Nifty Fibo Diametric Pattern on Hourly and 15 Minutes with Ichimoku

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Nifty Elliott Wave – Neo wave pattern has continued to show amazing outcome with prices moving in tandem with the wave patterns. Many are seeing this movement on basis of news but the wave structure is helping us forecast each and every move and below charts clearly shows that.

Nifty Diametric pattern is very clear on the charts and with the help of Ichimoku Cloud this can be identified easily.

Nifty 60 minutes chart:

Nifty 15 minutes chart:

Elliott Wave analysis:

Nifty 60 minutes chart shows that the entire rise from the lows of 14500 has been in the form of (a)-(b)-(c) pattern with wave (c) currently ongoing. The internal structure of wave this (c) is also corrective Diametric pattern. This suggests that the entire move from 14500 can develop itself as a Diametric or a Neutral Triangle and prices are currently in wave (c).

Fibonacci projection: Wave (c) projection to that with wave (a) comes near 17500 where wave (c) = 138.2% of wave (a). This gives us tentative level to watch on upside and we will come out with further upside targes only ince 17500 is taken out.

In order to take exact entry and trade it at times important to see even the 15 minutes chart along with Ichimoku Cloud.

Nifty 15 minutes chart: Nifty showing a clear double corrective rise within wave (c). The internal structure of this wave (c) is shown and prices are currently in wave f of minor degree. Everytime prices move towards the Ichimoku cloud and away from the cloud there is change in the wave count and it is simply amazing to see how prices have behaved so far.

In a nutshell, we can expect one more push higher in form of wave (g) and post that it will be important to see prices manages to find resistance near 17500 where the equality target is mentioned. Break below the cloud will confirm that the entire wave (c) is getting over and wave (d) lower is probably starting.

A clear trade strategy can be formed by combining these simple methods of Neo wave theory along with Ichimoku cloud.

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