Elliott Wave Theory

[durgesh]

If market moves as per my count , I am looking for 7866-7802 on the downside.
Now, the alternate , if it proves me wrong then 8706,8997 on the upside .

Nifty ended its wave 3 @ 8996.55 :thumb: Next level to watch is 9039,9059,9062 . Very stiff resistance cluster from different pivots using fib expansion / external retracement.

 

[durgesh]

It's not easy putting EW counts on this Nifty chart. This is the best i can come up with. Nifty is probably making an ending diagonal in wave 5 of three.

 

[traderniftyfifty]

Please share counts for Bank Nifty, sbin and Reliance
thanks

 

[durgesh]

This is Bank Nifty continuous futures i guess. Looks like its in some kind of super bull market and it ain't finished yet. :gunsmilie:

 

[umanghai]

 

[umanghai]

...............................many bhailog requesting sbin counts... so may not be 100% correct but there may be a corrective cycle in sbin it may not be possible to be-leave in any such major correction coz modi wave has given bull fever making ppl thaink that indian markets are only made to go up!

 

[timepass]

...............................many bhailog requesting sbin counts... so may not be 100% correct but there may be a corrective cycle in sbin it may not be possible to be-leave in any such major correction coz modi wave has given bull fever making ppl thaink that indian markets are only made to go up!

Then it should also have a significant effect on the Banknifty ? Can you post your monthly count for Banknifty please.

 

[umanghai]

Then it should also have a significant effect on the Banknifty ? Can you post your monthly count for Banknifty please.

hi timpass sirji
Then it should also have a significant effect on the Banknifty ? is it compulsory that bank nifty must have exact 12345 abc 12345 abc ??? (ew waves are just probability) now the data which i have .. says that banknifty index was born after sbin ,,, so chart=chart not possible .. y cant there be head n shoulders ?? in banknifty when sbin corrects????????

 

[niftychartreader]

Hi Umang
I do not understand why creating a panic of bearish market in SBIN and BankNifty on the basis of monthly charts. It will take many months to form H&S or any other bearish pattern on the basis of monthly chart.
Moreover, IMO, we trader do not trade on the basis of monthly charts and patterns.

 

[umanghai]

Hi Umang
I do not understand why creating a panic of bearish market in SBIN and BankNifty on the basis of monthly charts. It will take many months to form H&S or any other bearish pattern on the basis of monthly chart.
Moreover, IMO, we trader do not trade on the basis of monthly charts and patterns.

sorry niftychartreader ji not creating panic.. . I dint say bhagooooooo market gir raha hai!!!............sirji Its natural to get angry when someone talks about bearishness when you have bull fever(as mentioned above) or have long positions (dont take seriously sirji

Im saying that I PERSONALLY DON'T RECOMMEND TO BUY SBIN....
If some1 having any bullish view then he is free to post it na? same way we must accept bearish views .. or correct /suggest why charts are wrong.

thankx