Nifty : Explosive Part 2 - Towards 23000+ Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers: Can you hear them?
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May 11, 2024
Overview
As an Elliott Wave analyst, I stress the need for having both a main plan (Plan A) and a backup plan (Plan B) when analyzing markets. If Plan A doesn't work, we quickly switch to Plan B. If both plans agree on the market direction, we expect strong results.
Recent Market Review
In a recent comment over last idea ( Comex Copper = Explosive Nifty : Part 1) with a colleague, Ashok, he mentioned that although the market was strong, a drop was expected soon. To which I confirmed YES on 5th May 2024 & Indeed market unfolded exactly as per our plans - In last week, Nifty Index fell by 400-500 points.
Copper and Nifty Correlation
Reminder of Previous Analysis:
If you missed our last report on how Comex Copper and the Nifty Index move together, remember that these trends greatly affect our predictions. Do read Comex Copper = Explosive Nifty : Part 1 mentioned below
Current Market Outlook
Key Levels to Watch:
- Key Support Level:21,700
- Critical Support Level:21,125
- If the market stays above these levels, we expect a significant rise, potentially pushing the Nifty above 23,000 by the end of May 2024 & early June 2024.
Stop losses:
Safe Traders Avoid Trading if NIfty Index dips & holds below 22000 level
Future Expectations
Anticipated Timeline
We are particularly focused on what happens around June 4, 2024. This will be a key moment to see if our predictions hold true.
Conclusion
The agreement between our main and backup plans, along with the market staying above key levels, points to a potential strong rise soon.
Have a great week ahead!
From
WaveTalks
Abhishek
