While many traders were expecting Nifty to move higher we have been expecting a reversal on the downside as majority of the indicators and our Neo Wave pattern were pointing towards it. We have been successfully anticipating the paths for Nifty in our monthly report and it has worked out extremely well most of the times.
The move on downside is exactly what we expected and showed in our Monthly report published in the 7th June 2019
Below is the chart we published in our monthly report, “The Financial Waves Monthly Update”
Nifty daily chart – (Anticipated on 7th June, 2019)
Nifty daily chart – (Happened on 17th June, 2019)
(Below is the extract of the research from our Monthly report)
Anticipated on 7th June, 2019: Nifty has been failing to sustain above the psychological 12000 mark and moved sharply lower after hitting the channel resistance. There is a possibility that an important top is now formed and any pullback is going to be short lived. There is a strong negative divergence between Bank Nifty and Nifty. Even when Nifty touched new highs Bank Nifty failed to do so thereby giving inter market divergence
In a nutshell, as we have been mentioning in past updates that 2019 might go in the books as a year for volatility and we are already witnessing the same. Once the support level on Nifty near 11800 (on closing basis) followed by … is taken out a strong selling pressure might be seen sub ……… mark. However, as the Neo wave pattern is complex one need to use strict stoploss for any lower probable scenario playing out. …… So, be prepared!!!
Happened as on 17th June, 2019- Nifty moved exactly as per the expected path shown in the chart. The index witnessed a minor pullback toward 12000 levels before giving away its gains and broke the important supports of 11800 followed by …… Just as we mentioned in out monthly report a top is now in place.
The above shows power of Channels and Neo wave. When we combine these advanced concepts with basic methods the accuracy takes a huge jump. So for how long this downtrend will continue?
For long term view, subscribe to our monthly report under the name of “The Financial Waves Monthly Update”. Get access here
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