We are approaching a moon cycle. While that can be a trend change, here is our hypothesis.
Don’t forget to check 15 min chart of Nifty50 analysis for 20th October 2023 below
I was expecting a reversal and I mentioned it to you in my previous blog post here: https://www.charts-stocks.com/post/nifty-50-share-rate-nifty-50-stock-price-today-for-27th-october-2023
For many this was unexpected because late entrants were trying to short but market had already witnessed major selling.
Nifty 50 stock price analysis. Now we are looking at more upward swing in 5 waves.
While that happens, we can expect some pull backs for a much strengthen up flow.
30th October also marks my daily trend change marked in blue line vertical. These blue lines are made based on a sine wave concept that I teach in my online classes.
The upward trajectory is still very much possible in Nifty50.
In smaller time frame, we can expect a minor pull back to form wave 2.
This entire wave pattern marked in black 1,2,3,4,5 will eventually form wave 1 of wave 5 upward of internal waves. Waves are fractal in nature. If you like content on daily basis then don’t forget to share so that a broader audience can see these charts from Charts-Stocks.
When you dig deep, you will always find gold! Or try… at least.
As we can see above, wave 4 is done. And now for the up move, we have to just be more careful and these junctures. The wave 1 is done for 5 moves up to form wave 1 of wave 5 (on 1 hour time frame). This looks good so far. I am looking at wave 1 down, pull back in wave 2 In ABC format. I can see wave A forming Here. Anything near the gap support for Nifty50 looks good for Nifty chart analysis for 30th October 2023.
15 Min Time Frame (Alternative Count)
Looking at deep counts on 15 min, I still think that one upmove is pending on smaller time frames, valid only if there is a gap up at the opening. This would mean 1 is done and then pull back will be in 3 waves down.
I will be happy to play it on smaller time frames for now with tight stop loss practice and never trade against the trend. A perfect way to do so is to follow Heikinashi Candles,and then just see where market is going and follow it.
I have two free indicators that I have published on Trading View for free,
1. Falcon Channel Commodity Index (one of my favourites)
2. Kiss Bot
You can use them to see how easy it becomes to follow the trend.
I struggle as a trader daily, with the believe that practice will eventually make us all perfect.
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