Elliott Wave Theory

[durgesh]

S&P 500 Daily

Hourly

 

[durgesh]

German Dax weekly

Expecting a decline back to 5000 on this. This alone says how bad things can get .

Daily

I think it will probably trace out a tripple zig-zag down on daily Tough times ahead

 

[durgesh]

Here is my EW map for action packed Budget Day

Nifty Spot hourly

Nifty 5 Minutes

On the hourly Nifty has completed an impulsive decline from wave 4 high.
On the 5 min yesterday , it made a falling wedge which indicated a bounce back. Now , there are two scenarios.
1. The 5th wave is going to be an extended one which is labelled in the chart.
2. We had a truncated wave 5 of 3 .

We will let the 5 min charts to guide us which one is it.

Full of thrill , suspense & action packed drama , Union Budget Day awaits you next week. Good Luck to all !!! :thumb:

 

[durgesh]

Gold 1h

 

[durgesh]

S&P500 15Min

 

[traderniftybank]

Here is my EW map for action packed Budget Day

Nifty Spot hourly

Nifty 5 Minutes

On the hourly Nifty has completed an impulsive decline from wave 4 high.
On the 5 min yesterday , it made a falling wedge which indicated a bounce back. Now , there are two scenarios.
1. The 5th wave is going to be an extended one which is labelled in the chart.
2. We had a truncated wave 5 of 3 .

We will let the 5 min charts to guide us which one is it.

Full of thrill , suspense & action packed drama , Union Budget Day awaits you next week. Good Luck to all !!! :thumb:

In hourly chart point 4 stands at 7252.2

What will be the position of point 4, if Nifty moves above 7253 by way of a spike or by regular upmove.

Am I right, if I say that it will be point 4, till Nifty remains below 7512 and a recount will be needed, if Nifty moves above 7513.

Thanks

Disclaimer: The levels mentioned are hypothetical, and posted only to understand wave formation.

 

[durgesh]

In hourly chart point 4 stands at 7252.2

What will be the position of point 4, if Nifty moves above 7253 by way of a spike or by regular upmove.

Am I right, if I say that it will be point 4, till Nifty remains below 7512 and a recount will be needed, if Nifty moves above 7513.

Thanks

Disclaimer: The levels mentioned are hypothetical, and posted only to understand wave formation.

The market can't go past wave c /4 without breaking the channel. Once this channel is broken , the count in blue will stand.
Theoretically , if it goes above c , it will look like an expanding triangle but triangles are supposed to be a 3-3-3-3-3 structure while we had a clean zig-zag and a clean impulsive wave down. So, structure wise it should not happen but if it does then we may be in an ending diagonal wave C on daily which fits the bill and as the alternate count in blue shows. Then wave d will be taken as a failed/truncated 5th.

 

[traderniftybank]

The market can't go past wave c /4 without breaking the channel. Once this channel is broken , the count in blue will stand.
Theoretically , if it goes above c , it will look like an expanding triangle but triangles are supposed to be a 3-3-3-3-3 structure while we had a clean zig-zag and a clean impulsive wave down. So, structure wise it should not happen but if it does then we may be in an ending diagonal wave C on daily which fits the bill and as the alternate count in blue shows. Then wave d will be taken as a failed/truncated 5th.

Thanks bro.
If the counts in blue prevail, then point C will be at point 3 of red counts or it is placed at correct place.
Further, after point 3 of red counts, Nifty is moving in a rising channel. Just draw a TL joining 3 and d.

 

[durgesh]

Thanks bro.
If the counts in blue prevail, then point C will be at point 3 of red counts or it is placed at correct place.
Further, after point 3 of red counts, Nifty is moving in a rising channel. Just draw a TL joining 3 and d.

Nifty is not moving in a rising channel. It's moving in a falling channel. I think your bullish bias makes you see things that are not there .
Here is some thing more probable and food for thought. A bearish head and shoulder in the making.

 

[traderniftybank]

Nifty is not moving in a rising channel. It's moving in a falling channel. I think your bullish bias makes you see things that are not there .
Here is some thing more probable and food for thought. A bearish head and shoulder in the making.

Ha ha

Perhaps your bearish bias is not looking at what, I posted for rising channel. Perhaps the chart I am posting will make it clear that now Nifty is moving in a rising channel.

And I am of the opinion that Nifty (NS) will touch (7222-)7250 as posted in my previous post. You have posted level of 7131 as the max level. But as per my study of chart, we may see 7100 - 7150 - 7222 - 7266 - 7333. Only possibility of not reaching 7250 is, if Nifty does not cross and remains below 7070.

As far as H&S is concerned, the pattern is still in infancy stage and I do not pay much attention for unripen pattern. And more over there is very small difference during formation of H&S and IH&S.

Till Nifty is above 7000, there is no bearishness. Only and only if Nifty break and remains below 7000, it may turn bearish