By Waves Strategy Advisors, For information on various research reports visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com
We published an article on Nifty: Using Fractal nature to predict future price action on 17th April 2013.
Nifty was trading at 5680 then. We compared Nifty Fractal pattern to that of January 2012 rally and mentioned that if our Fractal analysis is correct prices can have similar post pattern implication and should move towards 5900 – 5950 levels. Nifty spot has made a high of 5909 as of now in just 5 trading days.
Recent sharp move on upside from 5545 level might be surprise for many market participants but our subscribers were aware of this pattern and prices have moved exactly like that. The below charts explains it all and requires little justification!
Nifty chart: picked from 27th February 2012
Nifty daily chart:
Anticipated on 17th April 2013:
Happened as of today 25th April 2013, 1:30 pm
We have mentioned in the report of 17th April 2013, “Indian markets are constantly exhibiting good fractal nature. We are showing a chart picked up from the 27th February 2012 report that showed a very similar setup that the current chart is showing. A wedge shaped formation was clearly seen near the end of fall of 2011 just before the rally and wave e of the wedge pattern was truncated ……………. and now we can expect an up move towards 5970 as the setup is exactly identical but of lower degree. This is nothing but fractal nature and we will see if this results into a similar type of output”.
Happened:Nifty Fractal Nature worked precisely as expected. Prices made a high of 5909 as of now within the expected zone of 5900 – 5950!!!
Do not get carried away in euphoria and start creating long positions when we expect the move to be in matured up trend. You will start hearing strong positive news as soon as Nifty reaches 5950 levels exactly at the wrong time… The daily research report “The Financial Waves” gives objective reasons justified using technical analysis and Elliott wave analysis for future price action of Indian markets and stocks. See the magic of price patterns as it unfolds before you!!!
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I dont think we are headed towards 6300.. Prices should reverse from around 5970 levels to downside towards 5650 levels
ReplyDeleteDear Sir, do you still think we will see 5970 after today's session?
ReplyDeleteNifty touched 5963 and reversed today!!!
ReplyDelete