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  • Writer's pictureEkat

Nifty50 Stock Price Analysis for 16th November 2023

In our previous charts we were expecting gap up. Now we have more clarity on what is happening. #DJI DowJones is expecting to further move up, although USDX is showing signs of reversal (pull back towards upside) will eventually put pressure on Dow Jones as well. DowJones typically has reached a level of exhaustion, a 100-200 points more on closing basis will help us to stream line thoughts. Nifty50 on the other hand followed the global cue, crossed the weekly resistance as well. The first gap up opening of today was the internal wave 3, followed by sideways movement of wave 4 (internal) and this upside that we saw in the end was towards the final wave 3 (more to go (slightly). This should follow a pull back to complete wave 4 before we resume further up. All this is to just make wave 1 on bigger cycle mentioned in my previous blogs. Here the chart for 16th November 2023.

  • Always use stop loss

  • When in doubt (like today) shift to Heikinashi Candles during trading

  • Stick to one time frame to keep your mind clutter free

  • Practice IKIGAI and Wabi-Sabi and have Samosa & Chai

Nifty50 crossing hurdles and jumping higher

So for now this wave 3 (ORANGE) will finish around 19740 levels. After that a good 3 waves corrective wave should complete wave 4 (ORANGE). I will try to write colours as well after wave names. Overall this looks fantastic, and we have opportunity to comeback. Sideways action today was terrific, I had very little chance of printing money so used my time to work on CHAT GPT 4 and try some new skills with custom GPT. How were your trades? Comment below / or just hit the like button.

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