Elliott Wave Theory

[amitagg]

NIFTY Daily

Two possible wave counts on NIFTY. Looks like a corrective decline .

Pls also show how you calculate 5 waves in currently marked wave 2-3

 

[amitagg]

NIFTY Daily

Two possible wave counts on NIFTY. Looks like a corrective decline .

It's a corrective decline.... Despite causes 50 percent retrace and 1900 points fall in nifty


So how does that matter if we're to be an impulse

Now if is a corrective decline and it is ,,,,, would the rise from 5119 or 5900 be corrective rise..... In bigger time frame and hence more than required for this decline to play out

If yes..... Despite being corrective we spend more time in 7800-6500 region ....

Then does it PRACTICALLY matter whether decline was corrective or impulsive ......!!!!!

 

[durgesh]

Amitagg , instead of blowing hot & cold , read up some EW. 38.2 & 50% correction is normal for 4th waves.
Yiu are crying over a 50% decline . On the previous page, read up a few posts. I predicted a decline to 7500. So, whats big deal. Yes, the wave 3 was tough to mark its internal structure. I had admitted this many moons back in one of my posts.
There is no perfect moving average, no perfect trendline and no perfect trading system.There is chaos in the market and using EW we try to find some order in it.
Now to your question as how does it matter if the decline is impulsive or corrective , i will say if it were impulsive we would be looking at 5200 on Nifty. You ain't seeing anything yet.
There is no perfect count as well and even if there is one , market does not know EW and does not care. It's just a count and not any recommendation or guaranteed forecast for the market. As the market prints new bars , counts will evolve.
How about enlightening the board with your count ? let us see what you got

 

[durgesh]

Food For Thought !!!
Will history repeat itself ?

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[traderniftybank]

Interesting
I am also getting these levels (6800 - 6700) as per my system (which has nothing to do with EW).

 

[prabhsingh]

"Yes, the wave 3 was tough to mark its internal structure. I had admitted this many moons back in one of my posts."
Give a close eye and you can spot clearly 5 internal waves in it as well.You can look at Hourly chart to spot internal waves as well.

 

[durgesh]

MCX Crude

 

[durgesh]

Here is a count on BPCL. It fell in five waves and then corrected in a tripple complex correction , the max allowed under EW. As per the count , BPCL should continue lower.

 

[durgesh]

Here is a count on MCX Gold hourly chart... It's probably making an ending diagonal in wave 5 which will complete wave 1 on daily chart.

 

[durgesh]

With PE less than 10 and Book Value of 312 , with cude prices soon bottoming around 25 , with OPEC and Russia agreeing on a 5% production cut.
This stock makes a compelling case to look at it.Looks like a good bargain at 100