Nifty: Neo Wave Neutral Triangle and Forecasting

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 Nifty 60 mins chart


In my previous update I had mentioned that prices are suppose to move higher but it continued to dip. Today it is showing signs of resilience as a failed pattern has eventually confirmed.

To view my previous article of Nifty, you can click the below link

https://www.marketanalysiswithmeghmody.com/2022/02/nifty-elliott-wave-analysis-anticipated.html

In the above article I had mentioned that Nifty will soar till 17600-17800 levels, this will happen going ahead as the index has re-entered the falling channel. The falling channel was broken on 7th March and it seems that more shorts at that point was added. However, as soon as it re-entered the channel which is today, short squeeze cant be ruled out which can infuse buying pressure and fresh longs can also be seen.

In my previous article if I go as per Elliott Wave I have come up with W-X-Y pattern. If I apply Neo Wave analysis I have come up with a corrective pattern a-b-c pattern where wave b is a Neo Wave Neutral Triangle, followed by Wave c which seems to be over. The next possibility is either wave x is in making or the falling channel will be broken on the upside. In both the scenarios prices will surge.

The summation is I will continue to be positive for Nifty and it can move higher till 17600-17800 levels over short term.

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