iCharts Discussions

[shekharinvest]

This is an hourly chart of BNF a clear 5 wave fall has completed. Which implies that the correction in Bank Nifty will be a Zig-Zag move i.e. 5-3-5

Now expect a 3 wave recovery which generaly recover 62% of the down move and sometime can extend upto next higher level therefore look for reversal at 62% or go short at 62% with SL a bit above 80% hourly closing basis.

Hopefully one can catch the C wave down from there.

Happy Trading !
SHEKHAR

[simply.index]

[vinst]

[amitagg]

Great to see contributions from chart stalwarts

[shekharinvest]

CROPMTON GREAVES DAILY CHART

Chart is self explanotry.

HAPPY TRADING !
SHEKHAR

NB: SL below 175.75

[shekharinvest]

NIFTY: We are still in wave 3

I am sticking to my count which I had given some time in Aug 2013 as nothing has changed in the hypothesis. Therefore, following is the continuation of the same argument.

Wave 1 started from the low of 4531.15 on 20/12/2011 which took the shape of a Leading Diagonal and ended at 6229.45 and followed by a simple wave 2 correction which corrected 61.8% and made a low of 5119 on 28/08/2013 which marks the beginning of the wave 3. The move that followed had confirmed that NIFTY is in a typical wave 3 move.

Now let us look into the internals of wave 3.

Wave (i) 5119 - 6343
Wave (ii) 6343 - 5933 Little less than 38.2% correction.
Wave (iii) 5933 - 8180 This wave is extended done more that 161.8% (approx 180% of wave (i) )
Wave (iv) 8180 – 7724 This was again a shallow correction done little less than 23.6%

Since we are still in wave 3, the question arises where will it lead us to ? It is presumed that within wave 3, 4 subwaves have been done and now we are witnessing wave 3 (v) .

The typical target for the end of wave (v) and hence for the wave 3 comes at
i) 8893 38.2% of zero to wave (iii)
ii) 8948 wave (i) = wave (v); whenever wave (iii) extends.

If we take into consideration the major waves which began from 4531 wave 3 has already covered more than (of wave 1)
1.618 @ 7866
1.707 @ 8017

The next ratio which coincides with the targets anticipated from the internals of wave 3 happens to be 2.236 times of wave 1 and gives target for NIFTY @ 8916. Although 2.0 of wave 1 comes @ 8515 one can keep an eye on this along with the internals of the sub wave (v).

The Confluence of Ratios suggest that we may have wave 3 ending somewhere in the region of 8893 - 8916 - 8948.

Happy Trading !
SHEKHAR

[rameshraja]

Hello Shekar

Nice Analysis.. Hope you are trading well !!

[amitagg]

Is the internal wave of the leading diagonal shown are all in 3 waves..... Not sure .... Pls confirm yes or no since if is no then the count is incorrect. I apparently see 5 wave structure of one of the Middle waves in your leading diagonal.

So bottom may be counted from 5116 and not 4531...... There is a debate on This? I can be very well wrong.

All I remember was that point 0 shown was the end of a "classic ending diagonal" .... Was it or I am wrong again

Second, can u confirm the rises after budget 7531 etc are in five waves ie the overlapping up trending waves are 5 not 3 wave stricture

In answer is NO, the. We may be staring at an ending diagonal with each wave from 7531 etc something. As 3-wave structure.

Some observations only since there are always disputes in calculation and I wish to add more discussion into he topic.

Regards

[amitagg]

2 important points which should be replied to

- in case of leading diagonal in wave 1 if right, we I think can calculate wave 5 target or its retrace ???? By some formula or guideline in glen neely book. Pls check and revert if aware of

- if wave (iii) of 3 is extended , we can see # 5th wave failure# pls comment on this

Regards

[amitagg]

[shekharinvest]

[amitagg]

[shekharinvest]

[shekharinvest]

[amitagg]

See my edited post below.