Nifty Trading Using Elliott wave before Election Results!

elliott wave nifty nifty 50 May 30, 2024

Elliott wave – Neo wave is GPS of the market and helps in forecasting the movement before it happens.

Nifty chart along with Time cycles and advanced technical analysis concepts is shown below.

Nifty daily chart: 

Elliott wave analysis

Nifty has been moving higher in the form of Diametric pattern. Post completion of wave (d) near 18838 the entire up move is in form of triple corrective pattern.

Post completing 2nd x wave near the low of 21821 the entire up move completed wave a. We even shared across on twitter that we can expect wave b to take prices lower towards the zone of 22420 – 22480 levels.

Nifty made a low of 22417 on 30th May 2024 and showed recovery from there.

The pattern under formation can be a Triangle as it is highly likely that the 3rd corrective pattern forms this pattern.

So, we are expecting range bound movement 22400 – 23110 levels as per pattern expectations.

In a nutshell, even without knowing the election result outcome one can forecast and trade the levels very accurately on basis of Neo wave pattern.

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