Elliott Wave theory - why does it work?
- Thread starter bvpraveen
- Start date
Bubbly, carefree, loving with a doond-look, stoned = a TOP.
How much longer will History tolerate this gross unreality?
History recognizes the fact that the newfound indian prosperity has ZERO effect on the masses, so it has no vested interest in teaching them a lesson.
... but the average middle to upper-middle class, State Express toting yuppies? History will deliver punishment like it always has -- harsh, severe, merciless and relentless. Then finally, when they've leaned their lesson and are on their knees, the market will turn into Bull, but these beaten down fellows will NOT notice the buying opportunity in the making.
Same story, different era, that's all.
Where are we going? Don't know where we're going, don't know where we was, but where we was, wasn't it!
U
Plz refer this :
http://www.traderji.com/90614-post106.html
Today the Low of Eveready Industries was 51.50 ,watch this .
For academic purpose see whether Elliot Wave works ? This scrip you can see from when i am tracking.Now if this 51.50 is the 5th down waves last point we cant say becoz of its hind sight nature,but if that is then you may not see this Low for coming few weeks.Let us just watch whether EW works ? Again to alley any misunderstanding ,my system gave a buy signal yesterday (no way connected with EW) so i bought at 9.59 (mkt order & got my fill at 52.65) placed my SL at 51.95 at 10.05 & interestingly it never got Hit though Low is 51.50.
Bajaj Auto Fut ,has also completed the 5th down (cant say becoz of hind sight) ,however my system gave a buy signal placed mkt order at 9.56 & got my fill at 2192,incidentally few other stocks & fut also gave signal but bought Eveready & Bajaj auto as EW is in favour.
Mkt may humble me as usual but a little knowledge of EW can be helpful.
http://www.traderji.com/90614-post106.html
Today the Low of Eveready Industries was 51.50 ,watch this .
For academic purpose see whether Elliot Wave works ? This scrip you can see from when i am tracking.Now if this 51.50 is the 5th down waves last point we cant say becoz of its hind sight nature,but if that is then you may not see this Low for coming few weeks.Let us just watch whether EW works ? Again to alley any misunderstanding ,my system gave a buy signal yesterday (no way connected with EW) so i bought at 9.59 (mkt order & got my fill at 52.65) placed my SL at 51.95 at 10.05 & interestingly it never got Hit though Low is 51.50.
Bajaj Auto Fut ,has also completed the 5th down (cant say becoz of hind sight) ,however my system gave a buy signal placed mkt order at 9.56 & got my fill at 2192,incidentally few other stocks & fut also gave signal but bought Eveready & Bajaj auto as EW is in favour.
Mkt may humble me as usual but a little knowledge of EW can be helpful.
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Experts in EW are the best contrary indicator and get regularly beaten by fellas with just a ruler and pencil -- I am of the latter variety.
The Bombay Sensex major move from June 14, 2006 up should have a 5-wave structure before it can be called complete -- so with reference to this move here are the possibilities .......
(1) Wave 4 down started Dec 6 and finished March 16. We are therefore in the final pushup, i.e. wave 5 and ought to exceed the current top or come close to it in the event of a failed 5th wave.
(2) Wave 4 down started Feb 8 and is ongoing with a C-wave down yet to come to around 12,000.
(3) The top is already in place (Feb 8th) and we are now in a wave 2 rally. For this count to hold, the top must not be exceeded. What number comes after 2? ... yeh, best to hide and watch if this scanario is the correct one.
--------------------------------------
The Bombay Sensex major move from June 14, 2006 up should have a 5-wave structure before it can be called complete -- so with reference to this move here are the possibilities .......
(1) Wave 4 down started Dec 6 and finished March 16. We are therefore in the final pushup, i.e. wave 5 and ought to exceed the current top or come close to it in the event of a failed 5th wave.
(2) Wave 4 down started Feb 8 and is ongoing with a C-wave down yet to come to around 12,000.
(3) The top is already in place (Feb 8th) and we are now in a wave 2 rally. For this count to hold, the top must not be exceeded. What number comes after 2? ... yeh, best to hide and watch if this scanario is the correct one.
--------------------------------------
(2) is emerging as a strong possibility.
Here's why:
Rally from March 16 closing low of 12,430 has now generated 7 waves as of yesterday -- I therefore take this as evidence of a "B" wave. If we get yet another top then this theory is invalid as we then would have 9 waves, i.e. an IM structure.
What am I getting at?
Wave 3 Top was Feb 8. (In an expanded flat this top can be exceeded by wave B, without changing my thinking thus far for a wave C down.
Wave C of 4 down should begin now to targets:
10,800 OR 9,560 OR 8,300
The market humbles us all ......
U
So Eveready Industries ,5 th Down is yet not complete ,Low until now= 51.50
(at 12.40)
http://www.traderji.com/92306-post116.html
(at 12.40)
http://www.traderji.com/92306-post116.html
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