Nifty path ahead using Elliott wave pattern – Is it Time to Buy?

diametric pattern elliott wave neo wave nifty share market Mar 18, 2024

Nifty path ahead using Elliott wave pattern – Is it Time to Buy?

Trading using Elliott wave – Neo wave with price forecasting technique for clear targets and stoploss.

Nifty chart shows movement with high volatility over past many days but prices are essentially stuck in a range without any momentum.

It is crucial to understand the pattern to trade and prices are forming Diametric pattern as per advanced Elliott wave – Neo wave method.

Nifty hourly chart:new

Elliott wave analysis – As shown on above chart we can see that post completing wave x near 21100 levels there has been move on upside which is definitely not following any of the impulse rules. We can clearly see overlap between each of the legs which confirms that the upside trend is in corrective pattern.

Neo wave defines new pattern as Diametric that has 7 legs and shows contraction followed by expansion. This pattern is labelled as a-b-c-d-e-f-g and by measuring price time symmetry we can identify potential reversal areas.

As per this pattern wave g tend towards equality to that of wave a, wave e ~ wave c and wave f ~ wave b.

We can see this price symmetry very clearly displayed in the ongoing pattern. On downside, wave f has been equal to wave b near 21920 levels measuring end to end but if we measure from completion of wave e we get the target as 21840 on downside. So, wave f should ideally not move beyond this point and any break below this level will suggest some other pattern is ongoing.

Now on faster retracement above 22120 we will get further positive confirmation that wave g on upside has started that can tend towards equality with wave a thereby giving the targets of 22400 or higher.

Thus as long as 21840 – 21920 zone is protected, we can expect positivity again but price time confirmation is crucial for a move to 22400 or higher!

In a nutshell, by analysing the pattern as per Elliott wave – Neo wave one can form a complete trading system with low risk high reward setup and trade with conviction. This can be combined with Time cycles for timing the entry to very day, hour and minute.

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