Nifty Elliott Wave, Is it 3rd Impulse Wave? Pattern Targets?
Apr 27, 2023
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Elliott wave or Neo wave is GPS of the market and provides the probable path prices can follow for Traders.
Impulse pattern moves in steps of 5 waves before we see reversal of the higher degree trend.
We were able to catch reversal near 17060 just when the upside trend was starting and also mentioned in our daily research report.
Nifty hourly chart shown on 29th March in daily research report – The Financial Waves short term update
Below is chart of Nifty hourly showing prices are forming Ending Diagonal or Terminal Impulse pattern.
Nifty hourly chart - Happened
Elliott wave analysis
Anticipated - We were able to catch the low near 17060 levels just when the up move was starting and mentioned it in our previous research as well. Here is the link of research when we mentioned about breakout near 17060 levels – Nifty breakout Are you ready?
Happened - As shown in above chart post completion of wave (b) prices are moving up in form of wave (c). This wave (c) is impulse pattern but given that internal structure of wave i is corrective there is high possibility we are forming Terminal impulse pattern.
Terminal impulse is variation to the impulse pattern where each of the 5 legs are corrective pattern. The internal structure of wave i is Diametric.
Targets for Wave iii targets taking 0.618 * wave i is at 18100 levels. We will keep close track of ongoing pattern and will keep updating in daily research report. This is valid as per the rules as long as wave ii low near 17550 is intact. Break below this level will indicate bearish possibility but it looks less probably.
In a nutshell, above charts simply shows how by knowing Elliott wave or Neo wave pattern one can trade effectively as a complete trading system. Neo wave is advanced part of Elliott wave with more rules and better objectivity.
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