Elliot wave count on Nifty

Discussion in 'Technical Analysis' started by ashwinigokhale, Feb 10, 2012.

  1. ashwinigokhale

    ashwinigokhale New Member

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    Hello,

    I am currently learning how to trade using elliot wave theory.
    Can anybody put some light on which wave count are we currently as per Elliot wave theory on a long term as well as short term basis.

    Regards,
    Ashwini.
     
  2. gambler

    gambler Well-Known Member

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    Hello, pm me
     
  3. Mandar Datye

    Mandar Datye Member

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    @ Ashwini,

    You can take reference of the following Books :-

    1) Elliott Wave Principle,Key to Stock Makret Profits by Frost & Pretcher

    2) Mastering the Elliott Wave by Glenn O Neely with Eric Hall.

    If possible,learn from someone,who is using this technique.This is because,it's very subjective & many people might come out with different counts.

    Regards,
    Mandar Datye.
     
  4. payoj

    payoj New Member

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    Hi Aswini.
    Even I am a recent follower of the Elliott wave principle.
    Here are some counts I could come up with, they could be wrong, but that's what I could figure out.
    Wave 1: April 03 - Jan 08
    Wave 2: Jan 08 - Mar 09
    Wave 3(extended): Mar 09 - Counting...

    In extended Wave 2
    Wave 1 : Mar 09 - Nov 10
    Wave 2 : Nov 10 - Dec 11
    Wave 3 : Dec 11 - Counting...

    In Wave 3
    Wave 1 : 20/Dec/11 - 22/Feb/12
    Now the concern is weather from the rise from 7th march is a correction in wave 2 or start of wave 3. Waiting for a breakout above 22nd feb will clear that up.

    Please give me your reviews.
     
  5. ashmi

    ashmi New Member

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    Hi Aswinini,

    My wave count suggests that we have just completed in wave 4 / or are amidst wave 4.

    Whichever way it is, I feel that the market is bullish.

    Notice the break from the 1.5 year old channel. Also notice the 38% retracement that happened (Nifty falling from 5600 to 5200) which is classical wave 4.

    Moreover notice the momentum on the rally from 4700 to 5600 - very high. again classical wave 3.
    :
    wave 5 is expected to surpass 5600 , but with relatively lower momentum thereby give rise to divergence.
    :)
     

    Attached Files:

  6. ashmi

    ashmi New Member

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    Books are definately the best source - Robert Petcher being the classical one.

    But i would strongly suggest that you take up an appropriate course with a guy who practices TA himself.
     

  7. itrader

    itrader New Member

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    Get yourself to read books by Glenn Neely, he is the best. nothing to beat him
     
  8. itrader

    itrader New Member

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    Hey Ashmi,

    the count looks pretty good, but needs some improvements.

    since the wave 2 was a deep correction & 0.786 of wave 1, so wave 4 should be either a flat or a triangle. This is the rule of alternation.

    If wave 2 was a zig zag then wave 4 should follow the rule of alternation & create another pattern than wave 2.

    These are the common rules which every elliottician should follow.

    The first thing anybody should do is learn all the rules & guidelines of elliott wave. That is the base. for example wave 3 can never be the shortest wave.
    If it is not the shortest wave then there are ways of interpreting wave 3.


    study will definitely make you more better.

    All the best

    itrader
     
  9. manoharpillai

    manoharpillai Well-Known Member

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    [​IMG]
    I fully agree with you the count goes like this Corrective Wave IV fragmented in to ABC sub corrective Sequences .. and now i am looking at 5386 is fibo 61.8 retracement level and B peak 5499 to be taken out for 100% confirmation..i have taken up Positional Long with SL.5170
     
    Last edited: Mar 31, 2012
    del_66 and sanjuasrani like this.
  10. ramant

    ramant Member

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    Advice but not the ELLIOTT WAVE Count!
    I m not sure whether the correction (NIFTY) has finally ended and the NEW BULL run is in progress. But still, i m expecting nifty to reach @ 5900 levels... Correction in Combinations are the worst thing to predict so better stay alert!

    If u are practicing elliott wave theory then try to count waves in depth and don't forget that same patterns will occur again & again with smaller changes. One thing more, if u put ur elliott wave view @ net then others will start pulling ur leg by saying this & that is wrong in ur view ;)
     
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