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| Discuss Elliott Wave theory - why does it work? at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; So 51.50 Low of Eveready Industries broken ,means 5th Down yet not complete.... |
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#122
4th June 2007, 12:48 PM
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Re: Elliott Wave theory - why does it work?
Bring Eveready Industries to your radar, it is about to fall deep to complete its last leg of 5th of 5th Down Wave.Never buy until this fall gets arrested after few days.
Low = 50.70 till 12.48 am The reward in catching these kind of stocks is that ,after its completion ,expected a new formation will take place where the chances of going below the lowest point of 5th waves last leg is less,& a good upside expected,the same thing happened in Balarampur Chini on budget day's low (28th feb) .Plz refer "Buy Balarampur Chini" thread to actually see what happened & when we entered. http://www.traderji.com/79872-post1.html Never try to anticipate & take position,EW is based on hind sight,means 5th whether complete we will know couple of days after it actually happens.Plz depend on your personal system of entry but ,do enter Long ,when that signals,becoz EW says this would probably be it's bottom,atleast for few weeks. Last edited by uasish; 4th June 2007 at 01:04 PM. 
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#127
7th June 2007, 10:35 AM
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Re: Elliott Wave theory - why does it work?
Hi Uashish,
Since eveready seems a contrarian play , I hope you dont mind me asking whats your stop. 
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#128
7th June 2007, 10:46 AM
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Re: Elliott Wave theory - why does it work?
This is my few weeks investment stock ,go thru the earlier post you will know why,have entered only 20% of my intended investment on this stock till now,after 100% then will decide SL , i want it to fall so i can invest further.
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#130
7th June 2007, 10:43 PM
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Re: Elliott Wave theory - why does it work?
hi, as someone said somewhere i am lazy,dont bother to study elliott and other things and will not understand anything.
but all said and done, elliott or any other thing that works in the market works because many are following it. so bingo at that point you square off...or short. only when big guys come and fade the common belief (translated to a tool), that you see boats sinking. just my uneducated guess. take it with a pinch of salt!
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