Advanced Elliott wave – Neo wave acts as GPS of the market and helps in forecasting the prices.
Nifty is touching lifetime highs before the election result and the overall trend remains buy on dips.
The below chart shows a detailed Neo wave pattern of Nifty.
Nifty 60 minutes chart: 
Elliott wave analysis – Nifty after forming a low near 18838 levels managed to show a sharp move towards 23000 levels.
The entire up move is in the form of a complex corrective pattern involving wave x. Prices are currently in the 3rd corrective pattern after wave x completed near the lows of 22000 levels.
Diametric pattern – In Neo wave, a 7-legged corrective pattern is defined as a Diametric pattern. This is very commonly seen on many of the stocks and Nifty. We can see that post-completion of wave (d) at the lows of 18838 the entire up move is in form of a running Diametric pattern. Post that the fall was wave x and again after that another Diametric pattern unfolded.
Another wave x completed at 22000 levels and Nifty touched lifetime highs above 23000 in the ongoing form of wave a. The nature of wave b formation which will retrace a portion of wave A is going to confirm the ongoing pattern. There is a high possibility that we might form a Triangle pattern here which means sideways action until the election result but with high volatility and broad range.
In a nutshell, Nifty can move between 22400 – 23290 levels as of now and we can see a breakout of this range post-election result outcome. With this information, it is possible to form a prudent trading strategy on options.
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