dhinesh_kumar

Elliott wave analysis # resistance holding up-move

Short
NSE:NIFTY   Nifty 50 Index
Tomorrow it may open above today's high and resistance can force the price down towards 15100 level.

Banknifty update:
Comment: It should fall from here, else I need to re-check my analysis.

Invalidated level: 15325
Comment: Possibility: If open is not wave 5 of C, up-move is pending. Now it might move up to complete the pending activity - either wave 5 of C or wave Z.

Don't trade it. I just go to watch it.
Comment: Now from day low, either ABC or 123 completed.

If ABC, it can fall from here.

Not for trading.
Comment: Update:

Nifty - from 24 May low to today high WXYXZ completed
Banknifty - from 24 May 9:20AM to 25 May 2:15PM Flat correction and then double-zigzag till today high

It should be impulse fall in Nifty and ABC fall in Banknifty.

Just sharing my view. Don't take it as trading advise.
Comment: Nifty Trade setup for 27-May-2021

BankNifty Trade setup for 27-May-2021
Comment: The above two charts are for 28-May-2021
Comment: Invalidate my whole analysis if breaks today high (nifty 15455.55 and banknifty 35436.65)

Comments

Where can I learn wave theory (not YouTube please)
+2 Reply
@bulleybear you can learn from me. DM
Reply
@bulleybear try reading Elliott Wave Principle: Key to Stock Market Profits
Book by Alfred John Frost and Robert Prechter.My advice is to use Elliott wave for long term trends.
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dhinesh_kumar DebasisMh
@DebasisMh, The book name is elliott wave principle key to market behavior.

One can read the book and understand the concepts but applying on live market is not easy.
Reply
dhinesh_kumar dhinesh_kumar
@dhinesh_kumar, Elliott wave can be applied for not only long term but also for short term and intraday.
Reply
@dhinesh_kumar It can be applied but chances of success are low in lower time frames.Generally Intraday trader's lose money .Long term greater probability of success.Intraday analysis can be wrong even if long term analysis is correct.
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dhinesh_kumar DebasisMh
@DebasisMh, It depends on how charts decoding and how accurate on inner wave counts. I count wave in 1min and 5min time-frame.

For example, from May 24th 10:00AM, my analysis is flat correction is in progress. AB completed (25th May 2:25PM) and C is in progress. Now it is in inner wave 5 from 26 May 3:00PM. Today open is above yesterday high and will complete wave 5 of C. And then it can fall towards around 15120.

If it does not work, I accept you.
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@dhinesh_kumar Don't take it personally.I too used to think like u.yes algos also use Elliott wave theory for Intraday but there advantage is speed.Its best for most to trade on longer time frame.
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dhinesh_kumar DebasisMh
@DebasisMh, I have been using Elliott wave for long time. I have struggled lot and could not find any help from others bcoz I was looking for perfect and each inner wave count. So I have learnt it in very hard way. Still there are places where need assumption and follow through confirmation (like what happened in last two days). Overall expectation will not go wrong.
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Regarding Current Pattern My analysis says we are in wave C of I of wave 5 which may be a ending diagonal .
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