Nifty has been exhibiting high volatile move over past few days and majority are confused whether the trend on downside is resuming or are we in for pullback.
Prices saw major downside correction in previous session by falling more than 170 points but has managed to recover back most of the losses in today’s session.
Such high volatile scenario can result into anxiety for traders on either side. Even the longs and shorts both might get stopped out if not traded using systematic method.
Ichimoku Cloud when combined with Elliott wave theory provide a powerful forecasting and trading tool. Check the below chart of Nifty:
Nifty hourly chart:
Above chart shows Ichimoku Cloud with Elliott wave counts that provide very strong forecasting and trading ability. One can see that during the entire downtrend, Nifty did not break above the Cloud and for the first time we are seeing a move on upside. Prices came back down retested the cloud support and now break above the high of 11200 will further confirm a positive breakout amidst all the pessimism prevailing.
We are now at very important juncture and by using one simple tool like above one knows in which direction to bet and what are the key levels to watch for trading. A break below the low will keep the downtrend but I have my doubts that we will move lower.
We are now at important juncture and it is time to make a killing once there is a positive confirmation!
Get access to intraday / positional advisory on stocks, commodity, currency and receive daily research reports showing such methods with detailed explanation. Avail this under the ongoing Independence day offer with upto 50% off. For more details visit here or Contact us / Whatsapp on +91 9920422202.