Nifty 55 Days Time cycle with Head & Shoulder pattern!

Nifty turned up sharply in anticipation of victory in US Election by Trump.

We can see rally across the crypto currency as well that usually likes Trump being in power.

Now is it just a coincidence that the date of 5^th November 2024 discussed more than a month back for Nifty as per 55 days time cycle happens to be on the day when US Election results are declared?

Yes, it is, but Indian markets corrected sharply until the time cycle day and started rallying again after the cycle turned on upside.

It would have been better to combine the political outlook along with charts and Time cycle to convert that into an actionable outcome.

Let us look at the below Nifty chart with 55 Days time cycle and Elliott wave pattern!

Nifty daily chart:

Nifty hourly chart:

Elliott wave analysis - We have been bearish all the way from 25900 to the lows of 25000 levels and later when 24900 was breached we again turned super bearish. The fall was sharp and violent post that resulting a crash of more than 1000 points lower to 23816. Low formed on 55 days cycle post which we reversed back on upside.

Is it a temporary upside pullback? – Yes, prices are forming Diametric pattern and probably completed wave c at the lows and the rise now is in form of wave d. This can take a few days and push prices back towards Gann levels of 24723 or little higher before we reverse back on downside.

A bigger degree Time cycle helped us to change our stand from bearish to being bullish exactly at the right time which was on 5^th November 2024 just when the upside move started. Prices confirmed by breaking above 24080  and from there we are already 400 points higher.

As a trader it is very important to change stand from bearish to bullish as soon as time and price gets in sync.

In a nutshell, the up move is in form of wave d which will take a few days to complete and can retrace prices to 24723 levels before the down move can again resume.

Head & Shoulder pattern – The bigger H&S pattern target of 23300 still remains intact unless we close back above 25k on upside. Prices are now going to retest the neckline of breakout post which expecting distribution and then the down move to resume.

In a nutshell, both Neo wave and Time cycle acts as a GPS to market and provides clear trading opportunity if only one reads the chart correctly.

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