Wednesday, March 16, 2016

Nifty Neo wave plot discussion

Neo wave charts are plotted differently then the normal Line, Bar or Candle chart. Following chart of Nifty shows the Neo wave plot on daily scale...It becomes very easy to identify the termination points and analyze the pattern after plotting the chart as per Neo wave method.

The speed of rise after the low at 6825 clearly indicates that the pattern post wave X is complete as the last leg of the same is taken out in faster time thereby providing both
Price and Time confirmation - Neely 2 stage confirmation.
Can you identify the Neo Wave pattern after wave X?
Nifty Neo Wave plot

The above chart shows Diametric pattern which is a 7 legged correction as per Neo wave. The completion of this pattern is confirmed on faster retracement back above D-F trendline and complete retracement of wave G. 

The entire up move post wave G can be either wave a or wave i which is the start of new trend. Strong momentum above 7600 will be bullish whereas move back below 7400 will result into deeper retracement of the up move.

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