Nifty had been moving in high volatile environment for many weeks. Amidst all the events one method that has helped us to trade objectively and forecast is Hurst’s Time cycles and Elliott wave patterns.
It is amazing to see how well the above techniques have worked out. We have marked completion of wave b and expected rise in form of wave c which has played out accurately.
Below is the chart we published in our monthly report, “The Financial Waves Monthly Update”
Nifty daily chart- Time Cycles (Anticipated on 9th October 2019)
Nifty daily chart- Time Cycles (Happened)
(Below is the extract of the research from our Monthly report)
Anticipated: As shown on the chart there is high possibility that we might have completed wave E of the ongoing Diametric pattern near the lows of 10600 and we are currently moving higher in the form of wave F. Within this wave b looks to be over at the low of 11090 and we might have started wave c of F higher. Further confirmation of the same will be obtained on move above 11420 levels which will result into move above 11700 or higher levels. Also this turn has come very near to the blue 55 days Time cycle which we have been using for many years. On downside, any move below 11000 will suggest that we might end of forming a triangle consolidation without any meaningful trend.
In a nutshell, looking at the global economic parameter and negative yields the long term trend remains a concern however, over short term one leg on upside looks pending that will take prices higher towards 11700 or beyond that before we start the leg on downside!
Happened: Nifty has moved precisely as expected. We have shown the anticipated and happened move in the above charts. Nifty was near 11300 levels when we mentioned about 11700 and higher levels. Prices showed sharp rise in the month of October and flirted around 12000 levels.
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