Nifty at 24000, What are Targets from Here?
Jun 27, 2024
Nifty has touched lifetime highs and crossed above 24000 levels. Elliott wave with Time cycles provide forecasting ability.
We turned bullish on markets on 5th June 2024, very next day of election result and mentioned about lifetime high levels.
Below is the chart where we combine Hurst’s Time cycles along with Neo wave that helped to take the bullish stand.
Nifty daily chart:
Elliott wave analysis – As shown on daily chart of Nifty prices have been moving in form of Diametric pattern. The entire rise is in 7 legged structure and the fall on 4th of June 2024 was only wave (f).
Understanding the pattern is very important for trading or investing. We expected prices to move up from 22398 levels on 4th of June 2024 to lifetime high levels of 24120. This is based on the equality of wave (g) to that of wave (a) on percentage scale.
Prices already made a high of 24036 on 27th June 2024 which is very near to the expected target levels.
A move of more than 1600 points already on the index in less than a month’s time.
Also, as shown in above chart Hursts’ Time cycle of 55 days has been in the buy zone and this was also in sync with our Neo wave counts.
Short term chart – Nifty hourly chart shows the entire rise in form of a-b-c pattern and currently prices are in wave c. As long as the support of 23600 is intact the overall tone will remain bullish for move to 24120 levels.
In a nutshell, by knowing the science of Elliott wave along with Hurst’s Time cycle it is possible to form strong trading strategy right from short term intraday to positional investments.
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Brahmastra (Mentorship) on Timing the market – 3 months of trading with me