Nifty has been moving precisely as expected
over past few months. We use advanced technical analysis concepts like Elliott
wave, Neo wave and Time cycles.
Look at the below chart of Nifty when it
was near the low when we published our bullish outlook and also showed the
original Time cycles:
Nifty daily chart on 3rd October: showing
Time cycles and Neo wave counts
Nifty
daily chart: Happened so far:
Following is the research published on 3rd
October 2017 in “The Financial Waves
short term update”
We are re-visiting the 55 days
Time cycle to see if the same can still be considered. If we consider the
original 55 days cycle with the low formed on Demonetization day in November
2016 and stay with that then the low formed on 28th September is just a day
after the cycle low. This clearly indicates that the original cycle is still
very well intact and we are keeping a very close watch on this to see if the
low can be protected over next few days or not. You can see my latest webinar
explaining the same here - Nifty
target achieved near 9700, Will it form short term low?
We have been prudent to turn
bearish exactly at the right time thereby allowing us to capture the entire
fall and now it is time to see if we the high of Friday near 9854 is broken
which will be first positive indication.
As shown on 60 mins chart, (shown
in actual research report) given the deeper retracement on upside in the form
of wave d there is another possibility that the ongoing pattern can also complete
in 5 legged Extracting triangle from the highs of 10145 instead of forming a 7
legged Diametric pattern. So we might have completed wave d at Friday high of
9854 and have started wave e on downside.
If
this is indeed an Extracting triangle pattern than a low can be formed soon and
prices might not break below 9687 formed on 28th September. BANG ON!
In short, we are keeping a close watch on
price movement over next two days to see which levels are taken out from here
on. Break above 9854 will be first sign of positivity which will prove validity
of Time cycles.
Happened:
After forming a low exactly a day after the cycle
low, Nifty reversed on upside and protected the lows mentioned in 3rd
October research. The low formed at 9687 was indeed protected and prices moved
above 9854 and now touched the highs of 10067 levels in today’s session.
This simply shows how well one can capture
the trend by following Time cycles with Neo wave analysis.
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