AJAYSHARMA
Education

Ellot waves - Corrective or reactionary wave

NSE:ESCORTS   ESCORTS
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Described in the chart . But it is contained within a parallel channel seems corrective . Question is whether we will have a 5th wave down as shown and it breaks the lower channel .Till theh fingers crossed . Kindly notice in the sub waves when ever a diagonal comes corrections are sharp and deep. 10721-724 are key levels for a bullish count . Regards
Thank Ajay for the chart ,

Hence as per you, now since wxyz is over ,

So as per you the stock should start moving lower

your observations on the multiple diagonals on the above chart are accurate, it helps novice traders like me

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AJAYSHARMA MAYA_MUMBAI
@MAYA_MUMBAI, Since the move is withing parallel lines it seems correction and not actionary . It has all the ingredients of an expanding diagonal also but the accuracy of the diverging trendlines is less wrt to a parallel channel . So we need to wait now and see whether the last wave will unfold in 5 waves or not . It yes then you count say move was corrective/triple zz. now if the last moves starts tagging 724-725 zone then in retroscept the move was an expanding LD which is extremely rare .
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