Elliott Wave Analysis of NIFTY spot

[sumantra]

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

 

[sumantra]

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

Nifty is on this kind of pattern.

 

[sumantra]

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

NIFTY IS ON THIS KIND OF PATTERN.

 

[persistenttrader]

Updated count as of 28-jun-2019 closing:

We are (read the disclaimer first!) therotically long starting 11650, sl below 11600, spot levels. Counts with teal (some sort of green, i guess) background in the below snapshot is our preferred count till now.

No change in the view, following are updated counts:

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]

@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.

EW can be applied to any market that is free (no externally imposed restrictions) and liquid (huge buyer, seller population). So, it can be applied to large cap liquid stocks like SBI, HDFC et al. It may not be applied properly to small volume stocks e.g. (i really dont know, i do not look at anything other than indexes and a very few large caps).

EW can be applied for day trading. But the caveat is - then it becomes an expert play. In general as the timeframe goes smaller, the number of possibilities dictated by EW grow exponentially (hence the words 'preferred count' etc in my posts too). EW is all about deducing possibilities and probabilities and the level where many different counts converge, are the ones that have most winning probability.

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]

any updates???

 

[persistenttrader]

Updated count as of 05-jul-2019 closing:

What a day!

I understood that the correction we bought near 11640 was not over. There was an ending diagonal that made this fact clear. So, I closed longs near 11975 future level. Went short there! Since I do not have access to charts in day time, closed the shorts near market closing ~11850 levels. Probably the highest number of executed orders in a day for me till now!!!

The ending diagonal formation was concerning for the long position starting ~28-jun/1-jul but I did not get a chance to update here.

See chart (read the disclaimer first!!!) below for the detailed updates:

Need to watch 11680-11574 area for potential (read the disclaimer first!!!) long creation. Target (read the disclaimer first!!!) ~1000 points from the reversal point.

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 08-jul-2019 closing:

What a day...again!!!

Nifty corrected like anything, per the anticipation!

It will be a very (read disclaimer first!!!) prudent long position to initiate at 11555. Lets us assume we have created a long position at 11555, sl below 11523.

If this works out, then we are staring at ~ (read disclaimer first!!!) 13000 levels.


See chart:

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]

Same type of retracement in Nifty,

 

[persistenttrader]

Updated count as of 08-jul-2019 closing:

What a day...again!!!

Nifty corrected like anything, per the anticipation!

It will be a very (read disclaimer first!!!) prudent long position to initiate at 11555. Lets us assume we have created a long position at 11555, sl below 11523.

If this works out, then we are staring at ~ (read disclaimer first!!!) 13000 levels.


See chart:

View attachment 36030


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

Tried going long 2 times - 11680, 11555. Sl hit both the times. Went long yesterday near 11484, 11450. Closed the longs today. The ending diagonal (read disclaimer first!!!) is not looking good. Will wait for a confirmation before buying.

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