Nifty Neo wave Breakout, Open Interest profile – Are you ready!

 Nifty Neo wave Breakout, Open Interest profile – Are you ready!

Elliott wave or Neo wave provides maturity of the trend and by understanding the wave personality with news or events around conviction to take the trade increases sharply.

Despite of US Banks failure and negative news around Nifty has been managing to protect its low near 16800 levels which is also important channel support. When the wave pattern is clear and Time is supportive trading takes a different level of conviction!

Nifty hourly chart:

Nifty 15 minutes chart:

Nifty Open Interest profile across expiry

Nifty hourly chart shows that prices completed wave g on downside in form of Diametric pattern as per Neo wave near 16828 on 20^th March. There has been so much of negative news but index has still managed to protect the prior lows which is a healthy sign.

Nifty 15 minutes chart: Internal counts of wave b shows Diametric pattern which got completed on today’s dip. We have also mentioned on our Twitter clearly that today can be a trending day given with Time supporting and Neo wave also in sync.

It worked out precisely and prices closed up by 129 points.

Nifty Open Interest profile – Nifty open interest helps to understand where are big players positions and who is going to panic. We can see that next week expiry 6^th April 2023 still has call sellers in system. If Nifty manages to further move up above 17130 then put sellers can start panicking resulting into further short covering. This is also in sync with our Elliott wave – Neo wave counts.

In a nutshell, trading can become amazing experience if one knows GPS of the market and combine them along with big players’ position understanding wave personality. For now, short term view will be positive for Gann target of 17227 as long as end point of wave g near 16980 is protected.

Options Trading with Elliott wave, Neo wave and Time cycles – Learn to trade Stocks & Options along with Open Interest profile, Volume profile, KST Time indicator, 5 clear Trade setups for Options buying in Options Masterclass scheduled on 15^th and 16^th April, combine this to other level of forecasting with Master of Waves (MOW) on 6^th – 7^th May 2023. Both this combined courses is called Become Market Wizard (BMW). Early Bird Ends on 31^st March 2023 – Act now and learn to generate passive source of Income, Limited seats only – know more here

KPIT TECH: Combining Rounding bottom with Elliott wave

 We published about KPIT TECH in February 2023 and predicted a possibility of good returns in the coming months in our Monthly Research report. Check out the research we had published on 22^nd February itself – This stock has managed to hold its gain and gave more than 19% returns in 1 month of time and made a high of 913.90 levels.

While trading the market it is important to understand the behaviour of the market. You can also predict price moves in stock with high accuracy with the help of Elliott wave and Time cycle. Check out how we recently identified one such breakout in KPIT Tech. You can also use these to identify stocks with momentum for short-term trades.

KPIT Tech Weekly chart as on 22^nd February 2023: (Anticipated)

KPIT Tech Weekly chart as on 27^th March 2023: (Happened)

Wave Analysis:

Elliott Wave analysis: KPIT Tech is moving in classic Impulse manner. Prices have completed primary degree wave 4 and started wave 5 on upside. As shown in the weekly chart the prices have shown an excellent rise and are moving precisely by taking support of the trendline. KPIT Tech is moving in primary degree wave 5.

Indicator Analysis:  The prices have currently started moving in form of wave 5 and have recently bounced from the Ichimoku cloud. This suggest that the overall trend looks still intact on the upside. Also, on the Weekly chart, breakout of the Rounding bottom has happened which is deemed to be a bullish signal. Along with this, price have bounced back on the upside by taking support of the cloud which suggest that any dips towards the cloud can be used as a buying opportunity.

Time Cycle: KPIT Tech is following with 40 Period Time cycles on the weekly chart. This cycle has been working exceptionally well in order to catch lows in every 40 weeks. The recent low which was formed on 11 July 2022 was also on this cycle and since then stock has showed a good rally. The next cycle is due later in April. 2023.

In a nutshell, Trend for KPIT Tech looks positive. Stock is trading near all-time high so one should avoid catching highs and should use dips towards 790 as a buying opportunity for a move towards 900. Whereas 750 can act as a near term support.

Happened

The stock moved as expected. Prices has bounced from important support levels of 750 and   achieved our Target of 900. We have been able to capture this entire move of more than 19% with the help of simple chart pattern along with Elliott wave and Time cycle. 

