Nifty Elliott Wave with Time Cycles - Is Top Near?

Trading using Elliott wave - Neo wave combining with Time cycle can provide strong technical analysis forecasting ability.

It is a simple powerful way to trade the market. Nifty is nearing the matured stages of up move and it is time to be alert!

See the below charts showing Neo wave with Time cycles

Nifty daily chart:

Nifty has moved higher and touched lifetime highs of 22783 on 30th April 2024. Earlier peak was made at 22775. There was strong reversal seen in less than 30 minutes when prices gave away all the gains and closed on negative note.

RSI divergence - We can see series of RSI divergence wherein prices are making higher highs but RSI made lower highs. This indicates that the up move is associated with slower momentum.

As per Neo wave, we can see that wave (e) is still equal to wave (c) (as per log scale) and due to the election event there has been another attempt near the highs of 22800 levels. This is going to be an level over near future. Move above 22800 might extend this wave (e) but we will still hold the view of topping phase in the market.

Time cycle 55 Days - Time cycle is suggesting that the trend is in matured stages as per cycle as it has already been 36 days since the last cycle low.

In a nutshell, looking at the advanced technical parameters it seems the overall trend is matured and Nifty is in topping phase. Next few days of price action will be crucial. Break above 22800 will extend the up move for few more days but we will eventually reverse down.