Nifty has moved precisely as expected even on an event day like Budget! We turned bullish and Nifty turned up around the Time cycles. This shows classical integration of advanced technical analysis concepts like Elliott wave, Time cycles and how wonderfully it worked despite of the Budget.
We mentioned the level of 10980 on upside in the morning research report before equity markets opened on the Budget day and despite of the event Nifty touched 10983 levels before reversing back on the downside. This is a thrilling experience and you cannot miss reading the below research:
Nifty 60 mins chart:( Anticipated as on 31st January, 2019 ) before markets opened
Nifty 60 mins chart:( Happened as on 02nd February 2019)
Following is the gist taken from “The Financial Waves short term update” published on 1st February 2019 in the morning before market opened on the Budget day.
As shown on daily chart, the bar which was formed on the last trading session has managed to take out prior bars high and has given a close above the same which suggest positivity. Now as long as this structure remains intact we can continue to expect an up move in the index. Most of the times it is observed that prices trade subdued when the Budgetary session is ongoing and the trending move emerges approximately 30 minutes later after the session is over. The overall trend however remains positive but closing is going to be crucial. Also the cycles have worked extremely well and post the cycle low we are seeing positivity.
As shown on hourly chart, prices closed above the high of 10800 and looking at the rise in the previous session the ongoing wave counts are validated. Post completion of wave x on the downside prices are either forming Expanding Triangle or Diametric Pattern. Wave d is completed on the downside and the current rise is in the form of wave e. On the downside 10650 will act as a short term support.
In short, the trend for Nifty remains positive and we can expect the upmove to continue in the form of wave e. The short term support is placed near 10650 levels as long as we not see a decisive close below the same the trend remains positive. Expect high volatility due to Budget event but keep a watch on the closing level which will set the tone for coming week. Expect volatile move within 10980 – 10650 levels! BANG ON…
Happened: Prices moved precisely as expected and made a high near 10983 in the previous session. Nifty witnessed a gap up opening near 10851 and surged towards higher levels of 10983 levels at the upper end of the range which we mentioned. Post that there was a strong reversal on downside and index lost nearly 170 points making a low near 10813 levels.
It is amazing thrilling experience to see such a move where upside target is achieved to the point despite of the Budget event. This simply shows power of Time cycles and Elliott wave methods that we follow.
Nifty and Bank Nifty intraday advisory has been going simply amazing. The following call was given on 31st January 2019 at 9:19 am via sms / whatsapp to the Nifty / Bank Nifty subscribed clients
NIFTY FEB FUT BUY ABOVE 10740 SL 10660 TGT1 10780 TGT2 10860
BANKNIFTY FUT BUY ABOVE 27046 SL 26896 TGT1 27121 TGT2 27271
Nifty and Bank Nifty achieved both the target levels on 31st Jan itself. This itself shows when the indicators are synchronized how well it works.
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