Elliott Wave Cycle is formed up of a total of 8 waves (5+3 waves).
Waves 1 to 5 are counted in the Impulsive phase.
Waves A to C are counted in the Corrective Phase.
3 Golden Rules of Elliott Wave:
1. Wave 2 cannot overlap wave 1.
2. Wave 4 cannot touch the territory of wave 1.
3. Wave 3 can never be the shortest.
Truncation learning - shortening something
That why Elliot used the word failure shorter 5-wave compare to 3rd Wave, forever it does not move beyond or higher the end of the third. We prefer the less connotative term truncation or truncation fifth wave as illustrated in the chart.
Reason of Truncating in 5th Wave:
In the bull market, weakness in price &...
This post is for people who do not believe that technical analysis works.
We gave this call in our ................... On 12th November 2020.
Till 19th November, it was showing small movement of 1 to 2 %.
But we waited.
Then finally a 17% move in a single day!
In technical analysis, we can find good opportunities but
we don't know when the stock will start...
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Descending Triangle Definition:
An Descending Triangle is a type of triangle chart pattern that occurs when there is a support level and a slope of lower high .
It is defined by two lines:
.A horizontal support line running through valleys.
.A Downtrend line drawn through the peaks.
The lower highs...
At the PRZ of a bearish Harmonic Bat in Weekly time frame it made a bearish reversal Candlestick today. A follow through tomorrow onwards would confirm a downward move for 13250 and below that for 12000. The view would negate if it sustains above today's high.
The index constitutes of all the large Banks and large Finance companies.
Harmonic Bat is a 5 points...
