After capturing the strong down move in month of August and early September 2015, we were able to forecasts the reversal on upside when the majority were expecting 7200 but our objective techniques indicated an upside trend towards 8300 zone.
Following Nifty Neo wave chart was published on 30th September 2015 in our weekly research report“Where to Invest NOW?”
Nifty daily chart: Anticipated on 30th September
Following was mentioned in the morning research report on 30th September 2015 –
As shown in daily chart, we continue to think that Diametric pattern is in formation since the fall started from 8845 level. The down move in the month of August 2015 was in form of wave e of pattern which has formed Extracting Triangle pattern. This is one of the important pattern of the Neo wave where we generally see shift in the power of each waves. We can see that wave (d) was longer than wave (b) which touched the high at 8055 and post that short down move was witnessed in form of wave (e) which is further shorter than wave (b) and wave (d). So, this pattern indicates that downside strength has reduced and recent bounce back from 7690 has been suggesting that wave e might have completed and wave f of Diametric pattern has started.
Happened: Nifty moved higher in the form of wave f of the pattern and reached towards the resistance zone of 8300. Prices touched the high of 8245 on 12th October and reversed on the same day. So it the time for medium term downtrend to resume???
Irrespective of the news outcome or events, index has been moving very accurately and following the pattern as per Advanced Elliott wave concepts. Subscribe now to the weekly and daily research report as after a period of boring non-trending move over past few days we are going to again get into a roller-costar ride very soon! Stay ALERT!!