Elliott wave is GPS of the market. It helps in understanding the maturity of trend and also provide complete trade setup.
We published an article yesterday mentioning the medium term trend for
target beyond 22k – read here
However, Neo wave helped to capture the short term movement including the
sell off seen recently.
Below is the chart of Nifty shown on 28th December 2023 indicating
price movement over short term, before the up move to resume.
Nifty hourly chart – Anticipated on 28th December 2023
Happened:
Elliott Wave analysis – Neo wave is advanced part of Elliott wave with more rules and patterns providing increased objectivity.
As shown on
first chart which was published on 28th December it was mentioned
that prices can head towards 21820 levels in form of wave e where it will be
equal to wave c and then we can see short term correction before the up move above
22k levels.
Nifty made
a high near 21834 and reversed on same candle and touched intraday low of 21520
as on 3rd January 2024.
2 stage
faster retracement concept- Advanced Elliott wave – Neo wave gives the concept of two stage
faster retracement which confirms if the ongoing trend is about to reverse.
This helps to get precise entry with good risk reward opportunity.
So a faster
pullback above 21760 will indicate that wave f is over and wave g is probably
starting.
By
understanding Neo wave patterns and rules trading accuracy and ability to
forecast market can increase sharply.
In a
nutshell, Nifty is in medium term up move with short term correction currently
seen precisely as expected. Post completion of wave f we are expecting upward
move in form of wave g and the exact entry of the same will be derived using
the above two stage confirmation method.
Sutra of Waves (SOW) – Learn the science of trading
Elliott wave / Neo wave with Ichimoku Cloud, Fibonacci trading system, 2 stage
confirmation techniques to capture major tops and bottoms on 20th –
21st January 2024 with live
trading as markets are open on 20th January 2024. Early bird
ends on 8th January, Limited seats, Know More
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