Elliott Wave Analysis of NIFTY spot

[timepass]

I understand nothing about Elliott waves; I just look at the others' charts and read their conclusions.

 

[niftysunday]

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

Thanks for chart
IMO, the price is likely to retrace beyond the beginning of the pattern.

This fall was imminent but as per counts this fall should have happened after a rise.

 

[Somatung]

Thanks for chart
IMO, the price is likely to retrace beyond the beginning of the pattern.

This fall was imminent but as per counts this fall should have happened after a rise.

Our little smart aleck, who is posting all over different forums, is now posting again his views also in TJ on a regular basic to have any idea if he may is right or more or less wrong. This just to prove to him self what a good trader he is on the chart and in any forum. :lol::lol::lol:

 

[SaravananKS]

@persistenttrader, as said earlier I practice neowave instead of orthodox Elliot. the prime aim of EW is to forecast the future move. So one can make elliot counts based on bias. to get trade setups from these counts requires some experience (with real trading experience). for some one it may take years , for another it needs only few hours.

The Key is one should not over sight any rules that is very important.:thumb:

 

[niftysunday]

For some traders who knows nothing beside a certain things, all sort of analysis tools are like buffaloes that why for them it is said "kaala akshar bhains barabar" and the fellow is like this.
And to ruin or to bomb such posts/threads/analysts, this fellow has adopted a very good strategy. Enter such threads and post bla bla. :lol:
And he has done this in past also and he knows this is a sure shot formula to bomb such good threads
And that why I did a post, yesterday for such fellows, who think themselves to be a FanneKhan and above all rules.

They say
"haathi ke daant dikhane ke aur khaane ke aur" meaning an elephant has 2 sets of teeth, one to show and other to chew.
Similarly here, some who think themselves to be some kind of Fanne Khan, has 2 sets of mindset, one mindset to (show) preach others about rules and other mindset to chew all sort of rules (as no rule applies to them and they are above all sort of rules)

 

[persistenttrader]

Hi All,

After a very long break, i am thinking of reviving this thread.

So, here is the latest analysis:
1. Movement from 10004 - 10923 looks like an ending diagonal with a truncated 5th wave.
2. Ending diagonal at this stage in the chart implies a C wave of an X
3. If this is really an X, then, per Elliott Wave principle, a correction should follow that -

a. should be a zig-zag (alternation with earlier 11171-9951-11761-10004 flat correction)​

b. should end below the earlier correction (10004)​

​

Here is the weekly chart (the big picture):

and the zoomed in part of the last 10004-11923 movement (hourly chart):

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.

 

[persistenttrader]

Lets assume we have initiated a short trade and track it.

Today's update:

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.

 

[persistenttrader]

Update as of 8-jan-2019 close:

Still holding short with SL above 10849; however the true SL is still above 10923, which the money management is not allowing us to take.

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.

 

[persistenttrader]

Update as of 9-jan-2019 close:

Our money management stop at 10849 has been hit. An alternate count has also emerged. We do not seek any position at the moment and watching closely. Alternate count mentioned in the chart below:

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.

 

[persistenttrader]

Banknifty also forming similar setup: theretically, SL above 28168 with target of below 23605 seems in the offing (pls read the disclaimer first!!!)
Will start a separate thread to discuss banknifty. Until then, this is what it is!!!

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.