- Oct 9th 2022 the low making date for NIFTY was mentioned as 13 or 14th OCt 2022. The low was made on 13th Oct and NIFTY resumed upside.
- The target for the upside rally was mentioned approximately 18900 on 24th Oct 2022.
- Nifty achieved a high of 18887 on 1st Dec 2022 (Just 13pts away)
Currently we can see a completion of 55 Days time cycle and a small reversal( which is not confirmed yet) where nifty generally reverses for a intermediate bottom formation. Moreover NIFTY is a Fibo level 1.618 of the downside rally during Sept month .So the scenario we can expect if 18900 level is not taken out is the target remains to be 18181.
A second confirmation can also be drawn from S&P_500 where it is in a Wolfe Wave but near 2-4 Tl (taken as a resistance most of the times). This adds on to the probability for the NIFTY for a small correction if the global markets turns hawkish only for a small time being. The chart of S&P_500 has been given below :
Link to Oct 9th 2022 study mentioning low making date for NIFTY was mentioned as 13 or 14th OCt 2022:
Link to 24th Oct 2022 study mentioning target for the upside rally was mentioned approximately 18900 :
CHART & ANALYSIS - ADARSH DEY
- The target for the upside rally was mentioned approximately 18900 on 24th Oct 2022.
- Nifty achieved a high of 18887 on 1st Dec 2022 (Just 13pts away)
Currently we can see a completion of 55 Days time cycle and a small reversal( which is not confirmed yet) where nifty generally reverses for a intermediate bottom formation. Moreover NIFTY is a Fibo level 1.618 of the downside rally during Sept month .So the scenario we can expect if 18900 level is not taken out is the target remains to be 18181.
A second confirmation can also be drawn from S&P_500 where it is in a Wolfe Wave but near 2-4 Tl (taken as a resistance most of the times). This adds on to the probability for the NIFTY for a small correction if the global markets turns hawkish only for a small time being. The chart of S&P_500 has been given below :
Link to Oct 9th 2022 study mentioning low making date for NIFTY was mentioned as 13 or 14th OCt 2022:
Link to 24th Oct 2022 study mentioning target for the upside rally was mentioned approximately 18900 :
CHART & ANALYSIS - ADARSH DEY
Trade active:
Nifty in a small Wolfe Wave there can be a intermediary up move till 18685 & 18723.
Comment:
As mentioned earlier NIFTY may give an intermediary up move. NIFTY moved up 18668 on 7th DEC & 9th DEC near to our first expected target 18685. After this as expected NIFTY is hitting Fresh LOW. Incase of any change in the previously mentioned target of 18181, the same shall updated.
Comment:
NIFTY moved up 18696, Before the downfall.Incase of any change in the previously mentioned target of 18181, the same shall be updated.
Trade closed manually:
Low till now 18270. Will come up with a new and more interesting study on NIFTY.
Trade closed: target reached:
Expected Target is Done. This chart is closed.
