Trading Nifty Using Elliott Wave / Neo wave 15 Minutes Chart

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

Below is the chart of Nifty on a 15 minutes chart showing the possible pattern in progress.

Nifty 15 minutes chart:

Elliott wave – Nifty is showing an up move after forming a low near 15680 levels. This up move is in form of corrective pattern Zigzag, A zigzag pattern has 5-3-5 structure and wave b should take more time than wave a. This is as per Neo wave rules for Zigzag. Post completion of Zigzag there is a confirmation of reversal as we saw break below the 0-b trendline. This down move is marked as wave (x) as we have now seen today a sharp move on upside that has retraced back the entire wave (x) in faster time. This confirms that the up move is still intact. And another set of correction is now ongoing.

Neo wave two stage confirmation – This is a powerful way of confirming if the entire trend is reversing. As per this we should now see break below the low of yesterday near 16555 for confirmation that the entire rise is complete but that too in faster time. Unless that happens the overall scenario will be short term buy on dips for intraday traders.

Neo wave can also be applied on 5 minutes time frame chart. This along with Price action and Fibonacci can act as a powerful way of trading and catching reversals very early on in the trend.

In a nutshell, Nifty important price and time support at 16550 levels, move above 17k will confirm start of wave c on upside which can tend towards equality with wave a. This gives upside target of 17200 levels. Thus one can derive classic targets and stop levels along with reversal zone by using Neo wave charts.

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