Hi all,
Just started to learn about EW, since last 4 days. I'm reading the book by Robert Beckman.
I've very little knowledge on the same, and here I like to know whether I'm correct or not.
Nifty:
As I'd read from others post, it seems Wave V of the long bull run was over and we are in Wave A of the 3 corrective waves of the previous long 5 impulse bull move.
Since the corrective wave A should be greater than previous corrections Wave 2 and Wave 4, the Nifty will shed the price which is Max(wave2, wave4). In our case Wave 4(!2May to 16Jun) is max, with price amplitude being 947 points. So the Nifty will come down by at least 947 points from the pivot high 4213 to 4213 - 947 = 3266. Am I correct?
Meanwhile I'm following (High + Low)/2 as the price style for plotting price.
Regards,
Praveen.
Just started to learn about EW, since last 4 days. I'm reading the book by Robert Beckman.
I've very little knowledge on the same, and here I like to know whether I'm correct or not.
Nifty:
As I'd read from others post, it seems Wave V of the long bull run was over and we are in Wave A of the 3 corrective waves of the previous long 5 impulse bull move.
Since the corrective wave A should be greater than previous corrections Wave 2 and Wave 4, the Nifty will shed the price which is Max(wave2, wave4). In our case Wave 4(!2May to 16Jun) is max, with price amplitude being 947 points. So the Nifty will come down by at least 947 points from the pivot high 4213 to 4213 - 947 = 3266. Am I correct?
Meanwhile I'm following (High + Low)/2 as the price style for plotting price.
Regards,
Praveen.
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