Elliott Wave Analysis of NIFTY spot

[traderniftybull]

Hello
Are you basically a bear trader??????

 

[persistenttrader]

Hello
Are you basically a bear trader??????

Not really. I trade whatever Elliott may suggest. However, I perform better in bear markets. Thats not a good statement since market trend is up in the longest degree. Learning to trade equally good in bull markets too

 

[persistenttrader]

Update as of 10-jan:
No changes in the count and in the alternate count (pls read the disclaimer!!!), so we keep watching.

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 14-jan:

It's getting pretty complicated at 5-minute chart level. Still, i've updated the below counts and have tried my best to not violate any rules. We are still short with SL above 10923 (read disclaimer first!!!). Expecting a decent downmove now.

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 14-jan:

It's getting pretty complicated at 5-minute chart level. Still, i've updated the below counts and have tried my best to not violate any rules. We are still short with SL above 10923 (read disclaimer first!!!). Expecting a decent downmove now.

View attachment 32748

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.

This count is invalidated. Pls see post below for new most preferred count. Thanks.

 

[persistenttrader]

Update as of 15-jan close:

Net loss till now: 10835-10849 = 20 points incl cost of trade

Following is the next most preferred count: short at 10895, stop above 10923 (read disclaimer first!!!)

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 16-jan close:

NIFTY had crossed our SL of 10922 intraday but closed below 10910 (from where down impulase count started). So, we are giving benefit of doubt here. With this, following are the most probable counts:

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 18-jan close:

It's not clear if our counts are correct at the moment. Still, we have not broken any rules in counting. With this tought, we hold our short position (read the disclaimer first!!!) with SL above 10923 closing.

The alternate count will kick in after 10923+ close. Until then, the idea is to get in a position with very very good r:r ratio

Count as of now:

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 21-jan close:

Alternate count has kicked in. We are clearly in an ending diagonal. The dropdead sl for this short (read disclaimer first!!!) is 11185. But using an option hedge, the cost can be brought down considerably but that's the discussion for another time.

These are the updated counts:

Interestingly, is the C of 5 of the big enging diagonal itself an ending diagonal???

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 22-jan close:

We are on the right track, per the waveforms. SL above 11021 closing (read disclaimer first!!!).

Updated counts 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.