Sir , you have drawn 4 MA. Do such moving averages have any relationship with wave count . Also , are they simple or EMA averages. If some relationship is possible for wave count , it can be very useful because it is the most easy & commonly used . Pl confirm.
AJAYSHARMA
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@JagdishKumarPahuja, Wave count is primary and it should be supported by the Elliott wave grid as shown . Basically Elliott wave grid and count should be the same . Then I look for 3 confirmations for support ie, A major EMA should support the grid and there should be positive reversal signal on RSI . These all are in daily chart. Regards
JagdishKumarPahuja
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@AJAYSHARMA,
Which is the wave grid.it looks like trend lines .
Are they based on Fibonacci levels .
AJAYSHARMA
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@JagdishKumarPahuja, You are right . They are trendlines . Some time ago I realized that trendlines drawn from high/high or high/low do not give adequate result .Then I started drawing trendlines from middle of prices randomly but they again were inadequate but were better. I was already drawing Elliott base and acceleration channels . So I decided to double and half the base channel . I found out that by doubling and halving the base channel I could find significant highs and lows on an elliott wave . So I made an Elliott Grid . But for this you should know the essence of Elliott Wave and should be able to identify wave 1 and 2 . I have Elliott grids way back from 2000 onwards and they seems adequate. Regards
Note: Do not use Elliott Wave in isolation .
JagdishKumarPahuja
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@AJAYSHARMA,
Thanks ,sir since you have an aptitude to experiment new thinking idea , may I suggest to draw trend lines based on Fibonacci ratio which has a direct relationship with Elliott wave movement .
Pl do keep exchanging new thoughts on wave count which is the most important & difficult too . Ask 10 people on wave count , you would get 10 different counts . This is what it makes confusing the study of Elliot waves .
Regards
AJAYSHARMA
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@JagdishKumarPahuja, I tried Fibonacci channels , Gann Fans , Fib break of corrections. But I settled on these . They ars also Fibonacci but they carry time cycles too which I have not sent. Regards