Nifty Elliott wave with Time Cycle – Are we entering topping Zone?

 Nifty has continued to touch lifetime high levels and is approaching near 24500 levels. Is it near topping zone?

Let us look at the Time cycles along with advanced Elliott wave – Neo wave to understand the maturity of the ongoing move.

Nifty daily chart:

Elliott wave analysis –

Nifty has been moving in the form of Diametric pattern. We turned super bullish on 5^th of June 2024 when index was near 22400 levels expecting lifetime high levels to be touched.

Prices moved up and exactly as expected and touched lifetime highs near 24440 levels as on 9^th July 2024.

As per Neo wave, Diametric pattern consists of 7 legs and we are in the last leg of the rise as per this.

Wave g usually tend towards equality to that of wave a and we have already achieved that percentage target if we measure from the lows of election day low. Giving little leeway we get targets of 24494 which is very near as well. So we can be in matured stage of up move as per Neo wave logics.

Time cycle – From 55 Days of Time cycle perspective, we have completed nearly 29 trading days from the last black cycle period. If we see from the low of 4^th June we have completed 24 trading days. Usually cycle tops out around 28 to 35 trading days. So we can see few more days of consolidation of positive price action but it is not necessary.

Channeling technique - Prices are now also near to the upper channel resistance from where we have seen past 3 peaks. So the upside room is now getting limited.

In a nutshell, over short term prices remains buy on dips unless we close below prior day’s low but the overall trend looks matured. We turned super bullish near 22400 on 5^th June 2024 and now we are getting cautious as the prices and time are entering into the topping zone. We will update it in short term research report when the support breaks.

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