Nifty has moved precisely as expected
even on an event day like Budget! We turned bullish and Nifty turned up around
the Time cycles. This shows classical integration of advanced technical
analysis concepts like Elliott wave, Time cycles and how wonderfully it worked
despite of the Budget.
We mentioned the level of 10980 on
upside in the morning research report before equity markets opened on the
Budget day and despite of the event Nifty touched 10983 levels before reversing
back on the downside. This is a thrilling experience and you cannot miss
reading the below research:
Nifty 60 mins chart:( Anticipated as on
31st January, 2019 ) before markets opened
Following is the gist taken from "The Financial Waves
short term update" published on 1st February 2019 in the morning
before market opened on the Budget day.
As shown on daily chart, the bar which was formed on the last trading session
has managed to take out prior bars high and has given a close above the same
which suggest positivity. Now as long as this structure remains intact we can
continue to expect an up move in the index. Most of the times it is observed
that prices trade subdued when the Budgetary session is ongoing and the
trending move emerges approximately 30 minutes later after the session is over.
The overall trend however remains positive but closing is going to be crucial.
Also the cycles have worked extremely well and post the cycle low we are seeing
positivity.
As shown on hourly chart, prices closed
above the high of 10800 and looking at the rise in the previous session the
ongoing wave counts are validated. Post completion of wave x on the downside
prices are either forming Expanding Triangle or Diametric Pattern. Wave d is completed on the downside and
the current rise is in the form of wave e. On the downside 10650 will act
as a short term support.
In short, the trend for Nifty remains
positive and we can expect the upmove to continue in the form of wave e. The
short term support is placed near 10650 levels as long as we not see a decisive
close below the same the trend remains positive. Expect high volatility due to Budget event but keep a watch on the
closing level which will set the tone for coming week. Expect volatile move
within 10980 - 10650 levels! BANG ON…
Happened: Prices
moved precisely as expected and made a high near 10983 in the previous session.
Nifty witnessed a gap up opening near 10851 and surged towards higher levels of
10983 levels at the upper end of the range which we mentioned. Post that there
was a strong reversal on downside and index lost nearly 170 points making a low
near 10813 levels.
It is amazing thrilling experience to
see such a move where upside target is achieved to the point despite of the
Budget event. This simply shows power of Time cycles and Elliott wave methods
that we follow.
Nifty and Bank Nifty intraday advisory
has been going simply amazing. The following call was given on 31st January
2019 at 9:19 am via sms / whatsapp to the Nifty / Bank Nifty subscribed clients
NIFTY
FEB FUT BUY ABOVE 10740 SL 10660 TGT1 10780 TGT2 10860
BANKNIFTY
FUT BUY ABOVE 27046 SL 26896 TGT1 27121
TGT2 27271
Nifty and Bank Nifty achieved both the
target levels on 31st Jan itself. This itself shows when the indicators are
synchronized how well it works.
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