NSE:NIFTY   Nifty 50 Index
This is actually a question. I am a newbie here and have just come across the idea of Elliott waves . I would like to ask the experts that is this the third wave in continuation? If yes; then, will the NIFTY50 index go down in when this wave completes its journey. thank you.
i am not an expert , but an amateur

i feel we are in wave 3 in the bigger picture

we are in wave v of wave 3 as shown in the following chart

Reply
joel-vg joel-vg
@joel-vg,

ignore the previous chart

look in this chart

Reply
AJAYSHARMA joel-vg
@joel-vg, This is a very pessimistic scenario but seems more possible because of the following .

1. Five primary waves seem to be over .
2, We may be the middle of a flat correct .
3. We may be currently running B wave of the flat correction . B waves are normally zig-zags. 5-3-5. So it will be an impulse or and ending diagonal. It is an impulse in this case.
4. Wave A = Wave B at 9805 .
5. The RSI in this B wave has not gone into overbought zone on monthly chart . Had it been a 1-2-3 RSI would be in overbought zone. THIS IS VERY IMPORTANT.It shows inherent weakness.
6. Personality of B waves states that large caps issues will be sluggish and cheapies will sky rocket .
7. If Nifty goes below 8560.

The other scenario is a 5th wave extension . Only if RSI goes into overbought zone . Where there is no wave 4 triangle . I will also post that if u want.

Reply
joel-vg AJAYSHARMA
@AJAYSHARMA,

thanks for the chart ,

out of curiosity - Does the RSI goes into the overbought territory in an impulsive wave ? i have never used it !

Which one book you will recommend for elliott wave ? (as you are a certified analyst yourself !)
Reply
AJAYSHARMA joel-vg
@joel-vg, Iam a student of Certified Elliott Wave Analyst 2 . A course run by Elliott Wave International owned by Robert Pretcther. So I am still not an expert.

RSI goes into overbought territory in wave 3 of 3 and is at the highest .

You can read and digest this book The Elliott Principle by Pretcher and Frost. 4 more info go to elliottwave.com

Reply
AJAYSHARMA AJAYSHARMA
@AJAYSHARMA, But the midcap index is a different story .
Reply
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out