Wave 4 is well within 50% Fibs of wave 3 but a gap up open may spoil the plan, but if we get proper open in our zone and valid confirmation, we can enter short positions towards 490's. Tatamotors chart almost looks similar to our Nifty.
Good...No Issues ..It Happens..This Turned out to be A-B-C Structure...You should always have alternate counts- Incase of adverse movement...Regards
InsiderB
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Yeah.. with alternative counts we will be changing our trade plans which I'm not comfortable with.. so when the gapup happened I cancelled my order. As far as Elliot's are considered I trade only if it comes in plan else I skip the trade, which is safe n that's what I did :)
InsiderB
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Well, Gap up spoiled the game, anyway we are safe without any positions !
AMBRISH
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Thanks.
udaya.gujaran
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I see Truncated wave 5 to form double bottom.
WaveTalks
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Yes...It could be 5 waves down...making double bottom at 495-496 zone but the upside movement has retraced more than 80% so we need to be careful..so, I will take this as A-B-C structure--chances are more that TM moves above previous high of 522 -Making a new high. Regards, Abhishek
udaya.gujaran
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Yes...This makes sense...As there was sharp impulse...both in nifty and other shares...I was not able to understand the structure ...just watching
InsiderB
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Wave 1 to 5 concept is invalid here when price moved above 511, which is above wave 1 end.
WaveTalks
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My dear friend--wave -4 (504.70) could be one swing before the 4th wave which you have taken...keeping the rules alive...so here people go wrong & get in trouble.
InsiderB
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I agree with you.. just for clarification, in prev.comment I meant basic 5 wave sequence (invalid) not its variation, I guess that caused the confusion ..no issues friend.