Nifty finally touched the
psychological mark of 12000 and moved further higher to form another new
lifetime high near 12041 levels but resisted there and we were sure of the
halt. Read yourself how we were able to anticipate the move?
Below
is the chart showing detailed analysis published in our research report -“The Financial Waves Monthly Update”
Nifty
Daily chart: (Anticipated as on 08th May, 2019)
(Glimpse
of Research taken from the Monthly report published on 8th May, 2019)
Anticipated:
I
strongly believe that it is going to be a majority this time again by Modi
government and markets are already sensing that.
Extracting
triangle pattern within wave (d): Looking at the current wave (d) internal structure
there is high possibility that we are forming an Extracting triangle pattern. As
per this pattern the rise gets smaller and the fall becomes bigger. This shows that
wave c was smaller than wave a and now ongoing wave d is bigger than wave b.
For this scenario to remain valid we should not see break below 11200 – 11250
levels. As of now wave d is 161.8% of wave b. Move below 11200 will indicate
that an important pattern is completed near the highs of 11789 on 2nd May 2019
in the form of truncation and now we are moving lower as the first leg on
downside. Next two to three days of movement will be crucial. Failure to see
any arresting behavior from here will be a sign of concern and will suggest a
top is in place for rest of 2019!!!
In a nutshell, On Election Day there is high
possibility of Modi sarkar back in the power and Nifty might show a spike on
the upside. For these scenarios to remain valid the lows near 11250 - 11200
should remain protected and weakness below these levels might result into
serious capitulation before the election results are announced. It is time to
trade less for the rise in volatility and leverage to sensible level to avoid
the capital erosion. Markets can move very fast in flash of seconds without
giving much time to react and it is best to put pre-defined orders with
stoploss in system to avoid taking impulsive decisions and at the same time
maintaining the objectivity. Interesting weeks ahead and trade cautiously. Post
the result announcement there can be very good trade setup but yes that will be
no longer for buy on dips but sell on rallies!
Nifty
Daily chart: (Happened as on 23rd May, 2019)
Happened: We
witnessed exactly what was mentioned in the monthly report & on the result
day i.e. today Nifty Index witnessed a huge gap up opening and moved higher to
form a new high. The black channel has been working extremely well and just as
expected bounced from its support near 11150 making a move towards the channel
resistance near 12041 and stalled there. We clearly mentioned in our monthly
report that we might see Nifty to flirt near 11856 levels post which prices
could possibly reverse. Now What next?
Subscribe
to our Daily equity research report
which includes Nifty and three other stocks with detailed Elliott wave analysis
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Get access now to the
monthly research report– The Financial Waves
Monthly update and see yourself the detailed analysis and where is the current move
going to fizzle out. Check here
Nifty, Bank Nifty
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