Monday, May 12, 2014

Nifty shines on in its 3rd wave glory...

Monday, December 9, 2013 - Advantages of Elliott wave study.. 

Nifty Pre-Market View.
Market has prepared itself with many 1s,2s, i,ii,(i),(ii)(i),(ii) and poised to unfold its (iii),(iv),(iii),(iv),iii,iv & 3s & 4s...
Combining other studies, one is able to choose the favourable direction and follow prices...trend.
A pull back on a break out should be followed by a trending move. Only if that fails to happen, should we start to looking out for weakening signs.
Until then, follow the prices using "retrace of the last rise" which is likely to unfold today from Friday's low of  6231.
Read Elliott wave study to understand the "Market's fascination with 5s and 3s.
I see it all the time. But I use them only at the correct junctures using classical technical analysis and when various T/F suggests of the prevailing major trend.
Never get fixated with EW labelling. They are meant to be "Use & throw".
It took for my eyes years to spot these amazing "Fives and Threes unfolding".
EW Rules:- 
Keep these three "Hard rules" (Unbreakable) always in mind while assessing/ counting/ labeling the price moves to help you arrive at a correct count which can result in a unbelievable forecast & stupendous trades.

- An impulsive wave always subdivides into five waves (1-2-3-4-5).
- Wave 1 usually subdivides into an impulse or seldom into a leading diagonal.
- Wave 2 subidivides into a zigzag, flat or combination.
- Wave 2 never moves beyond the start of wave 1 (Rule-1).
- Wave 3 always moves beyond the end of wave 1 and is never the shortest (Rule-2).
- Wave 5 subidivides into an impulse or an ending diagonal.
- Wave 4 subidivides into a zigzag, flat, triangle or combination.
- Wave 4 never moves into the territory of wave 1 (Rule-3).

9 comments:

Nidhi Singh said...

Today BANK NIFTY OPEN 50.50POINT UP @ 13801.00 and future call is BUY BANK NIFTY ABOVE 14130 TGT 14170-14230-14330 SL 14070 as per the Option trading Tips.

Prithvi Raulji said...

@Master,

Tussi Great ho,

Gana Gana Vandan,

I pray to god gives you long life to teach us technicals which u had got.

deepak pinto said...

Sir
Todays class ew .
Please accept my q.
Should we consider a expanding triangle wave 4 done at 6639 or
Should we consider wave 4 of wave done from 6870 to 6639 as a zz abc for the large wave from 5933
Or should we consider abc done irregular flat done as u have shown pref in chart 1 And a 1 of 3 unfolding.

As post pattern reaction has been huge.

This query is partly theoretical.
But practical implication include the extent of bullish wave to follow
How does it look to simple experienced eyes.
Of course as per ur teaching following will need to be done by wathcing retrace
Thanks

Ilango said...

@ deepak pinto,

I have listed the reasons why I dare to perceive it this way. If I continue to harbour doubts because "markets can do anything..at anytime", I will never have my preferred view "with confidence".

One must continue to make an "educated" guess and trade the market confidently, knowing fully well that "one of his/ her trade could go wrong". By the time a wrong trade happens, you would have many successful trades that one wrong would not make a dent to your account.

Even the "wall of worries" has a base line, break of which will alter our view.

Mercifully, the results would start coming in on 16th "during market hours" so that one could avoid adverse reactions.

sometimesbullsometimesbear said...

So far so good... ...everything is falling in place.....))

Exit polls are good.....Next stop is May 16th.....Possible Circuit on May 19....:):)

There is a Saturn Sasa Yoga due this week......Which is in fact very good.....:):)
(What Saturn gives....Nobody can take away....Both Plus and Minus)...:):)

Lets keep an open mind....and go with the flow......:):)

deepak pinto said...

Thanks sir.
After some self study
Exp triangle option least likely.
Given the ultra sharp and severe reaction post wave.
That leaves us with
Wave 4 zz
Wave 4 flat
For big wave from 5933.
And then as u said there is baseline or tl that will stop us out.
Ur answer in essence was
Enter with a calculated guess and trade with confidence untill the base line gives way.
Enough trades in the direction of the trend will be successful for us to forget the one which was wrong.
To my theoretical ta q
Ur answer was practical trading
Thanks once again

shriram said...

how bout a 3white soldiers forming tomo & then a relaxed sideways week ?

Prabhanshu Raman said...

@SBSB, 19th ka to pata nahi but tomorrow 100-150 points up for sure, SGX nifty is trading above 7100 and high made 7168.
:-)

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