Elliott Wave Analysis of NIFTY spot

[Riskyman]

@@persistenttrader,

Thanks for your post. Can you tell me whats the [W] and the [x] stand for in your chart?

 

[persistenttrader]

@Riskyman - w and x are the 'threes' that are separating (or connecting) corrective waves.

 

[SaravananKS]

I think forum rules are preventing Elliot wave :lol:

 

[persistenttrader]

6/26/2015 11:24:49 AM:

Update to the count mentioned: this count has turned shady.

Count 1 (original count)

https://drive.google.com/open?id=0B2iZd-FIlCY0TTZnaW4tR043QW8

Instead, an alternate count has emerged which was shady on 6/20. Both the counts are perfectly valid in my opinion as none of them is breaking any wave counting rules per Elliott.

Count 2

Best part of in either case, the 6/12 low of 7940 could have been a good entry point!

Elliott experts – pls could you comment on the above? Also there are certain questions raised in each of the counts pasted above. Could you pls comment on those too?

Thanks

 

[mastermind007]

I think forum rules are preventing Elliot wave :lol:

On the contrary, forum rules are forcing you to do your own analysis and thereby learn. Ready-made target providers are all over the market place and moneycontrol, facebook etc is also full of 'em

What OP @persistenttrader is doing is revealing the counts that he has made, which I think are manually done. I have been using a software tool to do the Elliot Wave counting but would love to figure out how to do manually with reasonable efficiency. IMHO, learning to manually count will also improve my understanding of what the existing tool is showing.

Having said that, at the moment, following are the tools in market that do a reasonably good Job

Advanced GET: I am told GET in its name is acronym for Gann Elliot Trader. It is quite expensive software. More recent versions work only if you are connected to the internet and have subscribed to a data package and the data subscription is quite expensive as well.

Motive Wave : It is web based software with predominant focus on American market but it does use Google as a source for Indian exchanges. UI is nice but intimidating.
What I liked a lot in this was that, it used to plot same symbol in many time frames at once. License fee to use it is lot more reasonable.

There are at least 20-30 different Amibroker AFLs that deal with Elliot Wave counting and plotting but none seem to be doing adequate job

 

[persistenttrader]

@mastermind007 - yes, I have counted the waves manually. I do not have any software for that. What I do is kind of zoom in to say a daily chart and look at hourly chart to confirm wave structure. I really hope this will work...how have you tried the counting outside of software yet?

And thanks for the information you have provided about EW Softwares.

 

[mastermind007]

@mastermind007 - yes, I have counted the waves manually. I do not have any software for that. What I do is kind of zoom in to say a daily chart and look at hourly chart to confirm wave structure. I really hope this will work...how have you tried the counting outside of software yet?

And thanks for the information you have provided about EW Softwares.

Yes, I did make an effort to do manually, but had seen it on software first so that has become a handicap for me. Would love to learn to do it manually.

 

[persistenttrader]

Hi mastermind007,

If I may, can I request you to pls post snapshot of wave count mentioned by the software? A screenshot of the daily chart for the same duration as mine will do.

If that is not possible, can you pls at least mention how much close my wave counts are compared to what your software has told?

This way I will at least have something to guage my stuff with. I don't see any other thread based on Elliott wave......

Thanks & regards

 

[mastermind007]

 

[test123]

so looking at charts we could expect wave 2 to to begin anytime... i.e before breaking upper boiler band it will come a little down