Nifty 55 Days Time cycle with Head & Shoulder pattern!
Nov 06, 2024
Nifty turned up sharply in anticipation of victory in the US Election by Trump.
We can see a rally across the cryptocurrency as well that usually likes Trump being in power.
Now is it just a coincidence that the date of 5th November 2024 discussed more than a month back for Nifty as per 55 days time cycle happens to be on the day when US Election results are declared?
Yes, it is, but Indian markets corrected sharply until the time cycle day and started rallying again after the cycle turned on upside.
It would have been better to combine the political outlook along with charts and the Time cycle to convert that into an actionable outcome.
Let us look at the below Nifty chart with the 55-day time cycle and Elliott wave pattern!
Nifty daily chart:
Nifty hourly chart:
Elliott wave analysis - We have been bearish all the way from 25900 to the lows of 25000 levels and later when 24900 was breached we again turned super bearish. The fall was sharp and violent post that resulting a crash of more than 1000 points lower to 23816. Low formed on 55 days cycle post which we reversed back on upside.
Is it a temporary upside pullback? – Yes, prices are forming a Diametric pattern and probably completed wave c at the lows and the rise now is in the form of wave d. This can take a few days and push prices back towards Gann levels of 24723 or a little higher before we reverse back on downside.
Bigger degree Time cycle helped us to change our stand from bearish to being bullish exactly at the right time which was on 5th November 2024 just when the upside move started. Prices confirmed by breaking above 24080 and from there we are already 400 points higher.
As a trader, it is very important to change your stand from bearish to bullish as soon as time and price get in sync.
In a nutshell, the up move is in form of wave d which will take a few days to complete and can retrace prices to 24723 levels before the down move can again resume.
Head & Shoulder pattern – The bigger H&S pattern target of 23300 still remains intact unless we close back above 25k on the upside. Prices are now going to retest the neckline of the breakout post which expecting distribution and then the down move to resume.
In a nutshell, both Neo wave and Time cycle act as a GPS to market and provide clear trading opportunities if only one reads the chart correctly.
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