Elliott Wave Analysis of NIFTY spot

[singhvi]

Agree that a correction towards 11600 would be a buying opportunity.

 

[persistenttrader]

Updated count as of 06-jun-2019 closing:

We are followin the teal background count as our preferred count. Altho no other count is yet in-validated but their probability is reducing, lets not close any of those yet.

A slight change in the internal wave counts for teal background one. Now, the internal structure suggests a move down below 11614. Typical area to watch to (read disclaimer first!!!) go long is: 11685-11575-11465. As the downmove progresses, the numbers will be clearer.

Rationale and levels for doing so are mentioned in the below charts:

Bigger picture:

The 11108-onwards part:

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE.

 

[persistenttrader]

Updated count as of 07-jun-2019 closing:

We are followin the teal background count as our preferred count. Altho no other count is yet in-validated but their probability is reducing, lets not close any of those yet.

So far so good, an (read the disclaimer first!!!) upmove to 11924 seems on the cards and then downward journey to below 11769 will continue.

Rationale and levels for doing so are mentioned in the below charts:

Bigger picture:

The 12104-onwards part:

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE.

 

[sumantra]

Is this screenshot is the correct approach ?

 

[persistenttrader]

Updated count as of 10-jun-2019 closing:

So far so good, an (read the disclaimer first!!!) upmove to 11975 achieved (1.382 rather than 1). Lets see how this pans out - we are (read disclaimer first!!!) expecting a move well below 11769, nearby to 11640.

The 12104-onwards part:

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE.

 

[persistenttrader]

Is this screenshot is the correct approach ?

Hi Sumantra, I would recommend you to take a look at the first chart mentioned here: https://www.traderji.com/community/threads/elliott-wave-analysis-of-nifty-spot.98865/post-1336152

The screenshot you have shared has just 1 red flag - 4 is too small compared to 2, hence more likely than not, 4 will be something else.

 

[persistenttrader]

Updated count as of 18-jun-2019 closing:

So far so good, an (read the disclaimer first!!!) 11641 achieved, just shy of some points from our earlier 11626. We may initiate a long here (read disclaimer first!!!) with SL of 11641.

Counts and rationale follow:

Bigger picture:

Zoomed in...

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE

 

[persistenttrader]

Updated count as of 20-jun-2019 closing:

Low of 11625 was to be (read disclaimer first!!!) bought into on 19-jun. Today, we got a very low risk entry (11635~). Let us assume we have created long position at 11650, sl below 11620. Let us track this position.

The teal-background count is most preferred one.

Counts below:

Bigger picture:

Zoomed in...

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE

 

[persistenttrader]

Updated count as of 21-jun-2019 closing:

We did what we could do based on what Elliott Wave Principle suggested us. All that can be done now is to sit back and keep a (read disclaimer first!!!) stop loss order below 11620.

We are either right or wrong in a giant giant way.
If we are right, then we'll see 12300-12900-13130 levels, all with a risk of 50 points! (r:r = 50:600~1:11)
If we are wrong, then we take 50 points loss and keep sniffing around for favorable r:r trade!!

We shall see...

Disclaimer: I am not a certified financial analyst. I have started this thread to track the Elliott Wave Analysis of NIFTY (or any security/instrument discussed by me) for MYSELF. By no means the content in my posts should be taken as any sort of advise to buy or sell anything; anyone doing so is doing at his/her own risk. I AM NOT RESPONSIBLE FOR LOSS IN ANY FORM (INCLUDING - BUT NOT LIMITED TO - FINANCIAL) INCURRED BY ANYONE

 

[DELMAVERICK71]

@persistenttrader can this ew be applied to stocks for day trading too. I suppose it is meant for long term trading or positional only in which you buy with small sl as the one above of 21 June closing.