Become Market Wizard (BMW) – is comprised of Options Trading Using Technical Analysis (OTTA) which will cover Options Trading using Volume profile, Ichimoku Cloud, KST Time indicator, Breakout techniques with 5 Trade Setups Masterclass on 15^th – 16^th April and Master of Waves (MOW) – to combine Elliott wave, Neo wave, and Time cycles. This can be the best combination to Trade Futures and Options right from basic to advanced levels. Know more

Reliance Volume Profile Trade Setup

 Reliance Volume Profile Trade Setup

Volume Profile is an important Technical analysis tool that can be used to identify if there is any major activity happening in the stock by big players or institutional traders.

This is simple but powerful method that can enhance the accuracy of trading giving all together a different insight and conviction for taking a trade.

There are different shapes to Volume profile named “D Shaped”, “P Shaped”, “b Shaped”

Below is an example of a stock showing “D Shape” Volume profile on Reliance Industries

Reliance Daily chart:

Reliance Hourly chart:

 

Reliance Industries Volume profile along with Elliott wave counts is shown in the above chart.

We can see a “D shaped” profile that indicates balanced. D-shaped profiles occur when there is a temporary balance in a market. However as the highest profile or Point of Control is near the lower end of D shaped profile it indicates distribution by big players near 2390 levels

The level with the highest volume profile is shown with a red line. This level is 2390 on daily chart and 2330 on hourly chart. There is price acceptance below this profile zone and 2330 is going to be major hurdle for the stock.

Elliott wave – As shown on hourly chart, the stock looks to have completed wave (c) lower and is now in temporary pullback which will not cross 2330 levels.

Short term traders can further reduce time frame to see intraday players activity and form strategy accordingly.

Thus Reliance Industries volume profile with Elliott wave is suggesting we are in short term upside pullback that can halt prices to 2300 – 2330 levels. Options strategy can be formed basis of this important price action areas.

Basis of this simple concept of volume profile one can make out zone of strong support and resistance where the volume profile is highest. However, one can further combine this along with Ichimoku cloud and other intraday techniques to enhance the conviction for trading.

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Become Market Wizard (BMW) – is comprised of Options Trading Using Technical Analysis (OTTA) which will cover Options Trading using Volume profile, Ichimoku Cloud, KST Time indicator, Breakout techniques with 5 Trade Setups Masterclass on 15^th – 16^th April and Master of Waves (MOW) – to combine Elliott wave, Neo wave and Time cycles. This can be the best combination to Trade Futures and Options right from basic to advanced levels. Know more

Gold at Lifetime Highs, Crossed 60k! What is Next?

 Gold at Lifetime Highs, Crossed 60k! What is Next?

Gold in INR has continued to move up strongly and touched lifetime high levels. But is it right time to Buy Gold?

Let us first look at the research published on 1^st March 2023 mentioning Gold – Will it Glitter Again? Time + Neowave – here is the link to that article

Gold chart from research in September 2022

MCX Gold chart shown on 1^st March 2023

Happened: (as on 21^st March 2023)

Gold has shown exponential rise and touched lifetime high levels above 60000 in this week.

First chart shows MCX Gold level when prices were trading near 49380 levels in month of September 2022. It was then GPS of the market – Elliott wave helped to forecast the future towards 59000 levels.

As shown in 2^nd chart, Gold indeed formed a low completed wave 2 and started strong move on upside in form of wave 3 taking prices to 59000. From there the move on downside was only wave 4 and it was expected to start another leg on upside in form of wave 5 taking it beyond 59k. This research article was also published on 1^st March 2023.

Happened: Gold started moving up sharply and crossed back above 60k in just few days of Time. The move on upside before it happened was again discussed much before it started in live webinar with 1000s of participants when Gold was only near 56k.

In a nutshell, Gold is showing impulsive rise as per Elliott wave and we can aim for targets of 62k as long as 56k is intact. Buy on dips is prudent strategy rather than buying on breakouts. Also in commodities 5^th wave tends to be extended and so it is not completely ruled out that we can see much higher levels. Any move below 56k will indicate the uptrend is in danger but as long as the same is intact buy on dips with good risk reward is best way to ride the current trend in Gold.

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Become Market Wizard (BMW) – Options Trading using Technical Analysis (OTTA) along with Master of Waves (MOW) both together forms combination of Trading Options using Volume profile, KST Indicator, Breakout techniques and forecasting future using Elliott wave, Neo wave. For Option Buyers clear 5 trade setups will be given in OTTA with Option selling strategies to generate passive source of income.Hurry Up! Early Bird Ends on 31th March 2023. Know more here

Nifty Long Term Trend with Volume Profile

 Nifty Long Term Trend with Volume Profile

Nifty has been moving with high volatility and is in sell on rise mode so far. Volume profile along with Elliott wave – Neo wave giving clear view from short term to long term perspective.

