Elliott Wave Analysis of NIFTY spot

@test123 - brother, this is precisely why I've started this thread - to know if Elliott wave works for trading or not
what is your experience with it?

That said, I do not have any EW software. I analyze the chart manually.

Which is the software you have pasted the snapshot from?

mine experienced is mixed...
whenever i expect wave 5 to begin it starts massive wave c

in end i think elliot wave works on weekly or monthly perfect greater time frame is required and better look at price action....

see the auto analysis i pasted shows market will go up beyond... But my price action theory says down

and i trust my theory more lol
1 more proof elliot is pure Masturbation :)

Auto analysis selecting Daily chat gives the folowing image which says market will go up
and Auto analysis selecting 3 min chart says market will go down lol

Lmao so which one do u believe to be right ?

hence proved Elliot wave cann;t predict future .It;s good to draw line after it has happened


3 min chats AUTO

See both the pic

EVEN PATTERN THEORY says 2 different things.. don;t know what to believe...
Daily 30 min Shark

daily 30 min chart with 6 hrs view

so which one do u believe and will trade in live market very hard

reaches the conclusion ...

All this sh_it was created so it can only confuse traders... and market will only do what he wants in the end .

Case closed

Is there any one that has answers to my questions ........how do u know which one to believe ?

in end lisens to keeps me clam ^^
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7/17/2015 1:52:24 AM

Further to my post http://www.traderji.com/technical-analysis/98865-elliott-wave-analysis-nifty-spot.html#post1085725, this is the analysis:

As of EOD 7/16, things are getting clear and all the way very interesting. Wave 3 of 5 on weekly chart is on. Following is the wave structure:

Daily chart

15 minute chart

Now, what takes on the above? What does it suggest? IMHO, per Elliott Wave Theory, it suggests that:
  1. Wave 3, conservatively, is expected to be longer than wave 1 i.e. longer than 366 points. So, wave 3 should be at least 8684.
  2. Wave 1 of 3 of (3) is on.
  3. Looks like it is forming an ascending contracting triangle (both lines of triangle are pointing upwards with different slopes and are converging) which is bearish. Wave 2 of 3 of (3) seems imminent which might land up in 8540 and then in 8450 area.

Lets see what pans out…

Thanks for reading!
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7/19/2015 6:48:17 PM

As of 7/17 EOD chart, there is another valid count that has emerged:

Daily chart:

15-minutes chart:

Daily chart:

15-minutes chart:

This is the best part of the Elliott Wave principle – if count 1 is valid then the theory is suggesting immediate downside; if count 2 is valid then also the theory is suggesting immediate downside!!!

If count 1 is valid then the downside will be limited to 8550 and then to 8450
If count 2 is valid then the downside will be limited to 8300 and then to 8250 and then to 8200

NIFTY current month option chain is suggesting resistance at 8600 while stronger-than-that-resistance support at 8500.

Does Elliott Wave principle work? Lets see tomorrow....
Is my counting correct? Lets see tomorrow....

I am very much excited to see the movement tomorrow….:fatigue:

Thanks for reading!
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nifty made a low of 8559!!! (Count-1 analysis had yielded ~8550.... )...

Now, which count is more probable? Is this end of this correction? Details to follow after analysis later in the day....

Thanks for reading...!!!
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7/22/2015 6:55:04 AM

As of 7/21 EOD, both the counts are still valid.

If it’s count-1 in effect, then levels suggested by count-1 have been reached. Still some amount of further movement (until 8479) is possible. Any level 8479 will question (and not in-validate) count-1.

If it’s count-2 in effect, then wave-c is in progress and there is a long way to go. Any value above 8646 in-validates count-2.


Daily chart:

15-minutes chart:


Daily chart:

15-minutes chart:

Thanks for reading!
7/28/2015 12:55:23 AM

As of 7/27 EOD, the analysis is reading only one wave count mentioned below. It’s so clear that a 15-minute chart or any zoom is not required to decipher the count.

Daily chart:

So, per EW theory, post the ending diagonal, the price should retrace to the beginning of the pattern or perhaps beyond. I cannot be more explicit that this due to forum rules

The ending diagonal is either wave-5 or wave-c. What will it be in this case? Well, should a trader be really bothered? Why should a trader try to analyze the chart? Why EW? What is this affair all about?

Simple answers: A trader is in the markets to make profits. He should have a method; and in this thread I am trying to analyze if EW can be a profitable method.

IMHO, any method should be able to provide TRADABLE insights. That TRADABLE is a very important element. So, after today, I think I should change the mood of the thread to identifying tradable setups rather than doing some abstract analysis. It was only Friday night when I realized that there is an ending diagonal that has developed. Today on opening, I immediately closed longs that were running for quite some time now and let the hedges run. Rather than some abstract thinking, today was a revealing day for me from an Elliott Wave perspective. MARK TRADABLE setups and pump in. Now what TRADABLE means is left to each personality (risk:reward, money management rules et al). From this light, I still think the wave principle is a valuable tool for marking so called tradable setups.

End Aside.

Thanks for reading!
Can any experienced trader comment on the latest post? Is my thinking (mentioned in Aside) correct?

mastermind007, SaravananKS, timepass - - you had been the visitors for this thread; could you pls comment on the above lines?

Thanks & regards,


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