Nifty path ahead using 2 powerful indicators

It is important to see the outlook from Time cycle perspective. Below is the chart of Nifty showing the possible path ahead using Time cycle and Neo wave.

Nifty Daily chart with 55 Day’s Time Cycle
Nifty above chart shows 3 vertical lines which are time cycles. Cycle zone will start from 24^th October 2024 and the middle line is the main 55 Day’s Time cycle line. The date as per this is near 4^th November 2024. So, we can expect prices to remain under pressure before fresh leg on the upside begins.

As per wave perspective, wave g got completed at the top in form of Diametric pattern. Since then, a fresh leg is unfolding on the downside.

In today’s session Nifty finally broke 24920 levels which was a crucial support area and showed a sharp fall on the downside and now moving towards Gann level of 24728! On the daily chart, Nifty looks to be forming Head and shoulders pattern and currently trading near the neckline. But it will be too soon to conclude as further price action is needed.

We will review the above scenario again once there is a confirmation by break below 24690. Until this happens, we can expect short term pullback towards 24870 levels.  

In a nutshell, by knowing the science of Neo wave along with Time cycle it is possible to form strong trading strategy. Currently Nifty is at important juncture. Breach below 24690 will be a strong bearish signal. As long as same is intact short-term pullback cannot be ruled out for a move towards 24870 levels.

Brahmastra (Mentorship) – Learn the science of trading with complete handholding and live trading sessions, along with stock selection algos and options trading combined with Neo wave strategy. Fill form below for more details