Below research shows where do we stand as of now and why 16740 is important support from medium term perspective.

Nifty weekly chart is picked up from “The Financial Waves Monthly update”

Nifty weekly chart:

Nifty Volume profile:

Neo wave perspective: In the year of 2020, prices completed long corrective phase in form of Diametric pattern in primary wave [4] and post that it has showed rally from 7511 to 18604 level which suggest that primary wave [5] is running its course. As the internal structure of the rally is corrective in nature, we can assume that it can form Terminal Impulsive pattern going ahead. As per this, prices may be in retracement phase of the rally witnessed from the lows of 2020 to the highs of 2022.  

First figure shows the internal structure of Primary wave [5]. In the entire rise we can see that prices have completed 2 standard correction in form of Diametric pattern near the highs of 18000 level in the month of August 2022. Post that we saw pullback in form of blue wave x and since then third standard correction is ongoing. Within this pattern, blue wave a completed at the highs of 18900 level and since then blue wave b is ongoing which has almost retraced 90% of blue wave a. This suggest that Flat correction pattern is under formation. However, any move below 16740 level will suggest that it may form Expanding Flat Correction pattern with wave b more than 100% of blue wave a.

Volume Profile – Price action on basis of Volume is one of the powerful ways of understanding Big Players activity and areas where major activity has taken place. In above chart of Nifty we can see high volume profile near 17120 (futures) level or around 17050 spot levels where major activity has taken place. Given the selloff this is the area where big players seem to have sold their positions. So, unless prices manage to cross back above 17050 trend will be sell on rise.

In a nutshell, by combining Neo wave along with Volume profile one can try to form strategy using Options to generate that parallel source of income in scientific way.

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Become Market Wizard (BMW) – Options Trading using Technical Analysis (OTTA) along with Master of Waves (MOW) both together forms combination of Trading Options using Volume profile, KST Indicator, Breakout techniques and forecasting future using Elliott wave, Neo wave. For Option Buyers clear 5 trade setups will be given in OTTA with Option selling strategies to generate passive source of income. Know more here

Nifty Neo Wave for Intraday Trading – Powerful Trade Setup!

 Nifty Neo Wave for Intraday Trading – Powerful Trade Setup!

Intraday Trading requires understanding of the market trend along with Price action and also possible reversal areas.

All of these can be achieved by using Elliott wave – Neo wave methods along with Channels. This is powerful way to see the markets and can be applied even on a 5 minutes time frame.

Nifty hourly chart

Nifty 15 minutes chart

Elliott wave analysis – As shown on hourly chart, prices are moving in downward sloping corrective channel and the momentum on downside has still not reduced.

55 Days Time cycle – We mentioned about this time cycle to have topped out near 18134 levels as the low of the cycle was broken. It means that until 18^th April 2023, prices will not break back above 18134. This is vital information for Option Traders and prudent strategies can be formed basis of this Time cycle technique.

It is also on basis of this method we mentioned that the rise towards 17800 on 6^th March was only temporary in form of wave x and major trend on downside will resume.

By combining Neo wave along with Time cycle gave clear understanding about the maturity of the trend and levels that will not be broken along with dates. This was used by positional traders who were then looking for selling opportunities on the fact that 18134 will remain protected and prices should again head lower.

Intraday Trading – We have shown 15 minutes time frame chart that shows the down move from the high of 17800 as a-b-c corrective and the pullback seen can be beginning of wave d. So short term pullback is possible post which again the downtrend will resume. This remains valid as long as 16980 is protected on downside as move below it will indicate wave d is complete and wave e started lower of Diametric pattern.

So, basis of Neo wave we now know that 17220 – 16980 is important range and break of lower end of the range will resume trend for much lower levels as wave e can be equal to wave c that will give targets of 16690. It is therefore important for Bulls to protect 16980 for any short term positive attempt. The 0-b or x-b trendline is crucial hurdle and unless we see faster retracement above this level the overall trend will be sell on rise.

In a nutshell, combining Neo wave along with Time Cycles one can trade with an edge and high conviction even on intraday basis.

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Bank Nifty using Ichimoku cloud + Neo+ Fibonacci

 Bank Nifty using Ichimoku cloud + Neo+ Fibonacci

Bank Nifty has been moving precisely as per Neo wave count. Checkout this example of how we applied Ichimoku cloud and Fibonacci along with Price Action to identify the wave counts and predict the price movement.

