Often Misunderstood concept of Elliot Waves is its usage as a be all and end of technical analysis.
Simply put Elliot is not a predictive tool but is the "THEORY" of way the market moves, hence relying on it solely to predict future movement is problematic and the counts change all the time and in "RETROSPECT"
Am sure those fanboys may not agree with me but all i care is making money and what works for me/others.
Ironically most hedgefunds/mutualfunds/inv mgmt firms dont give much credence to elliot waves, it is more of the 'retail crowd' who go ga ga about it.....and guess who gets a raw deal in the mkts--the 'retail crowd'.
Ok Enough of EW Bashing..chuckle..especially coming from me who once believed EW as the Holy Gospel...Lol.
Coming to the Executable Plan :-
I am looking for a buying opportunity in the Green Zone and a retest of the 200 Ema. as there is enough momentum in the stock and buying pressure to take there.