iCharts Discussions

[hasten]

This is a daily chart of Bharti. I have marked wave {D} in the middle top portion of the chart. This {D} is actually second last wave of a triangle. This triangle has been forming since 2007, so one can say that Bharti was in consolidation since approximately 4 years. Now wave {E} must be a 3 wave structure, and we can see that we have already completed waves A and B, now forming wave C of {E} of (IV). We might form a triangle in wave [4] of C of {E}. Once this wave [4] and [5] are done we will get a sharp thrust which will be coming out of a 4 year long triangle. So it will be worth waiting for.


Regards, hasten


Technical analysis is a skill that improves with experience and study. Always be a student and keep learning.

[hasten]

I have also included 'hourly count' for nifty along with weekly and daily counts. And according to the hourly count on Nifty we can spot two possibilities.

One of the possibilities is that of an irregular flat correction in wave [b] of wave Z of the TZZ. In that case Nifty should atleast test the high of wave (a) around 5100 levels. Then it should come down sharply in wave [c] of Z.

Second count suggests that we are forming a triangle in wave [4] of wave I down. Now the if this works out then we may see Nifty rallying above the 5100 levels towards the 4175 mark, all we want in this count is that wave (e) of [4] should not go above the levels of 5175, which is the low of wave [1], as per the rules of impulse waves in EWP. This formation will take some time to develop, but with the ending diagonal scenario not remaining feasible, the next best count is that of a triangle n wave [4].



Regards, hasten


Always follow trading plan to get profit in the long run.

[rk_a2003]

[hasten]

This is a weekly chart of USDCHF. And as we can see on the chart we have completed 5 wave down, the 5th wave ended with a spike down, which is a sign of prices rejecting such levels. As per EWP a 5 wave move is followed by a 3 wave retracement, so we might see the recent rise in prices extending towards the 3 fibo levels marked on the chart. The pattern which the corrective rally will form cannot be foretasted at this point in time, but we can safely say that we are bound to see higher levels on this pair.



Regards, hasten


trading is easy, you don’t need nuthin fancy just buy when it’s going up and sell when it’s going down, that’s all there is to it.

[chaaru]

Hi Hasten,

Ref. the Bharti chart poeted on 17th Jan. Look at the downwave following {D}. Isn't the Subwave [3] of A shorter than subwave [1]? Is that allowed in EW?

[hasten]

[ktpillai]

[hasten]

[hasten]

This daily chart of Banknifty shows unlike Nifty Banknifty has completed the TZZ correction. Now it is ready to start a big up move, and the recent price action supports our view.

But according to EWP once a 5 wave up move is complete we get a corection to that upmove. And this stupendous rise in Banknifty is very close to completing the 5 wave advance, check the hourly chart below.

In this chart we can see that currently we are forming an extension in wave (5) of this 5 wave upmove. And once complete should be subjected to a sharp correction owing to the extension in the wave (5). The (a) wave of this correction will reach the low of wave {2} of the extending wave (5). And then after a corrective advance wave (c) should resume. Since we expect Nifty to make a new low, this correction should be deep in case of Banknifty. Lets see how things pan out in near future, but Banknifty bulls beware.



Regards, hasten


When in doubt,get out and don't get in when in doubt .

[hasten]

I am trying a different count today. Please read this hourly chart in conjunction with the weekly and daily charts which have been updated today.

Nifty may have formed a failed {c} wave in (b). And the rise towards the 5100 levels is the (c) wave of an irregular flat correction in wave [b] of the third leg of the TZZ. Wave {2} of (c) of [b] was a sharp correction so expect wave {4} to be a sideways consolidation, a triangle or a flat, possibly. Look for the MACD to come down towards 0 level on wave {4}, and a final dash to the 5100 - 40 levels to conclude wave {5}and this up move. Only time will tell.


Regards, hasten


Making money in trading is not the hard part, KEEPING it is !

[pkholla]

hasten: please can you also post with candlesticks? The traditional American lines with hooks are very difficult to understand after someone has switched to candlestick graph warm regards prakash holla

[hasten]

[hasten]

Nifty broke above the upper channel line but around the close it came down and closed below the channel line, typical development for a 5th wave extension, called a 'Throw over'. Such a development suggests an end to the impulse wave under consideration, but will Nifty follow our analysis? That remains to be seen. But if we have completed this 5 wave move, with wave {5} extension then we can expect the correction to this move reach rapidly to the wave 2 of extended wave {5}, and further to the wave {4} of this impulse wave, the range comes around 4900 - 4800 levels. Let us now observe if we get the next 300 odd points to the down side, stop loss for any shorts should be above today's high. Below 4850 this view gets added confirmation.


Disclaimer :This is my personal opinion , this is not a solicitation to buy or sell. I do not accept responsibility for financial decisions taken by any forum member . The aim is to provide a reasonably accurate picture related to opportunities based on technical charts. Please be confident on yourself too before investing.



Regards, hasten


Good trading is not about being right,it is about trading right.If you want to be successful,you need to think of the long run and ignore the outcome of individual trades.....

[vinay28]

hasten, your chart is NF or NS?

[hasten]