Elliott Wave Theory

[amitagg]

This is what maybe happening on the daily. We maybe in a C wave ending diagonal where each leg sub-divides into 3s i.e. abc .

If indeed its C wave of an ending diagonal then the wave structure must overlap i.e. wave the ongoing 4 should breach wave 1 low.Nifty should print above 7553.

This is also a possibility. No matter which is chosen , the selling is not yet over. It's a correction in a bear market.

Thanks that much better. I would go by 1. It's clearly x wave to 8650 odd and not B. Gives more confidence thanks

 

[insursi]

Hi durgesh
Could you share your E.W concept on gold....if possible. As I am planning to add gold bees on portfolio until the bear market over. Recently, gold has given nice breakout and at the moment waiting for retracement to initiate position.

Thanks.

 

[durgesh]

Hi durgesh
Could you share your E.W concept on gold....if possible. As I am planning to add gold bees on portfolio until the bear market over. Recently, gold has given nice breakout and at the moment waiting for retracement to initiate position.

Thanks.

MCX Gold Weekly

Longer term , its heading for 43000. Right now , its in wave 3 and as you can see on the chart , its close to 161.8 projection at 30240. I think a correction is likely and commodities have a nasty habit habit of extending in wave 5 .
So, this bigger 5 is going to extend .

Now the question is will it be a clean impulsive move up or end up like an ending diagonal in 3s, only future price movement can tell.

Daily

It's currently in wave 4making a triangle or ending diagonal in wave 5 of the current swing.Tough to call right now. For buying Gold etfs, a good level to enter is at the top of the channel at around 28400.

 

[durgesh]

Spot Gold 1H

A classic example of how complex a wave 4 can get

 

[durgesh]

Nifty Futures 5 Min

 

[durgesh]

Bank Nifty 1h

 

[durgesh]

WTI weekly

 

[gopicbin1]

Durgesh ji any hope for nifty bears

 

[durgesh]

Durgesh ji any hope for nifty bears

7550-7600 is bear territory. Structure wise the bottom is not there in yet.
This is just a sharp & swift counter-trend rally.

 

[333]

7550-7600 is bear territory. Structure wise the bottom is not there in yet.
This is just a sharp & swift counter-trend rally.

I agree,6800 spot level we will break again, Jun-july we may hit 6440