Educational 08: Head N Shoulder & Elliott Waves Relationship

NSE:BANKNIFTY   Nifty Bank Index
This is an interesting educational post which I observed last week while analysing charts that were showing Head n Shoulder Patterns. I thought of relating it to the Elliott Waves Theory and found out some similarities in their pattern formation. I have displayed both the pattern formation and indicated WHEN & HOW TREND CHANGES once such patterns are formed.

H&S is a major reversal pattern and it is similarly indicated in Elliott Waves while showing a complete wave cycle where impulsive and correctives waves are added.

Key Similarities:

1. Left Shoulder of H&S pattern is compared to Wave 3 of EW

2. Head of H&S is compared with Wave 5 of EW

3. Left Shoulder is compared as Wave B of corrective Elliott Waves

4. Target of H&S is indicated as a completion of Zig-Zag Correction in Elliott Waves Theory

This make easier to indicate patterns and provide extra confirmation with other technical patterns. This makes our convinction strong and also make us confident to take informed decisions in the markets.

I would appreciate your views on the above sharing,

Thanks for support,


Neetesh Jain

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