Re: Elliottwavecount for SENSEX
hello vinay,
Really a great analysis given by you.I use very short term elliot counts to track the market.In my openion an orthodox top was created at the (iii) wave high.since I donot have have nifty intraday chart, I am attaching a nifty fut chart and in my opinion 3420-3430 would be crucial.Would welcome your opinion.
regards,
gvnarendra.
joy_verma said:
Hi Gandharvashu,
Agree with you that levels of 3290 on nifty and 11008
on sensex are crucial as violation of these levels will push markets
down. However, on hourly charts I see indices have traced out a zigzag
(5,3,5) pattern for this correction from 11931 level. Either it is a completed
fourth wave or first leg a of abc correction. if it is a leg of small fourth
wave then we should be heading up to complete b leg (a three wave rise)
zigzag (5,3,5) and subsequently fall in final wave c which will be an
impusive 5 wave decline to current low of 11008 or slightly below this level. Alternatly, if the recent low was a completed wave (iv) then again we
should see a rise in the form of 5 waves to atleast recent highs of 11931
So the levels to watch on upside are 3456 on nifty and 11582 on sensex
and of course recent lows on downside. As far as infy results are concerned I think these are temporary phenomena as overall market direction
is measured in terms of collective or herd mental frame work of trading
community or you call it social mood of masses. Happy trading week and
thanks for contributing .
Regards,
vinay
Agree with you that levels of 3290 on nifty and 11008
on sensex are crucial as violation of these levels will push markets
down. However, on hourly charts I see indices have traced out a zigzag
(5,3,5) pattern for this correction from 11931 level. Either it is a completed
fourth wave or first leg a of abc correction. if it is a leg of small fourth
wave then we should be heading up to complete b leg (a three wave rise)
zigzag (5,3,5) and subsequently fall in final wave c which will be an
impusive 5 wave decline to current low of 11008 or slightly below this level. Alternatly, if the recent low was a completed wave (iv) then again we
should see a rise in the form of 5 waves to atleast recent highs of 11931
So the levels to watch on upside are 3456 on nifty and 11582 on sensex
and of course recent lows on downside. As far as infy results are concerned I think these are temporary phenomena as overall market direction
is measured in terms of collective or herd mental frame work of trading
community or you call it social mood of masses. Happy trading week and
thanks for contributing .
Regards,
vinay
Really a great analysis given by you.I use very short term elliot counts to track the market.In my openion an orthodox top was created at the (iii) wave high.since I donot have have nifty intraday chart, I am attaching a nifty fut chart and in my opinion 3420-3430 would be crucial.Would welcome your opinion.
regards,
gvnarendra.
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