Elliott Wave Analysis of BANKNIFTY spot

#1
Hi All,

I am planning to track BANKNIFTY per Elliott Wave principle. It will serve a sort of trading diary and also may provide a retro view of what works and what does not.

I urge members to comment on the analysis.

The original post is housed here: https://www.traderji.com/community/threads/elliott-wave-analysis-of-nifty-spot.98865/post-1337244

Thanks.

Disclaimer: I am not a certified financial analyst. I am starting this thread to track the Elliott Wave Analysis of BANKNIFTY for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING BUT NOT LIMITED TO, FINANCIAL) INCURRED BY ANYONE.
 
Last edited:
#2
The big picture:

Wave-4 is underway. It has completed a flat but has truncated C of the flat. So, more likely that it will be followed by an X and then correction of some other form (mostly zigzag).

2019-01-15_banknifty_weekly.png


A zommed in version of the move from 24240- till now:

1547577332916.png


A zoomed in view of the last part:
1547577757667.png


So, let us assume we have shorted banknifty at 27750 with SL above 27750 daily closing basis. Target is below 23605 (read disclaimer first!!!)

We'll track this trade and update the counts and see how we perform.

Disclaimer:
I am not a certified financial analyst. All that i wrote above is only for educational purpose (education pertaining to the Elliott Wave principle). No one should take the above as anything more than an educational post. I am not responsible for any profits or loss arising out of a position taken based on the above.
 

Riskyman

Well-Known Member
#4
The big picture:

Wave-4 is underway. It has completed a flat but has truncated C of the flat. So, more likely that it will be followed by an X and then correction of some other form (mostly zigzag).

View attachment 32770

A zommed in version of the move from 24240- till now:

View attachment 32771

A zoomed in view of the last part:
View attachment 32772

So, let us assume we have shorted banknifty at 27750 with SL above 27750 daily closing basis. Target is below 23605 (read disclaimer first!!!)

We'll track this trade and update the counts and see how we perform.

Disclaimer:
I am not a certified financial analyst. All that i wrote above is only for educational purpose (education pertaining to the Elliott Wave principle). No one should take the above as anything more than an educational post. I am not responsible for any profits or loss arising out of a position taken based on the above.
Wah bhai Wah! Kya baat hai. Finally I meet someone who says BN is going to fall to 23600.
My target for BN is 23000 although not based on EW. Some other crap I read too much.
Ive been saying it for a while now but BN going up, up and away only:p

I will be happy to watch your views as you post more. Good luck! :up:
 
#6
I have already shorted Feb BankNifty 26000 call , eaten 1700 premium
My premise is bearish wolf wave
Your hourly chart diagonal is perfect wolfe as far as I understand
But Wolfe Wave has volume as an important component. The volumes are supposed to be higher at points 3 and 5.
 
#8
Wah bhai Wah! Kya baat hai. Finally I meet someone who says BN is going to fall to 23600.
My target for BN is 23000 although not based on EW. Some other crap I read too much.
Ive been saying it for a while now but BN going up, up and away only:p

I will be happy to watch your views as you post more. Good luck! :up:
@Riskyman - Sir, I appreciate your kind words of encouragement. I will try my best to post counts 3-4 a week at least. That way, how NOT to think while counting will be clear, to say the least!!!

By the way, which method of analysis do you use?
 
#9
I have already shorted Feb BankNifty 26000 call , eaten 1700 premium
My premise is bearish wolf wave
Your hourly chart diagonal is perfect wolfe as far as I understand
Cool! It is always helpful to get the counts verified by an independent different method. Thank you very much. I would request you to chime in this thread, at least when there is major accord as well as major discord between EW and Wolfe! Thank you!

Also, hats off for that feb CE short!!! When had you initiated the position? What was your SL?
 

Riskyman

Well-Known Member
#10
I have already shorted Feb BankNifty 26000 call , eaten 1700 premium
My premise is bearish wolf wave
Your hourly chart diagonal is perfect wolfe as far as I understand
Ye bhai kaunse series ka call short kiya hai?
Which series Ce have you shorted?
 

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