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.

Nifty Hourly Elliot Wave Interpretation

35 sec read


 

Still now the whole correction from 4700 to 3924 levels can be viewed as a ABC correcive waves with 5-3-5 sub wave pattern
Length of A Wave is 4700-4158 = 542. Length of C wave is 4480-3915=565 so the minimum criteria for the C wave should be equal to the length of the A wave which is met from where a sharp bounce back has taken place which is a indication of the next bull run to begin in short term. Alternatively there is also a possiblity  of C wave could be 1.618 times of A wave
 
i.e 542*1.618 = 876.9 in length
 
So Alternatively C wave could end at 4480-876 = 3603
 
So the alternative strategy is to viewing the down wave from 4480-3915 as a 5 wave pattern of 1st Subwave of a 5 wave  impulse downwave pattern…. and  corrections are left in nifty if 3900 has been broken out. Condition fails if 3900 is not me any of the time.
 
Base Supports 3900. If broken then target 3603
 
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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