Hi Friends, Let's Learn and Earn. Elliot wave mostly if identified correctly helps in discovering important psychological levels. Nifty Second waveform is in progress and wave 5 looks to be starting on it. Today's Nifty retracement is beautifully mapped on 15min Chart for your consumption.
Time in Bars - Wave - Coordinates - Actual Length of Wave wave 0 9843.8 44 wave 1 10156.65 312.85 21 wave 2 9958.35 198.3 39 wave 3 10322 363.65 20 wave 4 10161.85 160.15 ? wave 5 10474.7 312.85
Wave 5 target has various ways for calculations. Some of the most popular 5 ways to calculate 5th wave of Elliot Wave are used in below table for your reference. Wave 5 Targets
61.8% of wave1-3 --10264.0
61.8% of wave1 --10355.2 (Golden ratio) We are picking this as Target.
161.8% of wave 4 --10421.0
Equal to Wave 1 --10474.7
123.6% of wave 1 --10548.5
Calculated Time for reaching target is 10:45 AM for 10June20
Now time for some Learning. 3 Most Important rules of Elliot wave are • Wave 2 can’t retrace more than the beginning of wave 1 • Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5 • Wave 4 does not overlap with the price territory of wave 1 (Mostly overlooked). Even if one of the above rule is invalidated, you should not assume wave's to be correct.
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Our June17-19 Target 10616 for Nifty is published in Other Analysis here. It achieved first target today.
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First Target given for wave 5- 10264. We ideally want to close in on 10355 target.