Ichimoku Cloud on Nifty with wave pattern captured 600 points!

Ichimoku Cloud is a classical technical analysis tool that has helped in precise entry and exit when combined along with Elliott wave and Neo wave theory

Look at the below chart of Nifty and the Elliott wave counts that clearly suggested a reversal when it was near 11230 levels. The target given at that point of time was for 11600 and higher which worked out precisely well. This is the power of wave theory.

There are many critics for the Elliott wave and Neo wave methods who do not spend time to understand the probable counts and ignore the other technical indicators. I believe in combining different methods along with Hurst’s Time cycles to get precise reversals with high conviction trade setup. See it yourself below!

Nifty daily chart (anticipated on 11^th October 2019)

Nifty daily chart: Happened as on 29^th October 2019

Following was mentioned on 11^th October when Nifty was near 11230 levels:

“The index is in the Ichimoku cloud which is a zone where prices usually consolidate or lack a proper trend. The cloud also acts like a support cushion. A close above the cloud could be an early sign of the uptrend resuming.

In short, a pullback was expected after a sharp rise and a healthy retracement in the index was seen in the previous trading session. A move above 11320 can take index higher towards 11600 levels” BANG ON!

Happened: Nifty moved precisely as expected and moved above 11800 levels in today’s session. This shows a move of more than 600 points from 11230 levels where we marked completion of wave b.

It clearly shows power of Elliott wave – Neo wave combined with Ichimoku Cloud and how it can be used to derive trade setups.

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