Elliott Wave Theory
- Thread starter 1sandeepgupta
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Here i am doing a top-down analysis on Nifty and it's my understanding of the wave structure.
Nifty Monthly
Instead of doing ABCs Xs , i am just labelling swings. Corrections unfold in 3 swings or 3+4
So far , Nifty has completed 5 swings down and the 6th up also looks completed.
So, it should print the 7th swing down to new lows.
Upside corrections in swings 2 and 4 were one bar moves. So, even swing 6 has completed 1 bar. Looks likely swing 6 is complete and we may be in swing 7 down.
Swing 3 lasted for 2 months and swing 5 down lasted for 4 months. What it means is the upside moves were short and swift but the move down takes time. So , this 7 swing down will take how many months , can't say but looks like 2 or 4 months it may take for the market to print new low.
Nifty Weekly
When Nifty was making new highs , the oscillator gave 4 divergences and then the top came. On the move down , we don't have a single bullish divergence yet.
Nifty Daily
Labelled the waves on the daily bars itself as the confusion grows on smaller time-frames. The higher time-frames filter noise out.
So , we had an A wave up non-overlapping and a C wave ending diagonal which seems completed at 61.8 projection of A . The buying pressure was so tired that it ended up making a truncated fifth of C .
Nifty Monthly
Instead of doing ABCs Xs , i am just labelling swings. Corrections unfold in 3 swings or 3+4
So far , Nifty has completed 5 swings down and the 6th up also looks completed.
So, it should print the 7th swing down to new lows.
Upside corrections in swings 2 and 4 were one bar moves. So, even swing 6 has completed 1 bar. Looks likely swing 6 is complete and we may be in swing 7 down.
Swing 3 lasted for 2 months and swing 5 down lasted for 4 months. What it means is the upside moves were short and swift but the move down takes time. So , this 7 swing down will take how many months , can't say but looks like 2 or 4 months it may take for the market to print new low.
Nifty Weekly
When Nifty was making new highs , the oscillator gave 4 divergences and then the top came. On the move down , we don't have a single bullish divergence yet.
Nifty Daily
Labelled the waves on the daily bars itself as the confusion grows on smaller time-frames. The higher time-frames filter noise out.
So , we had an A wave up non-overlapping and a C wave ending diagonal which seems completed at 61.8 projection of A . The buying pressure was so tired that it ended up making a truncated fifth of C .
Here i am doing a top-down analysis on Nifty and it's my understanding of the wave structure.
Nifty Monthly
Instead of doing ABCs Xs , i am just labelling swings. Corrections unfold in 3 swings or 3+4
So far , Nifty has completed 5 swings down and the 6th up also looks completed.
So, it should print the 7th swing down to new lows.
Upside corrections in swings 2 and 4 were one bar moves. So, even swing 6 has completed 1 bar. Looks likely swing 6 is complete and we may be in swing 7 down.
Swing 3 lasted for 2 months and swing 5 down lasted for 4 months. What it means is the upside moves were short and swift but the move down takes time. So , this 7 swing down will take how many months , can't say but looks like 2 or 4 months it may take for the market to print new low.
Nifty Weekly
When Nifty was making new highs , the oscillator gave 4 divergences and then the top came. On the move down , we don't have a single bullish divergence yet.
Nifty Daily
Labelled the waves on the daily bars itself as the confusion grows on smaller time-frames. The higher time-frames filter noise out.
So , we had an A wave up non-overlapping and a C wave ending diagonal which seems completed at 61.8 projection of A . The buying pressure was so tired that it ended up making a truncated fifth of C .
Nifty Monthly
Instead of doing ABCs Xs , i am just labelling swings. Corrections unfold in 3 swings or 3+4
So far , Nifty has completed 5 swings down and the 6th up also looks completed.
So, it should print the 7th swing down to new lows.
Upside corrections in swings 2 and 4 were one bar moves. So, even swing 6 has completed 1 bar. Looks likely swing 6 is complete and we may be in swing 7 down.
Swing 3 lasted for 2 months and swing 5 down lasted for 4 months. What it means is the upside moves were short and swift but the move down takes time. So , this 7 swing down will take how many months , can't say but looks like 2 or 4 months it may take for the market to print new low.
Nifty Weekly
When Nifty was making new highs , the oscillator gave 4 divergences and then the top came. On the move down , we don't have a single bullish divergence yet.
Nifty Daily
Labelled the waves on the daily bars itself as the confusion grows on smaller time-frames. The higher time-frames filter noise out.
So , we had an A wave up non-overlapping and a C wave ending diagonal which seems completed at 61.8 projection of A . The buying pressure was so tired that it ended up making a truncated fifth of C .
Thanks for nice analysis
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