iCharts Discussions

marne.vivek · Posted: Sat Nov 07, 2009 3:45 pm Post subject:

@makhijani: I am working on your counts, but there needs to be a fibonacci relations in the waves at least some sort of. Need to check that

@manu_5123454: The book is available for download all over the web. Check 4shared.com search there. No problem with that. I would say you go thru the Elliott Wave Principle well, and apply it for study. Get your technical indicators right.

Bye for now..

Net is stil out, sorry for delayed replies..

Vivek

marne.vivek · Posted: Sat Nov 07, 2009 8:10 pm Post subject: The 1 Min Squiggle Chart

Delayed post..

I am attaching the one minute chart of Nifty for the 6th November 2009.

This chart is just an academic chart to show the existence of Elliott Wave relations within even 1 minute chart.

I have not added projection, planning to do that, but even i am amazed at how the wave structures are in place even to the last squiggles.

Vivek

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi Vivek,

Was on the look out for further updates on this from you. You are very right, Elliott Waves are obvious on any timeframe, in fact you can even check out the 30 sec or tick charts, but that only helps to establish the universality of this phenomenon.

I am posting a NF chart showing the present status in the corrective wave as I see it.

Let's see how tomorrow pans out.

Best wishes,

Makhijani

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi,

Would like to correct my reading of yesterday's price action which has been marked as b-5, c-1 and c-2 (cont). As I post this it appears that I was wrong and the subwave b-5 is still continuing, though perhaps it is nearing its end. The position will be clear by EOD.

Makhijani

marne.vivek · Posted: Wed Nov 11, 2009 6:49 pm Post subject: Nifty Bearish possibility

It is typical of wave 2 to retrace 80% to 100% of wave 1. As of now, that seems a possibility. I had mentioed in my earlier post that if market move continues then 5033 is a possibility. Currently, based on current structure following can be a wave count, where 5033 zone can be considered as possible reversal. In case it does not turn that way, then we need to have set of Bullish Possibility that I shall give in the next post.

Currently the wave structure W - a = b and under Y - a = b. As we can see in chart there is black line extending from left joining the previous bottoms and can be considered as the line of the wedge, which can be tested. In that scenario, we would have targets of around 5050 to 5100 for the of current structure.

marne.vivek · Posted: Wed Nov 11, 2009 7:06 pm Post subject: Under a Bullish Possibility

I guess attached chart does the thing.. As of now not much banking on it. But yes upside on bullish front to 5500 is a possibility. I had in my first post pasted an double extension down chart for 15 min chart been an ABC-X-ABC chart formation. In case it turns to be right then we are poised for new highs, however cannot be saying it a bullish structure is what i am still favoring but lets see.

Vivek[/u]

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi Vivek,

Could not post my corrected Wave count yesterday. Today's chart carries the updated position. Would like to have your feedback.

Best wishes,

Makhijani

marne.vivek · Posted: Fri Nov 13, 2009 12:45 am Post subject:

@ Makhijani

Count looks good.. But i would stil wait for tomo for confirmation. Market made me dizzzy in last 30 minutes. The had a personality of wave 3 but i am waiting for tomorrow]s action for confirmation.

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi,

After doing a lot of introspection to figure out why my earlier wave count was not getting validated and the upward momentum kept going on, I am now posting an updated chart giving the revised positions of the three segments of the upward corrective wave 'b'. In my earlier post I have mentioned that we are not experiencing classical, textbook types of retracements, and today's chart also indicates the same thing.

The break of the latest trendline and the downturn after that strongly suggests that the upward wave 'b' has been completed and the market has now entered the final downward corrective wave 'c'.

Tomorrow's action should confirm whether this is so or not.

Cheers,

Makhijani

marne.vivek · Posted: Wed Nov 18, 2009 10:44 pm Post subject: EWT

Hi Folks,

Was caught in something, could not post later on. Here is latest EWT post.

I have mentioned comments on chart. Furhter, currentky Nifty is stuck at ard 80% retracement of fall (nothing new all blogs say that).

But adding some fresh perspective, putting in EOD chart as well.

I think around 2 close below 5k would help in draggin market down. For now i am off opinion that fall should start. However, it would let the trend decide the tone and not let opinion hamper trades. I would say wait for trend to confirm, i would prefer two good down days or at least hourly close below or 4900. So here are the charts.

Vivek

marne.vivek · Posted: Thu Nov 19, 2009 2:16 am Post subject: Bank Nifty

Attached here with is the Bank nifty chart.

Banknifty is in massive consolidation, which can turn out to be very well an extended 5 on upside it close above 9350 on hourly basis. The flag itself can propel banknifty by ard 1000 points up.

Similarly on the downside, a Break of trendline could put in place Corrective Count on Bank Nifty and will be needed to be analyzed on EOD basis. As of now trend zone seems to be 9350 on top and Trendline (A) at the Bottom.

Check the attached Chart.

marne.vivek

BANKNIFTY and NIFTY Chart attached..

Refer comments

RKM · White Belt Joined: 06 Apr 2009 Posts: 137

Hi Vivek,

Thanks for the latest charts. I agree with your count of the segments of today's price action, and the final upswing towards close appears to have interrupted the progress of subwave 2. Things will, of course, become clearer tomorrow.

Also like your suggestions on how to trade the wave action.

Makhijani