Elliott Wave Theory

[durgesh]

ICICI Bank Hourly

This wave 5 0f 5 0f 3 should complete around 196.4

 

[durgesh]

Nifty Hourly

Expect Nifty to hold 7240 and move up .So, far it looks like making a bullish gartley on hourly. If 7240 fails to hold , well we may go down in wave 3 .That will be nasty .

 

[durgesh]

WTI Crude 4h

 

[durgesh]

Cairn India Hourly Chart . Probably making a contracting triangle in wave 4

Axis Bank Hourly chart . Contracting triangle

 

[durgesh]

Some food for Thought :

This post is about a particular price pattern that occurs at tops and bottoms .

NIFTY Weekly

NIFTY Daily

Some patterns keep repeating with consistency . This is one of them.It will be interesting to watch what unfolds here on.

 

[sherbaaz]

Some food for Thought :

This post is about a particular price pattern that occurs at tops and bottoms .

NIFTY Weekly

NIFTY Daily

Some patterns keep repeating with consistency . This is one of them.It will be interesting to watch what unfolds here on.

Hi,
Thanks for the post.
The bullish butterfly I also spotted yday. But there is one problem in it the XA leg is not retracing min 78.6% at B, which is a very imp condition.
Share your inputs.

Regds,
s

 

[durgesh]

I have seen 61.8 also does the trick at times. There are many instances of 61.8 retrace instead of 78.6 . Will post such charts later with 61.8 retrace.

 

[durgesh]

Nifty 5 Minute

Wave 3 of C is shorter than wave 1. Hence, wave 5 should be shorter than wave 3 . Then the market is making 5 waves within the fifth wave.

All in all, Nifty should put in a low today at around 7144 and on the downside should not touch 7111.

If the butterfly is right , we are completing wave 4 today and heading for 10250 on Nifty on the longer timeframes.

 

[durgesh]

NIFTY Weekly

On the weekly chart, wave 2 was small timewise and pricewise . So, we have alternation between wave2 and wave 4 .
Wave 2 was short, swift and simple. Wave 4 is time-consuming and deeper correction with complex pattern till 61.8 retrace and near the trendline .
In wave 4 AO is supposed to go below the zero line . It is below zero.

NIFTY Daily

On the Daily , i have tried to label the correction with two set of alternate counts. One is in red and one is in blue. In blue counting i forgot to put the second x which is at the same level as the first red x.

So, this is what i think is happening and market is free to whip my count . After all , Mr. Market is The Ultimate Boss & Rules Supreme

 

[timepass]

On the Daily , i have tried to label the correction with two set of alternate counts. One is in red and one is in blue. In blue counting i forgot to put the second x which is at the same level as the first red x.

So, this is what i think is happening and market is free to whip my count . After all , Mr. Market is The Ultimate Boss & Rules Supreme

How come your daily chart shows 7142 as the closing ?