Day Trading Stocks & Futures

sridhga

Well-Known Member
there is no secret, wave 4 ended n wave 5 started :)
i was expecting wave 4 to end just below 23000, as wave C's 100% target was also around 23015 , but wave 4 ended at 23155 :)
then price went above the c wave's trendline, that was 5.1 wave, then retraced back n stopped in the 60-80% zone, that was 5.2 wave, n then gradually moved up n went above the A wave's trendline too, n then there was nothing to stop it, so price shot up , that was 5.3 wave :)
it is very difficult to identify these waves in real time, but once 5.1 n 5.2 were formed n price was moving up, i knew an impulsive move was abt to happen, either today or tomorrow with a gap up, luckily it happened today :)
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But in most cases, wave 5 should close above wave 3. So you expect this to go above 24200. Is it not?

Or let us look at this way. If we assume that wave 3 is the longest in this up move, then wave 1=wave 5 in size. Wave 1 started at 20407 and ended at 21811. So wave 3 which started at 23155 should end at 24500. Is it not?
 
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sridhga

Well-Known Member
RJ showed great restraint when he said 18,000. Quietly he is thinking 30k-50k :)

All major indices go up over long period of time. That is because they periodically kick out under performers and include new upcoming performers.

As long as our central banks just print paper and call it 'money', the markets (more so with the indices) will go up.

The under performers will be thrown out of the club, are forgotten, and they die an inglorious death. Meanwhile, the new performers have a party time and the show goes on.
 
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Romeo1998

Well-Known Member
But in most cases, wave 5 should close above wave 3. So you expect this to go above 24200. Is it not?

Or let us look at this way. If we assume that wave 3 is the longest in this up move, then wave 1=wave 5 in size. Wave 1 started at 20407 and ended at 21811. So wave 3 which started at 23155 should end at 24500. Is it not?
sometimes there r truncated wave 5s too, means they dont go above wave 3.... wave 5s target = wave 1 x 1 or wave 1 x 1.61 or wave 1 x 2.61 or wave 1-3 x 0.61 or wave 1-3 x 1 .... i always use trendlines and channels to know when a wave has finished n a new wave is forming :)
all the rules r perfectly explained on elliottwave.com :)
 

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