Elliott wave is the GPS of the market and it helps to understand the maturity of trends and shows the path ahead.
It is possible to forecast the market using the simple scientific method of Elliott wave.
Below is the chart of Nifty showing the possible path ahead which was derived in our live weekly webinar with 1000s of participants on 25th May 2024.
Nifty hourly chart Anticipated on 25th May 2024 in Hourly webinar
Nifty hourly chart Happened as on 29th May 2024
As shown on 1st chart we had shown the possible path on the basis of the Elliott Wave pattern on Nifty. Prices were expected to touch upper trendline in form of wave 3 and fall on downside in form of wave 4. We can clearly see after touching a lifetime high near 23110 we saw a correction from 23110 to the lows of 22705 a fall of 400 in just 3 trading sessions.
Happened: Nifty has been moving precisely the way we have been forecasting as per Elliott wave and continued to work extremely well as expected.
In a nutshell, Elliott wave helps to understand the maturity of trend and forecast the probable path. One needs to ensure to follow the rules of Elliott wave and Neo wave to trade with high conviction!
As of now, next important key support for Nifty is at 22700 levels. A breach below can accelerate further selling pressure which can drag the price lower towards 22580 levels.
Sutra of Waves - Learn the science of trading Options and stocks along with Elliott Wave, Neo Wave, Fibonacci Trading system, and Ichimoku cloud in the upcoming live event on 1st - 2nd June 2024. Also, get access to Online Options Trading strategy in the entire Trishul program. Know more
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