime high levels reacted sharply lower with actual result outcome. The high was made at 23338 near to target and a sharp fall was seen. Such sharp fall on events day can be tricky to trade as the reaction time is very less.

This confirms completion of wave (e) higher and start of wave (f). This wave (f) has been sharp and fast and corrected the entire rise by 10%. This is precisely in sync with magnitude of fall seen in wave b formation of 10%. As per Diametric pattern wave (f) tend towards equality with wave (b).

Currently, wave (f) is ongoing and post its completion or consolidation we can expect wave (g) to start higher showing pullback on upside.

The crash in single day can be challenging to trade but the pattern worked out very well as per Neo wave and can be seen from above charts.

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