Nifty: Know Accurate target levels with Fibonacci Projection
Apr 08, 2020Nifty has been moving amazingly well as per Neo wave (Advanced Elliott wave pattern). Also with the help of Fibonacci projection we were able to predict the levels and ride the up move.
Look at the below chart of Nifty. The below was shown in the morning daily research report – The Financial Waves short term update
Nifty hourly chart: (anticipated in morning on 08th April 2020)
Happened: (in morning on 08th April 2020 at 10 am)
Following was mentioned in the morning equity research report before markets opened
On the hourly chart we can see formation of an inverted head and shoulder pattern in progress, we have marked its neckline with a dotted red rising trend line. As per the wave perspective minor degree wave b within wave x completed near 8000 levels and price is now moving higher in the form of wave c on the upside. As wave b retraced more than 61.8% of wave a and also took more time to form than wave a, it confirms that a flat correction is unfolding as per advanced Elliott wave. We have shown 76.4% and 100% projection of wave a form the bottom of wave b which lie at 9067 and 9382 respectively which can be considered conservative targets on the upside for wave c as this zone also coincides with the upper channel line.
In a nutshell, Nifty showed strong recovery to the upside in the previous session with broader participation. The short term trend is bullish. Use dips as buying opportunities for a move towards 9070 followed by …… as long as 8500 holds on the downside. BANG ON
Happened: Nifty moved precisely as expected and moved sharply higher and achieved the target of 9070 in the second hour of the session itself. The intraday high made is at 9131.7 levels.
This is the power of Advanced Elliott wave. It is simply thrilling to see how precisely the entire trend is spanning out when majority is just focusing on news to derive their trades rather than charts when it is working with utmost precision as per the path shown in first chart.
“The Financial Waves short term update” is published daily showing the way Nifty should move. Get access now
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