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.

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

http://www.marketcalls.in/2009/02/short-term-elliot-wave-count-for-nifty.html

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.

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0 Replies to “Simple Elliot Rules to Follow to find Nifty resistance”

  1. 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. Naren.naren309@gmail.com

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