After forming a Bullish Wolfe Wave, Nifty has been rallying fantastically. It has successfully given a break out of the 2-4 TL. And with ups and down I expect the rally to continue till 10 May to 15th May 2023. I am not sure about the price levels but the utmost high that is achievable by NIFTY seems to be 18605 (18605 has been derived by both Price action and Fibonacci Retracement)
The reason is purely because of Time cycle. As I have posted earlier the exact downside reversal of Nifty starting 2nd December 2022, this current chart is just a follow up of the previous chart. Nifty follows a 55 Days Time cycle for downside reversal where it tops out and falls by minimum 5.5%. All the time cycles are plotted in “Red Vertical Lines” and the tops are enclosed in a “Rectangular Structure”.
PREVIOUSLY DOWNSIDE SEEN IN 55 DAYS TIME CYCLE: 12TH JAN 2022 4TH APRIL 2022 13TH SEPT 2022 2ND DEC 2022 20TH FEB 2023
The next time cycle of 55 Days lies in between 10th -15th May 2023. I expect Nifty may start reversing downside in between the above mentioned dates. I am not sure about the price levels, it may be anywhere between above 18100 to 18605. Incase of any confirmation for the price, I will surely update the same in update idea section of this chart. Nifty may consolidate or give a 1% to 1.5% percent fall before the dates but I expect that it would be only to create a new high. The link to the previous study for the downside reversal starting 2nd December 2023 is given below:
CHART & ANALYSIS Adarsh Dey
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As mentioned earlier "Nifty may consolidate or give a 1% to 1.5% percent fall before the dates but I expect that it would be only to create a new high". Nifty's previous high was 17863 and it corrected 1.73% or 309 points from the high. Today Nifty breached the previous high by forming a new high at 17931 even though the global markets were negative to flat for the last 2 days
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NIFTY made a high exactly on 15th May and a downside reversal started. Further downside would be seen after NIFTY breaches 18100 level. SL would be the recent high made by the NIFTY on 15th May.
@AdarshDey, will nifty start down trend from 15 may for next 55 days?
AdarshDey
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@ckirtane, Have you checked the update idea section ? On 21st may I have updated "NIFTY made a high exactly on 15th May and a downside reversal started. Further downside would be seen after NIFTY breaches 18100 level. SL would be the recent high made by the NIFTY on 15th May"
AdarshDey
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As mentioned earlier "Nifty may consolidate or give a 1% to 1.5% percent fall before the dates but I expect that it would be only to create a new high". Nifty's previous high was 17863 and it corrected 1.73% or 309 points from the high. Today Nifty breached the previous high by forming a new high at 17931 even though the global markets were negative to flat for the last 2 days.
ckirtane
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my target 17130,before 3rd may.
AdarshDey
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@ckirtane, Market is supreme, So I can be wrong. If my assumption fails It won't be the first time. :)