Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Complete Elliot Wave interpretation for the Nifty Weekly Charts

1 min read


 

For Big Picture Click here

Chart Shown here is the Complete Elliot Wave interpretation for the Nifty Weekly Charts.Where the Major Bull Market Waves(implusive) are represented my 1,2,3,4,5. And the Major Bear market waves(corrective waves) are represented by A,B,C waves.
 
By going thro the chart Possibly Wave B could be ended if we are not able to cross above 2900 on the upside. Above 2900 the current Major B wave is a continuation pattern. targetting 3250 and 3450 on the upside. Else We in the progress of making C Wave, which would confirm if nifty is able to close below 2500 targets of 2250 and 2024 in nifty.
 
For the Past 10 sessions nifty is in a confusion and trading between this rangebound seesion facing resistance at 2800 on closing basis and 2860 on the extreme upper side. So Clearly it is confirmed that the day nifty crosses 2900, decisively nifty is moving towards the confirmed target of 3250 and 3450 where exactly the 200day weekly moving average comes. And on the other case if nifty is not able to makeup 2900 one could definitely conclude on his own that we are towards a strong downtrend.
 
People could ask me why American market is bouncing back but why we are not???
The answer is the all the world market are strongly govern and stritly binded to Elliot Waves.
Here is an Excellet elliot wave interpretation for SPX 500 for corey rosenbloom
 
http://blog.afraidtotrade.com/elliott-wave-4-rally-appears-confirmed-with-targets/
 
Have a look at it.
 

Rajandran R

Disclaimer : Iam new to EWT.. Just few days old to Elliot Waves. So Dont take trading decision based on this

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

How Do YOU Know the Direction of a Market’s…

To be a winner in the stock market, either as a trader or as an investor, one must know the direction of the primary...
Elliott Wave
3 min read

Oil Prices and the 2019 Hurricane Season

In May, the National Oceanic and Atmospheric Administration predicted a near-normal 2019 hurricane season, which runs from June 1 to November 30. But,...
Elliott Wave
1 min read

Falling Trade Deficit is Good for Stocks: True or…

A common claim from economic and stock market observers is that a rising trade deficit is injurious to the economy -- hence, bearish for...
Elliott Wave
1 min read

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More