Trading Nifty Using advanced Elliott wave – Neo wave with Open interest

elliott wave neo wave nifty share market Mar 13, 2024

Trading requires understanding of price action along with future forecasting by using Elliott wave – Neo wave method. 

Prices are moving in lock step fashion as per Neo wave forecast which can be seen from below chart along with Open interest profile.

Nifty hourly chart with Open interest analysis – Nifty has been moving higher in corrective fashion which we have been mentioning since many days. Prices are forming Diametric pattern and completed wave (e) at the high of 225250 levels. The fall can be wave (f) which can tend towards equality with that of wave (b).

Diametric pattern is a 7 legged corrective pattern as per Neo wave which follows the guidelines of wave g ~ wave a, wave e ~ wave c, wave f ~ wave b.

Above shows that each of the legs are related to the other leg in terms of price / time. Also atleast 5 of the legs should be tending towards similar time symmetry. These are guidelines for a Diametric pattern.

On basis of above we can get tentative target for wave (f) as 21900 – 21950 levels.

Open interest analysis – shows sharp rise in OI profile on call side at 22500 followed by 22400, 22300 levels which suggest that call sellers are getting aggressive and put sellers of 22k are panicking. This puts pressure on prices unless index manages to sustain above 22300 levels.

In a nutshell, by combining forecasting method of Neo wave along with Open interest analysis we can form a complete trading system with high risk reward setups and also forecast the market.

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