Nifty Target using Head & Shoulder pattern with Elliott wave! BANG ON!
Apr 04, 2024
Nifty is moving precisely as per technical analysis pattern of Head & Shoulder.
When prices were near 22280 we forecasted for a possible breakout of the pattern for targets of 22670 levels.
Combining this pattern along with Elliott wave and Neo wave provides strong forecasting ability.
Below chart of Nifty was shown on 29th March 2024 when prices gave breakout:
Nifty hourly chart: Anticipated on 29th March 2024
Nifty hourly chart – Happened as on 4th April 2024
Nifty Elliott wave counts on hourly chart:
Nifty 1st chart was shown on 29th March when prices were giving breakout near 22280 levels for upside forecast of 22670 as per simple Head & Shoulder pattern and also as per Neo wave analysis.
Happened: Prices moved precisely as expected and made a high of 22620 levels already a move of more than 300 points in just 3 trading sessions.
The strong conviction was also on basis of Neo wave pattern.
Elliott wave outlook – Nifty chart as shown above as per Elliott wave from the lows of March 2023. The entire rise has been impulse pattern with wave (5) currently ongoing. This wave (5) itself is forming Terminal or Ending Diagonal pattern. This indicates the overall tone is buy on dips but momentum is going to be slow. With this information one can form solid trading plan as per the GPS of the market using Options.
In a nutshell, Nifty is buy on dips but the trend is matured as we will complete wave 3 of (5) and post this we will get dips in form of wave 4 which will provide opportunity to buy for riding wave 5 higher.
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