Weekly NEoWave Analysis of

Nifty Cash
Date of Report – 09-11-2019
 Analysis of Monthly Wave Chart
1. The chart on top is the larger picture. The wave [B] of an
Irregular Flat pattern seems to be progressing. The internal
pattern of wave [B] is looking like a Diametric pattern.
Currently, the last leg of Diametric, that is, wave [g] is
unfolding. If anticipation of this Diametric pattern turns out
to be true then we may witness a bearish phase for next 2-3
years with minimum target of 7000 level. The identification
of internal pattern of wave [g] can help us to anticipate its
conclusion.
2. The lower chart is zoom portion of wave [g].
3. The internal pattern of wave [g] seems to be unfolding as a
nine legged Symmetrical pattern. It is a pattern where most
of the legs are similar in price, time and complexity with
exception of two legs which can non-similar with other legs.
4. The waves (A), (C) and (G) are perfectly similar in price,
time and complexity. The wave (D), (E) and (H) are also
within the limits of similarity. The waves (B) and (F) are not
similar to others but the exception rule (of two waves) can
be applied here. Hence, the wave (I) should fall into limits
of similarity provided the identification is correct.
5. The similarity parameters for wave (I) gives us specific limit
regarding price, time and complexity that should be
followed, or else, it is not a Symmetrical pattern and the
identification is incorrect. The limits of similarity would not
allow wave (I) to move above 12185 and would conclude
before December 2019. The previous major pivot point is at
11985 which may act as a resistance. Hence, wave (I) may
conclude somewhere in the area of 11985-12185 before
December 2019.
6. If cross above 12185 level takes place then the above pattern
anticipation is wrong which will negate the expectation of
downward target of 7000 level in next 2-3 years.
7. The analysis of lower time frame charts (Weekly and Daily)
will allow us to anticipate conclusion of wave (I). The same
is on next page
 Analysis of Weekly Wave Chart

1. The wave (b) is an Elongated Zigzag. The Elongated Zigzag pattern can only occur inside Triangles, Diametric or Terminal Impulses
as per NEoWave Theory. The wave (I) cannot unfold as a Terminal Impulse, also the Diametric pattern may take long time to unfold
which may go beyond the time limitation set by Monthly wave chart analysis. Hence, Contracting Triangle seems to be best fit
scenario as of now.
2. The wave (c) is looking like a Diametric pattern. The cross below 11840 during coming week will confirm that Diametric pattern
inside wave (c) has concluded. The failure to cross below 11840 will indicate that wave (c) is still progressing and may further inch up
towards 12185 maximum.
3. The cross below 11840 may trigger a fall towards minimum of 11450 and maximum till 11200.
 Analysis of Daily Wave Chart

1. The Diametric on Weekly wave chart is synchronising with the Daily wave chart. The last Friday’s fall was quite faster and bigger to
suggest that some pattern may have completed at the top of 12034.15.
2. The starting point of wave G is 11843.35. Also the pattern inside wave G is unidentifiable. Hence, the confirmation of completion of
pattern will come on cross below 11840. The cross of 11840 may trigger a fall towards 11450.
3. The failure to cross below 11840 in next 2-3 trading sessions will indicate that wave (c) is still progressing.
4. One can enter Short position around 11970 on small bounce for target of 11475. The stop loss will be at 12035.
 Conclusion
1. Short term – The important levels to watch are; crucial support around
11840 and resistance at 11990. The cross below 11840 may push Indices
towards 11450. The cross above 12035 will negate the expectation of
11450 levels.
2. Medium term – The trend of Indices is up to sideways and may remain so
till end of November 2019. The up side is capped around 12185 and
lower side is restricted around 11090. The sideways movement
expectation will get negated on cross above 12185.
3. Longer term view – The Indices may be very near to completion of a
larger multi year up trending pattern which started from the lows of
March 2009. The breach of 10635 on lower side will confirm the
completion of pattern. The implication of pattern completion is a fall till
7000 levels that may be achieved by end of year 2022. The cross above
12185 will negate the expectation of fall towards 7000.
Thank you.

NEoWave Analyst – Nitin E.Bagde

Email address – nitin_in@hotmail.com