Elliott Wave Analysis of NIFTY spot
- Thread starter persistenttrader
- Start date
- Tags elliott elliott wave elliott wave count elliott wave theory elliott waves elliottwave nifty
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
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
DAILY CHART auto
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 ^^
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
DAILY CHART auto
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 ^^
Last edited:
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:
Lets see what pans out…
Thanks for reading!
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:
- 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.
- Wave 1 of 3 of (3) is on.
- 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!
Last edited:
7/19/2015 6:48:17 PM
As of 7/17 EOD chart, there is another valid count that has emerged:
Count-2:
Daily chart:
15-minutes chart:
Count-1:
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!
As of 7/17 EOD chart, there is another valid count that has emerged:
Count-2:
Daily chart:
15-minutes chart:
Count-1:
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!
Last edited:
)...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.
Count-1:
Daily chart:
15-minutes chart:
Count-2:
Daily chart:
15-minutes chart:
Thanks for reading!
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.
Count-1:
Daily chart:
15-minutes chart:
Count-2:
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
Aside:
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!
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
Aside:
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!
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| C | Analysis Currency pair with Elliott Wave Principle | Technical Analysis | 0 | |
| P | Elliott Wave Analysis of USDINR | Technical Analysis | 5 | |
| P | Elliott Wave Analysis of BANKNIFTY spot | Technical Analysis | 30 | |
| B | Nifty Elliott Wave Analysis | Technical Analysis | 51 | |
| B | Elliott wave analysis | Technical Analysis | 6 |
Similar threads
-
Analysis Currency pair with Elliott Wave Principle
- Started by Chong HH
- Replies: 0
-
-
-
-