Nifty will Crash if 16500 Breaks, Move above 17000 MUST!May 04, 2022
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Elliott wave / Neo Wave is GPS of the market and can help traders to understand the overall maturity of trend right from 5 minutes to 60 minutes, Daily to Weekly.
Below chart shows Neo wave Extracting Triangle pattern and also Price action reversal areas.
Nifty 60 minutes chart
As shown on above chart prices have completed wave (e) of triangle pattern and has shown sharp reversal on downside. This highlights that the consolidation is over and the down move is starting. During this period one has to avoid bottom fishing and try to use pullbacks as shorting opportunity.
We can see that the hourly RSI is oversold so short term pullbacks are possible but that can be temporary as bigger degree correction is underway.
The pattern is also similar to topping Head & Shoulder with the neckline near 16750 is broken. Pattern targets on downside is much lower near 15800.
.In a nutshell, Elliott wave – Neo wave gives the maturity of trend and this can be combined with Time cycles and Ichimoku cloud for precise entry strategy especially in Options.
Master of Waves – MOW Season 3 Trade the patterns that has capability to forecast the future as that will give an edge rather than relying on events or news which are lagging. Neo wave is powerful technique which along with 55 Days time cycle can provide much needed clarity to traders. Only Limited seats, Early Bird Ends soon, Are you part of this Elite Trading community, Fill out the form below for more details