The following research is picked up from the daily Equity Research Report – The Financial Waves short term update

Bank Nifty Daily Chart (As on 13^th March 2023)

Bank Nifty Hourly Chart (As on 13^th March 2023)

Wave analysis as on 13^th March 2023

In the Friday’s session, Bank Nifty opened with a huge gap down of nearly 450 points due to weak global cues. Index witnessed a selling pressure throughout the day and as a result prices formed a big red candle and closed with a huge loss of -1.87%. Also, we have shown Ichimoku cloud. Wherein, prices have bounced back on the downside by taking resistance of the cloud. This suggests that as long as price holds respects the cloud medium term tone is likely to remain negative. As per wave perspective, wave 4 is moving on the downside.

On the hourly chart, we can see that prices are moving down by moving in lower high low fashion. This keeps bias looks negative as long as we do not see a close above previous candle’s high. As per wave perspective, wave (a) has completed on the upside and next leg is unfolding on the downside which has retraced more than 61.8% of prior wave a and we can expect it to go towards 78.6%. However, fall was sharp so possibility of a sudden reversal cannot be ruled out. One can use this opportunity to ride the trend.

In short, Bank Nifty looks sideways to negative. Use pullbacks as a shorting opportunity for a move towards 40150 as long as 40850 holds on the upside.

Bank nifty Hourly chart (Happened as on 13^th March 2023)

Happened

Bank Nifty opened with a minor gap down and later showed a good pullback. As we mentioned that pullbacks can be used to ride the trend and prices moved precisely and not only achieved our target of 40150 but also moved much lower and made low of 39575. This entire fall of almost 2.5% we have been able to capture successfully with the help of simple indicator, Neo wave and Fibonacci.

3 Months of Mentorship on Timing the market – starts on 18^th March 2023. A mentor can reduce the learning curve that can take years to a few months and also show the path towards achieving trading profitably using simple step by step process. Trading can be a serious business but only if one knows how to maintain consistency and have a clear plan and trade setup. Trading is not only about methods but a lot about correct mindset, right psychology, risk and money management. 

Bank Nifty Elliott Wave Impulse Pattern Is Starting?

 Bank Nifty Elliott Wave Impulse Pattern Is Starting?

Elliott wave and Neo wave on Bank Nifty provides clear understanding that the down move might be completing soon and up move is possible once we see breakout above 42000 levels.

Below chart of Bank Nifty shows short term to medium term outlook.

Bank Nifty daily chart:

 

Bank Nifty Hourly chart:

Elliott wave analysis – As shown in daily chart, we can see that Bank Nifty has been moving up in impulse pattern. It completed wave 4 at channel support and now possibly wave 5 is starting higher. Further confirmation of the same will be obtained on break above the upper trendline near 41900 levels. We are seeing lack of momentum as prices are in Terminal Impulse which is on lack of momentum.

Bank Nifty hourly chart provides better and earlier opportunity for good risk-reward trades. Prices have broken above the channel and now complete retracement above 41900 will further confirm start of bigger up move. Immediate support is near 41100 levels.

In a nutshell, Neo wave is price focussed technique that helps to understand key levels and maturity of the trend. For Bank Nifty we are at make it or break it scenario. Move above 41900 will be bullish from medium-term perspective and we can expect a good trend from there onwards.

Get access to Nifty, Bank Nifty research reports “The Financial Waves short term update” along with stocks and Elliott wave perspective. Subscribe annually and get 30% off. Here is the link to the Premium Telegram community for research and advisory calls.

3 Months of Mentorship on Timing the market – starts on 18^th March 2023. A mentor can reduce the learning curve that can take years to a few months and also show the path towards achieving trading profitably using simple step-by-step process. Trading can be a serious business but only if one knows how to maintain consistency and have a clear plan and trade setup. Trading is not only about methods but a lot about correct mindset, right psychology, risk and money management. 

Options Trading Using Bollinger Bands®, Open Interest and Time Cycles

 Options Trading Using Bollinger Bands®, Open Interest and Time Cycles

Options Trading requires timing the entry and exit precisely. By combining Bollinger Bands along with Time cycles and Open Interest profile we can gauge the momentum and Time.

Time cycle is amazing way to identify possible low formation and area of reversal. It can be directly applied on Options chart.

Nifty 17500 call Option 15 mins chart:

Nifty futures hourly chart Open Interest profile

Options are amazing instrument to trade but only if one can understand the momentum and Time along with it. For Option buyers, trend and Time are running against them. It is therefore important that Option buyers are able to Time the market even on Intraday basis.

