Nifty : Power of Elliott Wave
Nov 13, 2023
Two important ingredients of predicting market are Time and Direction. It is possible to Time the market and trade in direction of trend. Combining price action and Elliot wave both together works brilliantly which can be seen in the below chart.
Nifty path anticipated and twitted on 11th Nov 2023
Nifty moved exactly in the same fashion as can be seen in the below chart. Nifty closed near 19520 on Mahurat trading day exactly like discussed on Friday.
Nifty path happened on 12th Nov 2023
In the above chart you can see the market was at wave d when the projection was anticipated and on it exactly moved as per the predicted path. Index made high on Mahurat at 19540 and started correcting from there in the form of wave f. It is likely to give upward movement in the form of wave g and complete the diametric pattern. We can then expect some major correction after completion of wave g.
Neo wave analysis is a powerful tool for identifying trends and forecasting future price movements. A trader might use Elliott/Neo wave analysis to identify a potential trend reversal. Neo wave can give exact direction and target. Strategies can be built keeping by combining Neo wave with price action. Neo wave works like wonder even on the smaller time frame like 1 hour as depicted above.
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