Nifty50 at Lifetime Highs, Will it Cross 22k?

elliott wave fibonacci neo wave Jan 01, 2024

Nifty50 at Lifetime Highs, Will it Cross 22k? 

Nifty 50 registers fresh all-time highs - but was this predictable? Use Elliott waveNeo wave for forecasting.

Both Nifty and Sensex hits all-time highs with Nifty crossing above 21800 levels as well. This entire up move is no surprise for us as the path shown for targets of 22118 using advanced concepts of technical analysis.

Nifty daily chart – Anticipated in daily research report The Financial Waves short term update on 11th December 2023



Elliott Wave analysis – Neo wave is advanced part of Elliott wave with more rules and patterns providing increased objectivity.

As shown on first chart which was published in daily equity research report – The Financial Waves short term update, prices were moving higher in the form of Diametric pattern where on 11th December 2023 we forecasted for the targets of 22118.

Nifty on 11th December 2023 was trading at 20997 and prices touched lifetime high levels near 21834 on 1st January 2024. This is a move of more than 800 points on index.

Diametric pattern is 7 legged structure which is labeled as a-b-c-d-e-f-g. The guidelines of this pattern suggest that wave g tend towards quality with wave a, wave e tend towards equality with wave c. Based on this Fibonacci guidelines we derived target for ongoing up move when index was below 21k to 22118. Prices have already moved as expected and we are inching nearer to the target levels.

In a nutshell, Elliott wave – Neo wave is GPS of the market and provides the tentative path along with short to long term targets for stocks, index, Bank Nifty with clearly tradable setups. Nifty eventually will cross 22k levels which was forecasted a 1000 points earlier.

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