Nifty 50 registers fresh all-time highs - but was this predictable? Use Elliott wave – Neo wave for forecasting.
Both Nifty and Sensex hits all-time highs with Nifty crossing above 21800 levels
as well. This entire up move is no surprise for us as the path shown for
targets of 22118 using advanced concepts of technical analysis.
Nifty daily chart – Anticipated in daily research report The Financial Waves short term update on 11th 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 in daily equity research report – The Financial
Waves short term update, prices were moving higher in the form of Diametric
pattern where on 11th December 2023 we forecasted for the targets of
22118.
Nifty on 11th
December 2023 was trading at 20997 and prices touched lifetime high levels near
21834 on 1st January 2024. This is a move of more than 800 points on
index.
Diametric pattern is 7 legged structure which is labeled as
a-b-c-d-e-f-g. The guidelines of this pattern suggest that wave g tend towards
quality with wave a, wave e tend towards equality with wave c. Based on this Fibonacci guidelines we derived target
for ongoing up move when index was below 21k to 22118. Prices have already
moved as expected and we are inching nearer to the target levels.
In a
nutshell, Elliott wave – Neo wave is GPS of the market and provides the
tentative path along with short to long term targets for stocks, index, Bank
Nifty with clearly tradable setups. Nifty eventually will cross 22k levels
which was forecasted a 1000 points earlier.
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