Rajandran R FollowTelecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)
Simple Elliot Rules to Follow to find Nifty resistance
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As per http://blog.afraidtotrade.com/the-three-hard-rules-of-elliott-wave-theory/
Elliot Simple Rules to Follow :
1. Wave #2 Cannot Retrace 100% of Wave #1 2. Wave #3 Cannot be the Shortest Wave (but does not have to be the longest) 3. Wave #4 Cannot Enter the Territory of Wave #1
As Per rule 3 wave 4 cannot enter the terrtirory of wave 1. So from the short term count from nifty charts Wave 3-iv should find resistance near 2724 region as per the rules it cant retrace into the 3-i region i.e 2724.
posted W.r.t to my last post on Short Term Elliot Wave count
Rajandran R FollowTelecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)
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0 Replies to “Simple Elliot Rules to Follow to find Nifty resistance”
Dear rajandran,Markets did not close above 2724. and my wave matches yours so i hope nifty does not cross 2724 and the 3 ka 5 th wave begins its journey downwards. tgt – 2300. it should be a fast downfall next week. [email protected]
sir,it crossed 2724..and close strongly…so wave count is wrong or….still hope for 2300….just asking with academic interest no question of [email protected]
Tne Nifty cross the 2808 level. Now it will again resist at 2835-2840 level. Let’s see.
Dear rajandran,Markets did not close above 2724. and my wave matches yours so i hope nifty does not cross 2724 and the 3 ka 5 th wave begins its journey downwards. tgt – 2300. it should be a fast downfall next week. [email protected]
sir,it crossed 2724..and close strongly…so wave count is wrong or….still hope for 2300….just asking with academic interest no question of [email protected]
Tne Nifty cross the 2808 level. Now it will again resist at 2835-2840 level. Let’s see.