Elliott Wave theory is one of the most accepted and widely used forms of technical analysis. It describes the natural rhythm of crowd psychology in the market, which manifests itself in waves. The essence of Elliott waves is that prices alternate between impulsive phases that establish the trend and corrective phases that retrace the trend. In their most basic and straightforward form, impulses contain 5 lower degree waves and corrections contain 3 lower degree waves.
Elliott Wave is fractal and the underlying pattern remains constant. The 5 + 3 waves define a complete cycle. They can form different patterns such as ending diagonals, expanded flats, zigzag corrections and triangles. Fifteen different degrees of waves can be identified with each of the 5 smart drawing tools, allowing users to visually identify different degrees of waves on a chart. The key to trading Elliott waves successfully is counting them correctly for which there are rules and guidelines.
There is a very good price structure and this is a very common pattern. We don't need a high win rate to make money, we need a few good trades with good RRR. If you have 30-40% win rate then its enough to make money.
It looks like HCL is in a Flat A-B-C Correction as shown by the circled counts, within the same it looks we are as of now in the Wave 2 of Wave C of this Flat correction or we have completed the Wave 2 and already started the Wave 3, in either case HCL looks to be a good shorting candidate with SL above 1108.
we have a pattern of 5 bullish waves finished that in turn make the wave 1 of greater degree, we come sold from the wave''a ''
(you can see previous ideas)
apart from that we have a pattern three daves in movement and a butterfly that already touched its first tp ..
when the three daves are completed we will have completed the abc retracement and we can take ...
