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.
We have seen very good Down trend in the formation of LL/LH from last november but now we can see buyers are coming (as per momentum) and trying to control the market also we have got our first HH so now we need a buy signal only.
UPL in corrective wave form. Looks like forming a WXY corrective pattern - ZigZag + Triangle in Wave 4. Triangle Base at 38.2% Fib Ret Lvl.
Expecting UPL to rally till 735 levels forming Wave d and then reversing upto 675 levels to form Wave e of the triangle, before brkg out.
https://www.tradingview.com/x/AwGE7e1r/
A master key, which can open several locks while each lock would also open by its own unique key- I mean by individual piece of analysis. 50 points back to back which was followed on the post.
19:04 Hrs 31st May 2018
Day High@275
Last Price@270
Trading with me 21st/22nd May 2018
It all started with the idea Trading with me 21st/22nd May 2018 which coincided ...
It looks like Maruti is about to start Wave-V of the Elliot Wave (1hr candles)
It is worth trying a long position because the SL can be just a few points below May 30th low 8572... say 8560.
If it dips below that then the Wave structure visualised in the chart is not valid and has to be adjusted.
Even those who trade in futures are risking only about ...
Bharat forge broke the support zone in daily timeframe and sellers are controlling the market below support zone till now, We need to wait for any price action sell signal to go short, Don't take trade too early.
Hello Fellow Traders,
Last price - 269.50 - 11:43 Hrs IST
Good Morning!
Review of last update
Knock - Knock ! 259 - As suggested if holds ( no buy position below 259 ) it came close at 260 & moved twice upside to 269-270 zone. You miss me - I shall come back again
Last Idea - SBIN / Auropharma - Trading with me 21st / 22nd May ...
