padiyaraa

Use of Monowaves, my 2 cents

NSE:NIFTY   Nifty 50 Index
156 5 6
snapshot

Counting the Elliot wave is an Art than science. It is purely an objective analysis at many a time, and that is the reason, you find different views and counts. Overall if the count can give you any help to find the trend, your effort is worth.
And for a real artisan, even a single line drawn is enough to find and equivalent trend… funny, isn’t it??? If you find the attached is awful, please excuse me for I am not an artist.

We use pattern recognition, Fibonacci relations, rules and guidelines, a trend line , etc. same way, the mono wave can also be helpful to identify the waves.
Suppose we are counting a 5 small waves cluster in 30 minutes time, for a ₹ 30, we are defining a price, time & complexity for a Degree at half way, and completes when you find next 3 waves correction. Call it any degree. Degree is a relative theory, not an absolute concept. Any wave formation could be considered as a Primary, Minor, Intermediate or even a Micro wave degree. Once you decide on a degree name to apply, to a specific “monowave” or group of waves, then the degree concept takes place.
Then for both forward and backward in time, the “degree’ label you place on all adjacent monowaves, polywaves or multiwaves will be determined by the definition you decided to give to degree at First place. Say a “minute wave”.
That means you are counting a higher degree minor wave, and your mono waves are minute wave, that should be minimum 8 in numbers.
People have different understanding and different approach, those who cannot understand/ agree this view, can bring forth their opinion in details, I am willing to learn more from others.
What I mean to say is, there are opinions says a count 34 to 89 mono wave is good to identify a wave. And it says a 55 mono wave will be ideal.
It is again complex. It depends on what wave you are counting in, eg: an ABC can be 3 only & its mono will be 13 or even 11 for a 3 3 5 correction. This gives you a clue. The count varies depending on what area you are in. And more over it has to be 8/34/144 or even 377 for the complete degree. (A 5 /21 / 89 mono wave count could only be an impulse.) Some variance for the extension and different patterns can be allowed.
Finally, any pattern that consumes more than 3 times the price, time & complexity of your self-defined minor degree pattern MUST be considered as a higher degree, eg. While counting “minute degree”, a higher time & price pattern shall be taken as minor or higher degree). Any pattern that consumes 0.333 of the price, time & complexity of your 5 legged, 30 minute, ₹ 30 Minor degree formation MUST be of a lower degree (Here it will be a minuette degree or subminute degree). The nearer two waves are in time, price or complexity, the more likely they are of the same degree.
Padiyaraa®
Thanks.

Ya agreed sir.

But in hour basis, it seems that if price and time not matched then it gets in next wave..Any way in days ,it can matches with price.

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Hello sir

I have some doubts.. as we can calculate gann date and price in long term.

But how to follow the same calculation in hour basis.

Is there any formula or trick to do so?
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padiyaraa uju1412
@uju1412,
In all time frame it can be calculated. only thing you need to do is to, count those hours in number of bars for TIME & for PRICE count the movement from pivot to pivot. (eg: top to bottom). These thing doesn't works on formulae. it will have n number of permutation combinations, where it will mach and when it will work is al subjective.
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Fantastic Sir ! :) Thank you very much for telling in detail about Mono Wave and How to to go about counting Thanks Sir for taking time for this
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padiyaraa HappyVijay
@HappyVijay, The stimulus from you. Thank you
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