Nifty Target for Tomorrow with Time and Elliott Wave

 Nifty is moving precisely as per Time and Elliott wave pattern.

Prices are now approaching 24500 levels but will this rally continue and up move sustainable?

Look at the below charts of Nifty combined with advanced Elliott wave – Neo wave along with Time cycles:

Nifty daily chart:
Nifty Hourly chart:
Nifty daily chart clearly shows sharp rise on upside form the channel support.

Time cycle of 55 days – We can see that prices formed a low near the last red line which was the final zone of Time cycle.

Prices formed a low and rallied sharply higher despite of Adani scandal event and worst GDP numbers. This shows relative strength.

The entire down move which started from 26200 levels completed in form of wave a and we are now witnessing up move in form of wave b.

Nifty hourly chart – shows inverted Head & Shoulder pattern breakout. We have mentioned in earlier research report under AGNI research report that prices are going to give an upside breakout.

We were able to capture a down move from 26000 to the lows of 23300 which achieved the downside target of topping H&S pattern.
Prices are now showing bottoming H&S pattern on hourly chart and the same gives upside target of 25500 levels.

The immediate target on upside can be Gann levels of 24728 levels unless and until we see close below prior candle low.

In a nutshell, by combining simple pattern along with Time cycle and Elliott wave can provide strong forecasting ability for trading. We can expect positive momentum to continue till 24728 or higher as long as prices protect 24250 on closing basis.

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How to catch Momentum using ADX and Cup and Handle formation

 It is possible to capture massive moves in stocks using price patterns along with simple indicators like the ADX (Average Directional Index). Check out how we selected PGIL which has rallied more than 12% since 22^nd November 2024.

ADX- The average directional index (ADX) is a technical indicator used by the traders to determine the strength of a trend. It commonly includes three separate lines. These are used to assess whether momentum is building on the stock or not.

We published the following research on PGIL pre-market on 22^nd November 2024 in "Vayu Momentum Report” which our subscribers receive pre-market every day.

PGIL Daily chart anticipated as on 22nd November 2024
Wave Analysis as on 22^nd November, 2024:

In the previous session, PGIL showed sharp rally of more than 4% in a single trading day despite fall in major indices. The stock has formed a cup and handle pattern on the daily chart. Price has closed above 1100 levels which confirms breakout of the said pattern. On the daily chart, ADX is suggesting strong momentum can continue in this stock as it is showing readings of 28 which is above 25.

Also, since 13th November not a single candle has given a close below previous day's low which suggest strength in ongoing trend. After a sharp rally one should use buy on dips method to enter into the trend.

Key Resistance: 1190

Key Support: 1100

Strategy: Use dips towards 1110-1120 as a buying opportunity for a move towards 1185-1190 levels as long as 1100 holds on the downside.

PGIL Happened as on 2^nd December 2024
Happened – After we published the report, PGIL moved as expected. PGIL has given breakout of Cup and Handle pattern with huge volume which was a bullish sign and Bang on!! After a dip, stock moved up and achieved both our given targets in 2 trading sessions and made high of 1257 levels which is more than 12% move from lows.

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