We have been using Elliott wave and Neo wave in order to understand the overall direction of the market and catch the key reversal areas.
Elliott wave pattern on 15 minutes chart had been extremely clear and we are able to identify the turning area by simply using the Elliott wave theory.
See yourself here on how it helped to identify the top before it even happened.
Nifty 15 minutes chart (shown on 27th January morning Equity research report)
Nifty 15 minutes chart – (Happened as on 28th Jan morning)
Following was mentioned on 27th January morning research report –
Anticipated: As the first leg of fall was corrective pattern the possibility that we are seeing a bigger degree Flat correction is open. As per Neo wave logic wave b should take more time than preceding wave a for a Flat pattern. In case of Diametric pattern wave b usually takes lesser time than that of wave a. With this rules in mind it is important to see the pattern under formation in form of wave b and the number of days it takes to develop. Either of the scenario suggests that post completion of wave b we should have wave c to move lower.
In case of Flat wave b will be deeper on upside above 61.8% which is above 12300 whereas in case of a Diametric wave b will consume lesser time and price and post completion of b the downtrend might start in a rush. In a nutshell the high made near 12428 should remain protected for days to come…
Happened: Nifty moved precisely as per the Diametric pattern and reversed back sharply lower. So, what is next from here?
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