Nifty: How to combine Time cycles, Patterns, RSI all together?

Many believe in keeping it simple to trade. I wish if markets moved in non – complex structure it would have been easy to make a killing! As the movement is the outcome of collective psychology of the crowd it is not easy to measure by using just one basic indicator.

I combine the best of the techniques irrespective whether it belongs to fundamental, technical or any other genre that you classify. It does not matter as long as it helps me to increase the accuracy of research and trading.

Below is the chart picked up from the daily equity research report that shows short term Elliott wave counts along with Expanding pattern, Relative strength index (RSI) indicator.

Nifty 60 mins chart:

Part of the below research is picked up from daily report – The Financial waves short term update

Nifty had a Gap up opening in the previous session and prices continued to rally throughout the day. The beaten down sectors and stocks were the major gainers and the Smallcap index was up by 2.31%. It is interesting to see how fast the sentiments can change. The major move on the downside was due to lack of buying interest and now over two days Smallcap index has gained by more than 4%. So as a trader one has to be fast enough in booking profits and changing the stand else you can get stuck in a winning position.

As shown on daily chart, (shown in actual research report) Let us see if there is some consolidation again from here to digest the rise or a strong momentum emerges that will break above the upper end of the bands.

As shown on hourly chart, there is possibility that wave b of wave g is over at the lows and wave c is ongoing. This we will keep as preferred scenario as long as the Gap near 10700 is protected. Move below …… will increase the odds that wave b is not over but forming an Expanding triangle pattern. The reason for citing this as a possibility is because one more Time cycle is bottoming out in next 4 trading days and so this scenario cannot be ignored.

RSI has also entered into the overbought zone. In entire May RSI has failed to decisively break above 77 and has reversed from there multiple times. This indicator is now back towards the same zone and so some consolidation or minor dips can be expected.

In short, ……

The above research clearly shows how various techniques are combined together to derive a view. As the cycles near the bottoming phase it is time again to be ready to pull the trigger. We will be mentioning it in daily research report the key levels and trade setup not only on Nifty but on Bank Nifty and stocks as well. Subscribe NOW

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