Elliott Wave Theory

[WaveSurfer]

Oriental Bank Of Commerce
Monthly Logscale

Looks like a value pick for wave 3 target of 2300. Book value is about 459 and PE is less than 10. Buy when there is blood on dalal street. Looking to buy some good chunk if it comes to 50.

 

[WaveSurfer]

Nifty Spot 15 Min

 

[WaveSurfer]

Nifty Spot 5 Min

Looks like Nifty should put in a top by tomorrow or day after.

 

[timepass]

Nifty Spot 5 Min


Looks like Nifty should put in a top by tomorrow or day after.

Any views on Rcom and Unionbank ??

 

[Smart_trade]

Nifty Spot 15 Min

You have shown this upmove as a fiver. And a first five wave pattern is never an end of the move . So this upmove could be a part a of a-b-c flat or zigzag correction which may be unfolding before this correction ends.

Just putting my views.

Smart_trade

 

[WaveSurfer]

RCOM Monthly Log Scale

Looks like putting in a long term bottom soon.

Weekly

Can be accumulated around 45 for a medium term target of 155.

 

[WaveSurfer]

Union Bank Monthly Log Scale

Looks like making a running triangle BUT a break below 98 will not be good for the stock.

 

[Smart_trade]

RCOM Monthly Log Scale

Looks like putting in a long term bottom soon.

Weekly

Can be accumulated around 45 for a medium term target of 155.

In the first chart in down move 5 waves marked in red, there is an overlap between 1 and 4 .This is contradicting the basic rules of EWT. So the counts need to be different.

Smart_trade

 

[sumantra]

Nifty Spot 5 Min

Looks like Nifty should put in a top by tomorrow or day after.

wherefrom u got this chart ? i have tried several times to put nifty data into amibroker, but failed. kindly help me.

 

[WaveSurfer]

You have shown this upmove as a fiver. And a first five wave pattern is never an end of the move . So this upmove could be a part a of a-b-c flat or zigzag correction which may be unfolding before this correction ends.

Just putting my views.

Smart_trade

Sometimes , the market makes a correction that's made of 5 waves. I have seen it so many times on smaller timeframes. I am posting NIFTY hourly chart , marked in a rectangle you can clearly see a non-overlapping 5 wave decline which proved to be a correction. No zig-zag , no expanded flat , nothing.

Ideal waves reside only in the book. In practical , sometimes things go for a toss. So, i guess it's always better to do a multi -timeframe analysis and keep the bigger picture in mind.

This whole decline is unfolding in 3 swings indicating an ending diagonal wave c and a overlap with wave one low i.e.7553 is must which it will do tomorrow hopefully. Unless , 7793 is not taken out , i expect a 3 swing down move printing new lows.