Nifty crashed – down by more than 300 points again in a single day and resuming down trend.
Head & Shoulder topping pattern along with Neo wave was shown on 24th October 2024 during a live webinar.
Nifty hourly chart: anticipated on 24th October 2024
Nifty hourly chart happened as on 13th November 2024
Elliott wave analysis – Nifty hourly chart shows the formation of the top near 26200 levels completed the entire rise and the fall was sharp and fast in form of wave a.
As per Neo wave two stage confirmation the entire rise got retraced in faster time indicating that the prior up move was complete and the down move has started.
Later on 4th of November we had 55 Days time cycle which hinted towards the short term bounce back.
Prices after forming a low in form of wave c near 23800 showed upside pullback or retracement back towards 24537 levels which completed wave d of Diametric pattern and broke below the trendline near 23980 levels.
It was below 23980 when we again warned of possible downtrend to resume in form of wave e of Diametric pattern and prices fell by more than 300 points in single day.
The above charts clearly shows how prices are moving in lock step fashion as per the Neo wave whereas Time cycles are helping to identify the area of pullback.
Time cycles have turned negative for another 40 days as long as prices do not close above 24200 levels and target of 23300 is also derived using FLD of Time cycle not just Head & Shoulder pattern.
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