Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
7 comments:
Dear Sir,
In your nifty hour chart, i have understood the green color calculation for "if a=c=4938(5190-4801=389)=5327"
but i dont understand your red color comment "if a=c=5210-4938=272point move likely after the "b" correction"
i mean you want to say that from "i to v " impulse wave now label as alt a. wave ?
one more question that why u have take 5210 instead of today's high 5214?
Hi, ilango sir,
Can we mark current alt a wave (nifty) in ur hourly chart as follows?
alt a.
4944(dec 21 low)-5176(dec 24 opening high), as I
bcoz dec 22 is a pause after gap up opening & that day nifty just oscillate around 4985 equally whole day.
5176-5129(dec 24 low: 1st correction), as II.
5129-5215 (dec 29 today high), as III.
5215-next correction tomorrow we’ll know (may be tomorrows low near 5150?/ already end @today’s low) as IV.
Then last up from there may be 5260/5270(wk R1) or 5310/30, as last final V of alt a.
Regards.
Yes..dare,
I like to keep the alternative scenario also going simultaneously which helps at certain future critical moments. You are right about that alt.a and it could also be taken as ending at today's high. But I see it differently that Thursday's 3.00PM fall as start of this ongoing correction.
Hi..Indian,
Most often the 1st and 2nd are so small, you tend to ignore them. I combine these with macd and get it quite closer. As these waves are unfolding, many possibilities exist but one must go by the most obvious looking one. Your count could be correct too. Only time will answer that.
As per your count the 5th of this upmove should not exceed 86 points as your 3rd wave is smaller than the 1st wave and 3rd waves are never the smallest.
Best regards.
ilango
Ilango Sir,
the weekly high, low, close figures should be 5215, 5181, 5188 as today is the first day of week and hence it will be same as in daily...or am i missing something..
sri
Hi, illango sir,
Thank u very much for such details view.
u said,
'As per your count the 5th of this upmove should not exceed 86 points as your 3rd wave is smaller than the 1st wave and 3rd waves are never the smallest.'
So my above EW count will be true only if my IV th wave is end at today's low 5176.
Only then 5176+86=5262 (near weekly R1).
I got it. Thank u very much sir.
Yesterday all u.s. indises came down and closed near to its intra day's low.
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