Nifty at Lifetime Highs! You Will Not Believe This Forecast Using Elliott Waves!
Jan 15, 2024
Nifty at Lifetime Highs! You Will Not Believe This Forecast Using Elliott Waves!
Elliott wave is GPS of the market and helps to derive short term to long term targets. Neo wave is advanced concept of Technical analysis.
Below chart of Nifty on daily and short term time frame was shown in daily equity research report – The Financial Waves Short term update when prices were even below 21000 levels.
Nifty daily chart – anticipated on 11th December 2023 
Nifty daily chart – Happened as of 15th January 2024
Nifty hourly chart – Anticipated on 28th December 2023
Nifty hourly chart – Happened as of 15th January 2024
Nifty has been moving precisely the way we have been forecasting since months as per advanced Elliott wave – Neo wave path.
In early November 2023, when Nifty reversed from the Gann levels of 18838 we mentioned about the possible upward journey to start despite of the event of Israel Hamas war and US Bond yields. Index has obliged and rallied by more than 3000 points from there. We even published a video why the war will result into mark of major low for Indian equity markets if you following on YouTube.
Later in early December 2023, we mentioned about the start of “Mother of all Bull Markets” and why one should avoid catching a top and to continue to ride higher for targets of 22118.
Anticipated daily chart- Nifty first chart was published in the daily equity research reports on 11th December 2023 when we mentioned about plausible target of 22118 when index was only at 20997 as can be seen on the chart. It was then forecasted that wave (e) of ongoing Diametric pattern will be equal to wave (c) at this level. BANG ON!
Anticipated hourly chart – Later again on 28th December 2023, the short term path of Nifty was shown on hourly chart. This path was again on basis of a Diametric pattern that forecasted the market to show dip on lower side to 21500 before we move to the upside target of 22118 levels. BANG ON!
Happened – Nifty moved precisely as per both of these charts that was shown and prices rallied sharply higher from November onwards. For the first time index touched lifetime high levels of 22115 which is just short of 3 points of target being published nearly 2 months back. This is enough proof that shows the method of forecasting works despite of the news or events that majority is tracking.
We believe that “Bhav Bhagwan Che” and one needs to ensure to follow the rules of Neo wave to trade with high conviction.
As of now this ongoing wave (e) on daily charts and wave g on hourly chart has still not shown any reversal signs. Next level as per Gann is near 22276 and we will keep a close watch if prices start showing any type of exhaustion signs.
Two stage confirmation technique – This is a powerful method to confirm if the ongoing trend has reversed. This concept as per Neo wave suggest that as long as prices does not breach below 21790 the ongoing trend is continuing. Below this level we will come out with further path ahead and publish the same in our daily equity research reports.
In a nutshell, Nifty trend remains bullish unless a reversal is witnessed below the support zone of 21890 followed by 21790 levels. On upside our target of 22118 is now achieved and above this we can aim for Gann level of 22276!
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