Nifty 17500 Call options chart shows Time cycle of 87 period applied on 15 minutes chart. This suggest that every 87 period there is tendency to form a low and bounce back. The nature of the up move will depend on the momentum which we can gauge using Bollinger Bands.

As shown in above chart, the latest cycle resulted into prices moving from 300 to above 430 levels on 6^th March 2023. During the bigger downtrend the upper end of the Bollinger Bands acted as strong resistance but on 3^rd March prices broke above the upper bands and resulted into the trending move giving more than 130 points.

Next cycle is now due on 9^th March 1pm. So, option buyers can start looking for buying opportunity in

Open Interest profile – Nifty open interest profile helps to understand at what level big players are building their positions. Open interest is always looked from sellers perspective as they are carrying the risk. As per above chart of OI profile we can see that 17600 is immediate support due to high put sellers active there and 17700 as immediate hurdle, move above 17720 – 17730 can result into short covering rally further on upside.

In a nutshell, by combining Time cycles on Options chart along with Bollinger Bands and Price action areas using Open Interest a complete trading system can be formed especially for Option buyers.

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Nifty Elliott wave with Volume Profile

 Nifty Elliott wave with Volume Profile

Elliott wave is GPS of market and helps in understanding maturity of trend. This combined with Volumes and Open Interest profile give insights into big player’s activity.

Below chart of Nifty shows Neo wave counts which is advanced concept of Elliott wave.

Nifty hourly chart:

Nifty Volume profile hourly chart:

Nifty Neo wave chart shows the entire fall from the top of 18880 in form of double corrective pattern involving x waves which connects two standard corrections together.

The first pattern was 7 legged Diametric followed by x wave and then a Flat corrective pattern. Post completion of wave c of Flat we are seeing sharp retracement on upside. This up move can either be wave x or start of bigger trend wave (c) higher. Confirmation of the same will be obtained on two stage confirmation technique as per Neo wave, which is on break of the upper trendline near 17950 levels.

Volume profile – For traders, it is crucial to see the levels where big players have been active as these levels will act as important support or resistance. As can be seen from second chart, there has been major activity near 17880 (futures) levels where the volume profile is the highest. This level is known as Volume point of control (VPOC). This indicates that prices have immediate hurdle of 17880 where major change of hands have taken place.

In a nutshell, combination of Volume profile and Neo wave is one of the best tools traders can use to derive high accuracy with good risk reward trade setups by understanding the maturity of trend, identifying key levels of reversal and taking positions in Futures & Options accordingly. As per above data as of now prices can be in buy on dips setup with volume profile support at 17670 (futures) and hurdle at 17880 levels.

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Canara Bank: How to derive targets using Elliott wave and price action

 Canara Bank: How to derive targets using Elliott wave and price action

Elliott wave help us to navigate the trend of the market. Canara Bank has shown a good recovery since past 2 trading sessions and achieved our target of 291 in a single day and made high of 292.90. You can also do that especially if you know how to apply Elliott wave along with technical indicator for powerful setups.

We published the following article on Canara Bank pre-market on 1st March 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.

Canara Bank Hourly chart as on 1st March 2023 (Anticipated):

Canara Bank Hourly chart as on 2^nd March 2023 (Happened):

Wave Analysis as we published on 1st March 2023:

On the hourly chart, we have shown Parabolic sar which helps to identify entry and exit points and also to understand overall trend. As its shown sar dots have formed below the prices which is deemed to be bullish signal. Also, KST is moving close to zero line after showing positive crossover which suggests further good momentum can be seen. As per wave perspective, wave e has completed its movement on the downside and next leg is unfolding on the upside. We have also used Fibonacci tool, wherein wave f has retraced 38.2% of prior wave e and we can expect it to retrace 50% followed by 61.8% of prior wave.

In short, CANBK looks sideways to bullish. One can buy above 281 for move towards 291 as long as 271 holds on the downside.

Happened:

We can see that wave count have helped us to find out the trend reversal for Canara Bank well in advance. After completing wave e near 269 levels we had mentioned possibility of up move in form of wave f and the stock moved as we expected. In such choppy market, the stock is holding well on the upside. This early move can be easily identified using wave theory and simple price action.

3 Months of Mentorship on Timing the Market – Above chart simply shows how price action along with Time cycle and Neo wave can be combined. A Mentor can ensure that proper application of these methods is passed across so that it can form a powerful system to generate that parallel source of income. Be a part of Elite traders community we call as #TimeTraders.