Elliott Wave Theory
- Thread starter 1sandeepgupta
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if it is lower degree it can not Possible as Wave 4 can not be as a impulse one
ie
if it is Higher degree then Wave iv Looks like completed as zigzag we may be in wave 5
it is Totally based on the image of you (not my counts)
Or nifty may be trading in wave 2 of last leg of zigzag (ie wave C which can be 5 waves Impulse )
Nifty Monthly
I think this is the wave count Trendy is trying to convey.
The monthly shows a 5 swing decline so far. It can be labelled as an ABC where currently the market is making wave 4 of C or it can be labelled as a double zig-zag where the market is making B of second zig-zag and a C down is pending.
I think this is the wave count Trendy is trying to convey.
The monthly shows a 5 swing decline so far. It can be labelled as an ABC where currently the market is making wave 4 of C or it can be labelled as a double zig-zag where the market is making B of second zig-zag and a C down is pending.
Nifty Daily
The wave 4 or B on the monthly looks like an ABC zig-zag on the daily so far where wave C is probably turning out in an ending diagonal structure.
The sub-division within this ending diagonal have an interesting note as wave 1 of C is longer than Wave 3 of C , hence wave 5 of C can not equal wave 3 which is 7862. So , for this count to be valid Nifty should not trade at 7862.
The wave 4 or B on the monthly looks like an ABC zig-zag on the daily so far where wave C is probably turning out in an ending diagonal structure.
The sub-division within this ending diagonal have an interesting note as wave 1 of C is longer than Wave 3 of C , hence wave 5 of C can not equal wave 3 which is 7862. So , for this count to be valid Nifty should not trade at 7862.
Nifty Daily
The wave 4 or B on the monthly looks like an ABC zig-zag on the daily so far where wave C is probably turning out in an ending diagonal structure.
The sub-division within this ending diagonal have an interesting note as wave 1 of C is longer than Wave 3 of C , hence wave 5 of C can not equal wave 3 which is 7862. So , for this count to be valid Nifty should not trade at 7862.
The wave 4 or B on the monthly looks like an ABC zig-zag on the daily so far where wave C is probably turning out in an ending diagonal structure.
The sub-division within this ending diagonal have an interesting note as wave 1 of C is longer than Wave 3 of C , hence wave 5 of C can not equal wave 3 which is 7862. So , for this count to be valid Nifty should not trade at 7862.
My reading for Nifty is as follows and i would like to keep it simple.
Complete correction that we got from High - 9119 SPOT is a complex correction.First correction was FLAT Correction and then we had Zig Zag Correction.Intervening Wave was X Wave.
What makes me feel that these wave counts are correct is because Fib ratios makes be believe that and if i dont use Fib ratio them then there can be multiple wave counts which can be drawn but we wont get confidence.
Now below is Fib projections for complex correction .Refer to below image of Weekly Nifty chart as well.
1) In first Flat correction,Wave C (7997) happens to be exact 100% fib ratio of Wave A.When we get these kinds of harmony,our confidence grows.
2) In second Zig-Zag correction,Wave C was 138.2% fib ratio of Wave A.What makes be more comfort that its Zig-Zag correction is also that when we zoom into Wave A on daily charts,we can clearly spot 5 Internal Waves.Criteria for Zig Zag is that internal waves should be 5-3-5.
3) Flat and Zig-Zag were separated by Wave X and we can clearly see that Wave X had its own 3 three waves.
Now are we done with Complex correction and new Impulsive wave has started or ongoing uptrend is just Wave X and we can get one more Correction is something time will tell.Whatever is the case we will soon get one round of Correction because if its new Impulsive Wave then we will get Wave 2 very soon.I hope this helps.
Complete correction that we got from High - 9119 SPOT is a complex correction.First correction was FLAT Correction and then we had Zig Zag Correction.Intervening Wave was X Wave.
What makes me feel that these wave counts are correct is because Fib ratios makes be believe that and if i dont use Fib ratio them then there can be multiple wave counts which can be drawn but we wont get confidence.
Now below is Fib projections for complex correction .Refer to below image of Weekly Nifty chart as well.
1) In first Flat correction,Wave C (7997) happens to be exact 100% fib ratio of Wave A.When we get these kinds of harmony,our confidence grows.
2) In second Zig-Zag correction,Wave C was 138.2% fib ratio of Wave A.What makes be more comfort that its Zig-Zag correction is also that when we zoom into Wave A on daily charts,we can clearly spot 5 Internal Waves.Criteria for Zig Zag is that internal waves should be 5-3-5.
3) Flat and Zig-Zag were separated by Wave X and we can clearly see that Wave X had its own 3 three waves.
Now are we done with Complex correction and new Impulsive wave has started or ongoing uptrend is just Wave X and we can get one more Correction is something time will tell.Whatever is the case we will soon get one round of Correction because if its new Impulsive Wave then we will get Wave 2 very soon.I hope this helps.
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