iCharts Discussions

[marne.vivek]

Will add on over the weekend this is just primary work over 15 min charts.

Its one of the count considering Impulse.. lets see..

Vivek

[RKM]

Hi Vivek,

After achieving your target of 4600 yesterday, the market direction reversed upwards today. But although the correction has been very swift and very deep - a total of only 10 trading sessions, to me this appears to be only the corrective wave 'a' which began on the 20th Oct. I think the present upmove of three waves will go on for 7-10 sessions after which wave 'c' will take over.

Wishful thinking?? (Not that it hurts me if the market continues to move upwards!)

Let's see how it pans out.

Best wishes,

Makhijani

[marne.vivek]

@Makhijani

Hopefully, but 7 to 10 seems too long.. Depends on how the entire down trend is counted.. Let me post some thing more..

Then, i guess timewise calculations can be done..

[marne.vivek]

This one is for everyone who may not have count of uptrend..

[marne.vivek]

Naming the down trend

[marne.vivek]

Naming the current down trend
along with SnP 500 chart..

[marne.vivek]

Comments invited

[marne.vivek]

Alternate count.. Searching for price action following Double ZigZag..

Maybe pivots and moving averages should help..

[RKM]

Hi Vivek,

You've posted some very good charts and obviously you have greater knowledge. Let us see how this particular wave turns out.

Best wishes,

Makhijani

[marne.vivek]

Hi all,

todays movement in Nifty adding elliott wave touch to it. And possible resistance to it.

My humble opinion considering the current down move as an Impulse structure (5 waves and keeping alternate count as double zigzag at its place): is we are in wave 2 upward, as was marked yesterday with a target zone of 4924 to 4860.

Current up move from 4608 which came to day end at 4784 is equal to A, marked in Orange color retracement. Now since this is zigzag, wave C can range from been equal to A to 1.618 of A. I have marked possible resistances on chart.

As per Elliott Wave principle book, wave 2 can retrace more than 61.8% as well, so if current action stops and we continue to trend upward, it would have higher targets which could also be 5033 zone. However, no banking on that for the moment.

Tomorrow's price action shall help understand the further course of action.

Now, just on broader basis, lets the current upmove end where it has to end. Currently i am assuming previous high or 5033 won't be taken out. Now first fall from 5167 to 4530 was 637 points. Currently we are in B which is yet to end. This down move can either be a zig zag of Wave 1 or a larger 5 wave impulse down.
Assuming, a structure of ZigZag is 5-3-5 wave, thus first leg will be of 5 wave, second of 3 waves and last of 5 waves. Based on the above structure, the wave C can be equal to A and can extend to 1.618 of A, in that case we can have a down move ranging from 637 to 1030 points from where wave B ends.


There is alternate scenario, but will check on that and then get back.

Edit: There is also a possibility that current upmove has ended, but i am not a believer in that since, 1 min chart shows no topping out structure. So lets see for tomorrow..

[manu_5123454]

ur prediction and elliot wave theory is so good . i just want to ,learn all of this so can u suggest me , which book i should follow , i have Elliott wave principle book. but whic u have described below is not mention there . like

from which point i will callculate abcde pattern , most of the time i am wrong so thats why i want to clear all of this.

can u give me ur emailid and phone number plzzzzzz.
my email id---manu_123454@yahoo.co.in

really i am very appriciated to ur prediction so i just want to make myself as u.

plz help me. i think by mobile it can be clear as better way

[marne.vivek]

@manu_5123454

Firstly sorry for delay in reply, i am having huge internet issues since morning, so even today's chart not posted.

Thanks for your kind words. I am only a student in Elliott Wave Principle. I am trying to enhance my knowledge and post charts here.

For all budding elliotticians at icharts pls see the attached cover of book for reference and for advanced users check Mastering Elliott Wave by Glenn Neely. Also, keep looking for free stuff on elliottwave.com very useful, there is a tutorial section on the elliottwave.com site where registration is free. I hope PT / ST won;t mind me giving links.

Keep studying if the attached book is what you have then go thru each line carefully, u will do great.

Regards,
Vivek

[RKM]

Hi Vivek,

Am posting my count of the larger impulse wave and the correction so far. For the present it looks like today we completed Wave 4 of the upmove (ie. Wave b) and just about made it to the initial stages of Wave 5. The breakout will hopefully materialise on Monday - let's see.

Talking of books on the Elliott Wave, here's one which perhaps you may already have read - 'Trading Chaos' by Dr. Bill Williams. I found it quite instructive. My only observation is that we have not always got a textbook type of retracement - during the larger impulse wave, the pullbacks were generally not more than 40%, whereas towards the end of wave 5 they often went upto about 75% of the previous upmove.

Would like to hear your views.

Best wishes,

Makhijani

[manu_5123454]

thank u for suggesstion.

i need ur phone number so that i can learn by ur help. i have very much intersted to learn elliott wave theory from one of the successful faculty so thatswhy i need ur help.

basicaly i use movig avg., macd,fibonacci,trend line,pattern

but now a days i go through elliott wave theory

[manu_5123454]

dear sir ji ,

if u have this book -elliot waves -mastering elliott waves - glenn neely ) then can u send me pdf file to my email id. if u have hard copy of that book so i need to photocopy . plz help me

right now i don't have money to buy that book plz help ( myemail id--manu_5123454@yahoo.co.in)