Nifty Using Ichimoku cloud, MACD and Neo Wave Pattern

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Elliott wave and Neo wave are powerful technical analysis methods that can help traders with the complete setup right from Intraday to positional trades.

Below shows Nifty Neo wave count along with Ichimoku Cloud and MACD. This research is picked up from the daily Equity research report. “The Financial Waves short term update" which was published today before market opens

Nifty Daily chart

Nifty 60 mins chart

In the previous session, after opening with a minor gap up, prices could not sustain higher and sharp fall was witnessed which led prices to make low of 18060.40.

On the daily chart, The Nifty50 has snapped a three-day losing streak and closed on a positive note. Nifty managed to close above 18200 mark and formed a hammer type candle on the daily charts. Price has bounced back from the major support of 18060 and since then short covering was seen which led prices to close above 18200 mark near day’s high. Prices have bounced back on the upside by taking support of the base line. 

On an hourly chart, prices have moved up precisely by taking support of the channel which is a positive sign. Simple channelling techniques works well! Also, MACD has shown a positive crossover giving us hints of further possible up move. We need decisive break above 18300 for fresh buying to emerge.

As per wave perspective, prices are moving in Diametric pattern and as per neo wave prices completed wave (c) at the top and now wave (d) is moving on the downside. Any breach above 18300 can confirm the completion of (d) on the downside and then the rise will be in the form of wave (e).

In short, Nifty has snapped a three-day losing streak and closed on a positive note. For now, any breach below 18060 can drag the price lower till 17960. Whereas any breach above 18300 is needed for the fresh buying to emerge which can take prices higher 18400.

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