When you’ve been observing and forecasting market behavior for as long as we have, you start to notice the cyclicality that every market follows very clearly.
Now look at the below chart of Nifty that shows important pivot levels. Confusion has always hindered this entire week whether Nifty will break 11,111 followed by 11080 levels on closing basis or not, we were appropriate in gauging the intraday movement every time precisely.
Nifty hourly chart:
(Below is the extract taken from the daily equity research report published today morning)
Elliott wave analysis
As shown on the hourly chart, prices are now lying on the tilted neckline of the Head and Shoulder pattern as well. So we have a confluence of factors over here in zone of 11078 levels. Let us see if Nifty breaks the low of prior day near 11025 then selling can intensify and if there is no pullback by closing then keep riding the trend to the next Gann support level which is near …. which is also the Head & Shoulder projection.
In a nutshell, Nifty trend is negative as of now and today is an important day where we have confluence of price and time. Decisive close below 11078 will be strongly bearish and might surprise the majority…
Below are the trading strategy given over past 4 consecutive days despite of volatile movements and it has worked out brilliantly well on Nifty:
Trading Strategy given on 18th September morning- For today, Short positions can be created below 11490 with 11550 as stop and target of 11450 levels. BANG ON!
Happened– Prices move precisely on short side and made intraday low near 11446 levels.
Trading Strategy given on 21st September Morning- For today, Short positions can be created below 11450 with day’s high as stop and target of 11400 levels. BANG ON
Happened– Nifty broke below 11450 and rushed lower throughout the day.
Trading Strategy given on 22nd September Morning- For today, short positions can be created if Nifty moves towards 11300 and then breaks below 11220 with day’s high as stop and target of 11150 or lower. BANG ON
Happened– Nifty moved precisely as expected and achieved the targets on lower side.
Trading Strategy given on 23rd September Morning– For today, short positions can be created on move below 11080 with 11160 as stop and target of 11020 or lower. BANG ON
Happened– Nifty moved in the direction as expected and made a low near 11024 levels.
Always understand there is risk associated while you trade and one should maintain strict stoploss. Markets will move adversely at times and we need to ensure to get out with minimal loss but when bigger trend starts keep riding it! There are no guarantees and only probabilistic scenarios.
Nifty has been precisely moving as per Elliott wave pattern and Time Cycles and you can see how technical analysis has helped to form intraday trading strategy. Get access to advisory calls over here
Daily Nifty trading research report gives the trading strategy for the day and equity research report gives outlook on stocks as well. Get access to “The Financial Waves short term update” and “Nifty trading update” here. Get access here
Ashish Kyal will be taking Limited Seats only as this is the First Ever Training on Cyclical Analysis & Time Forecasting combining Hurst’s and Gann Methods. Join us for the Training on Master of Cycles (MOC) – 26th September– 27th September 2020. Register here