Weekly NEoWave Analysis of

Nifty Cash
Date of Report – 05-10-2019
 Analysis of Monthly Wave Chart

NEoWave Logic –
1. Two scenarios were presented in previous report dated 28-09-2019. The “Preferred counts” presented Bearish scenario whereas
“Alternate counts” was about Bullish scenario. The “Alternate Counts” will get triggered on cross above 12150 OR if some other
evidence emerge on chart indicating so. Hence; till then; will go with Preferred count.
2. As per “Preferred count”, the Indices is in last wave of a Diametric pattern, i.e, wave [g]. This wave [g] seems to be unfolding as a
Symmetrical pattern. Currently, the Indices might be in wave (I) of anticipated Symmetrical pattern.
3. The wave (H) is a Truncated Zigzag and this pattern generally gets retraced by minimum of 81% if not followed by wave X. Hence,
the minimum upside target for wave (I) is 11735. The wave (I) may consume 5-6 time units (TUs) and hence may conclude before
December 2019. The conclusion of wave (I) will also conclude wave [g] and [B]. The conclusion of wave [B] will open Indices for a
fall towards 7000 levels.
4. The above expectation will get negated on cross above 12150.
 Analysis of Weekly Wave Chart

1. Trend Analysis – The medium term trend is Up to Sideways. The minimum upside target is at 11735 and the strong resistance is at
11800. Hence, the area of 11735-11800 may act as a strong resistance. On lower side, the 61.8% retracement level is around 11060.
The cross below 10960 may open Indices for further fall till next support area of 10925-10865.
2. The pattern inside wave (I) lacks clarity. The wave (a) of (I) might have concluded at 11694.85 OR 11554.20. Currently, wave (b) is
progressing. The cross below 11060 will indicate that wave (a) has concluded at 11554.20 whereas, failure to cross below 11060 will
indicate that wave (a) was concluded at the top of 11694.85.
3. The conclusion of wave (b) may open Indices for an up move that my rise till 11735.
4. The analysis of Daily Wave chart may provide us with clues about conclusion of wave (a) and the extent of fall that is pending of wave
(b). The same is on next page.
 Analysis of Daily Wave Chart

1. The comparison between price, time and complexity strongly suggests that wave (a) might have concluded at the lower high of
11554.20. The faster and larger fall from 11554.20 is the evidence of conclusion of wave (a).
2. Till now, the waves A and B have concluded inside wave (b). The wave C might have completed or may complete around 11070.
3. There are two possibilities that can unfold during next week. The 1st possibility is that a Complex Correction is unfolding involving
wave X. In this case, the first correction is Zigzag and another Zigzag, or Flat, or Triangle may unfold after wave X. The expected
wave X may terminate in the are of 11260-11310. Thereafter, the fall may take place till 11070-11020 area as wave A of another
corrective pattern. The more lower possibility cannot be ruled out at this point of time with lower side capped at 10865.
4. The 2nd possibility is of Diametric pattern and in this case, the wave D may overshoot above 11310 (but not above 11401 in any case).
The completion of wave D may open Indices for a fall towards 11070-11020 area or more.
5. The above expectation will get negated on cross above 11401.
 Conclusion
1. Short term – The Indices is in short term down trend and has potential to
fall till 11070-11020 area or more. The expected fall will get negated on
cross above 11401.
2. Medium term – The trend of Indices is up to sideways. The up side is
capped at 11800 and lower side is restricted around 10865. The
expectation will get negated on cross above 11800.
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 will confirm the completion of pattern.
The implication of pattern completion is a fall till 7000 levels before end
of year 2022.
Thank you.

NEoWave Analyst – Nitin E.Bagde

Email address – nitin_in@hotmail.com