Trading using elliot waves

[shekharinvest]

It looks like there is no interest for Elliot Waves. Even the thread starter is missing.

Here is my two cents on Nifty, although had posted at the other forum earlier in the day.

Starting from the lows of 4534 we had wave 1 as a leading diagonal ending at 6229. Wave 2 corrected to 61.8% + levels and thereafter we are enjoying a wave 3 move. (A possibility was suggested as an alternate count last Aug.)

For now W3 has already moved beyond normal i.e. more than 161.8% of wave 1 next possible extension is 176.2% or 200% at 8091 & 8495.

Now look at the internals of wave three starting from 5105 which appears to be nearing completion. W 3 ii retraced merely 38.2% of W 3 i. The normal end of wave 3 comes at 6181.

If we further go down and look into what looks like a wave 3 v, it is forming an Ending Diagonal and we are at W 3 v (4).

In nutshell, keep an eye on 8091 -8161 range we may have a meaningful correction starting from there.

Happy Trading!
SHEKHAR

 

[prabhsingh]

Nifty SPOT 161.8 is coming at 8030.Not sure about chart if for Future or SPOT.

 

[shekharinvest]

Nifty SPOT 161.8 is coming at 8030.Not sure about chart if for Future or SPOT.

Charts are Nifty Future as available on MT4 Demo, they are at little variance from the actual NSE NF values.

SHEKHAR

 

[prabhsingh]

Bank Nifty Elliot Wave Analysis.Experts do comment.

 

[umesh12]

Bank Nifty Elliot Wave Analysis.Experts do comment.

Good try, Prabh pra :thumb:
Not only good try but good EW analysis, I should say.
You have learnt a long way with the experts, I know.

Though I am no expert in EW, know only a little bit from the experts.
But dont you think BN has already extended of 161.8.

Let you also post hourly chart of BN, if possible.

Thanks for posting chart.

Please post counts on this daily chart as well as hourly chart (if posting) for better reference.

 

[shekharinvest]

RCOM:

Starting from the low of 46.55 on 30/08/2013 RCOM was in an impulsive move which ended at 164.65 on 17/09/2013 a clear five wave up move can been observed.

17/09/2013 onwards RCOM is in correction mode wave a made a low of 106.75 followed by wave b up move which ended at 157.25 about 80% retrace of wave a.

Wave c down has started from 157.25 which is still continuing. A 61.8% retrace of the previous impulse comes at approx 91 and for now wave c has made a low of 93.05 on 26/09/2014.

Has wave c ended thus the correction completed ? The next impulsive wave is about to begin ???

Let us look closely into the wave c. Wave c always consist of 5 subwaves, here we can visualise that presently RCOM is in c (iii) (still on). c (iv) and c (v) are still on unfold.

Keeping all the above in mind we can for sure say that there is still some more downside left in the RCOM.

Where can this downfall end ? Some reasonable estimate/guess can be at 74-77 range which happens to be 76.4% retrace of the impulsive move and also 138.2% extension of corrective wave a. Confluence of Fibo ratios is one important region to lookout for.

If it goes deeper than the next lower level could be 64 approx. which happens to be 161.8% of the wave a what is quite normal for wave c to travel.

Once we are able to define the end point of wave c (iii) we will have a better estimation where the wave c could end. So keep a watch on the internals of wave c and catch the next BIG MOVE UP !!!

Happy trading !

SHEKHAR

NB: All Fibo values are approximation on visual basis they are not calculated values.

 

[umesh12]

Thanks Shekhar for RCOM EW chart.

If possible for you then please post EW counts for NIFTY as well

Thanks

 

[shekharinvest]

RECAPITAL:

Chart is self explanotary. Be prepared to buy soon.

Happy Trading !


Wishing a very Happy Vijaya Dashami to ALL!!!


SHEKHAR

Pl correct: 61.8% of wave 3= 443 approx

 

[shekharinvest]

This is an hourly chart of BNF a clear 5 wave fall has completed. Which implies that the correction in Bank Nifty will be a Zig-Zag move i.e. 5-3-5

Now expect a 3 wave recovery which generaly recover 62% of the down move and sometime can extend upto next higher level therefore look for reversal at 62% or go short at 62% with SL a bit above 80% hourly closing basis.

Hopefully one can catch the C wave down from there.

Happy Trading !
SHEKHAR

 

[prabhsingh]

Shekhar,

Couple of Observation for Rcom.If you do rounding to the values then 61.8 comes out to be 93 and Rcom has made a low of exact 93.05.Hence Shorting is only advised if it goes below 93.

If it breaks 93 then next target is 82 which is 0.70 from low of 47 till high of 165.Hence in order to play safe stay away from Rcom and SHORT only below 93.