In this video one can learn a lot about elliott wave counting as specially when one pattern is violated, that is what happened today as we were expecting triple zigzag pattern ended at 14151 but after breaking upper wedge line price breaks the same wedge line on down side which violated the pattern. Now what next is explained in detail. Thanks for watching
Hello Chirag
This is again a nice video but its too premature to label it as now. I think there are too many ways in which this can be marked.
Rise from 14151 to 15042 can easily be marked a 3 waves.There is no need to consider the rare case of internal 4th wave being lesser then 23%.
Given the speed of fall its likely that it would end at 14451 which was starting point of this supposedly C wave as shown below.
Consider this:
A=14155.30-14556.7=400
a 14155.3 14424.15 268.85
b 14424.15 14274.2 149.95 0.557745955 here b wave was a expanded flat via 14459
c 14274.2 14556.7 282.5 1.050771806
B=14556-14451=105 :26% retrace
C=14451-15044=593 : 148% of A
It may be some thing else," fall from 15431-14155" like some one suggested in comment section of ur previous video and this rise from 14155 could be the B or X and then we could again have a C or Y wave on down side
Since previous leg was 1276 points then this leg for equality could do a target of 13750 and internal of this leg could be c wave or another single/double or triple zigzag.
This is a 4th wave of some degree and all previous correction has been shallow on time as well price , so this correction could easily be a long drawn affair at least time wise if not price wise and who knows may be both.
Best thing bulls could do here is to create a triangle range between 15400-13600 and spend 2 more months in this range and then a rally on upside could resume
In my opinion bulls have to wait for some more time for a break out.
with regards
chirag_Khasiya
⋅
@saraltanwar, I respect your view and as specially when you have written that much in your comment. But i think every elliott wave analyst have their own understanding of counting waves and understanding pattern. The main reason is there are multiple understandings specially with corrective wave.
JagdishKumarPahuja
⋅
@saraltanwar, Elloitt wave is good for a long term investors or for a seeing trader for to be remained on the right side of the market to earn Alfa return . Trade only 1,3&5 waves for bulls , wait for the correction to compete. Rest is all a matter of mincing words & bookish discussion .
JagdishKumarPahuja
⋅
pl read seeing trader above as swing traders. Sorry for Mis-spelling .
speedchillz
⋅
Thanks Chirag for your wonderful analysis, most importantly sharing with us.
Keep the great work you do !
fitmachinebyjeet
⋅
Thankyou for sharing ur knowledge sir
VK100982
⋅
Initially I was on that track you all are but that is not...as my master guided me we still doing WXY and in Y a wave is done perfectly but in B wave Of Y we have done expanded triangle now nifty will touch 13850 soon...!!
nitam
⋅
sir ,very good analysis
st_bhalani07
⋅
Bhai a sab bandh karo aur khud k portfolio me zankho
This is again a nice video but its too premature to label it as now. I think there are too many ways in which this can be marked.
Rise from 14151 to 15042 can easily be marked a 3 waves.There is no need to consider the rare case of internal 4th wave being lesser then 23%.
Given the speed of fall its likely that it would end at 14451 which was starting point of this supposedly C wave as shown below.
Consider this:
A=14155.30-14556.7=400
a 14155.3 14424.15 268.85
b 14424.15 14274.2 149.95 0.557745955 here b wave was a expanded flat via 14459
c 14274.2 14556.7 282.5 1.050771806
B=14556-14451=105 :26% retrace
C=14451-15044=593 : 148% of A
It may be some thing else," fall from 15431-14155" like some one suggested in comment section of ur previous video and this rise from 14155 could be the B or X and then we could again have a C or Y wave on down side
Since previous leg was 1276 points then this leg for equality could do a target of 13750 and internal of this leg could be c wave or another single/double or triple zigzag.
This is a 4th wave of some degree and all previous correction has been shallow on time as well price , so this correction could easily be a long drawn affair at least time wise if not price wise and who knows may be both.
Best thing bulls could do here is to create a triangle range between 15400-13600 and spend 2 more months in this range and then a rally on upside could resume
In my opinion bulls have to wait for some more time for a break out.
with regards