Trading Using Elliott Wave – Neo wave Diametric Pattern

Elliott wave and Neo wave is GPS of the market that provides forecasting ability and ability to trade with an edge.

Below charts show Nifty and Bank Nifty Neo wave counts discussed during the live session of Mentorship.

Nifty daily chart: as per Neo wave plotNifty Neo wave on hourly chart: Anticipated on 5^th September 2023Bank Nifty hourly chart: discussed during mentorship session on 5^th September 2023Nifty Neo wave plot is shown as first chart. There is a unique way to draw charts as per Neo wave method and it gives immense clarity to understand the price movement as each and every wave becomes distinguishable.

As per the counts prices moved up from 17060 levels in Diametric pattern followed by x wave and now a possible triangle pattern is ongoing. The overall view is bullish as prices will rise in form of wave c post completing wave b at the lows of 19224 levels.

Nifty second chart was discussed during the Mentorship session along with possible outcome as per Fibonacci retracement method.

2 stage faster retracement – This is one of the most important concepts of Neo wave. As per this concept we will get strong confirmation that the meaningful low is in place and prices have started the upward journey. This was obtained as soon as the starting point of wave f was taken out.

Bank Nifty Neo wave – Bank Nifty pattern was discussed during live session of Mentorship where we expected a positive breakout as the entire down fall looked completed. Bank Nifty moved from 44408 levels making a high of 44915 on 7^th September itself when majority were expecting a fall.

Both Nifty and Bank Nifty moved precisely as per the studies of Neo wave. Infact, Bank Nifty has just given a breakout from the inverse Head & Shoulder pattern which we call as Extracting Triangle in Neo wave terms.

Target derivation – With understanding of Neo wave patterns one can derive the targets using Fibonacci levels and retracement. 61.8% retracement target was at 19700 levels which got achieved precisely as expected on Nifty and the 80% retracement level gives target of 19840. These targets are derived on basis of post pattern implication of Neo wave Diametric.

In a nutshell, by combining Neo wave, Hurst’s Time cycles and Ichimoku Cloud it is possible to form powerful trade setup of forecasting and trading with higher profits at lower risk. 

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