I will post you a couple of charts that I prepared for my old friend Bob D (remember the person who gave me so much of his valuable time in proof reading your favorite book, Five Waves to Financial Freedom?)
With Elliott Waves, you should never struggle to count the waves. When it becomes hard, just step back and look at the bigger picture. The best trades are done when you are able to see the waves easily and clearly, while the rest of the world is stressing out about the next few points. You, on the other hand, having read and understood my way of approaching the market, would place your bids or offers near the anticipated targets and wait for the fruit to land on your lap! Of course, occasionally you will get a lemon, but often enough it will be a sweet fruit.
Here are the Elliott Wave charts of WalMart. The second chart shows the third wave in detail. As I point out, you really don’t need to go very deep! Just keep it simple. All the best.
6 Comments
Dear Ramki….as is usually the case, I marvel at your ability to view stock price movement and decipher the human emotions attached to the “current state of the issue” by applying Elliott Wave analysis. The potential road map you provide for us students of EW analysis, is like having an air traffic controller guide us through a menacing storm. I can now see clear skies ahead, as I home in on WMT. Thank you for your continuing kindness. Good fortune….Bob D.
Hi Bob, Thank you for posting on WaveTimes. My closest friends have been found via this blog, and you are a special person in that group.
Hello Ramki……as suggested in your analysis of WMT, price has reached $67.00 today. From the $56 low in November 2015, thru to todays price of $67.00, that ROI is 19.64%. Marvelous…..simply marvelous. Thank you for your skillful EW analysis.
Good fortune,
Bob D
Bob, I am glad you followed that trade. All the best.
Hello Mr Ramki. I just have one question about this chart. So, can 0-2 trendline be brokern by the wave 3 ?
Thanks in advance
HI Farid, I suspect that you are looking at the dotted line in the chart and thinking it is a trend line that I have drawn. It isn’t. The line only shows the path I have taken to connect the point 0 to point 3, which is a straight line. I recommend that you read the section dealing with use of Elliott Wave channels in any good book. FWTFF also covers this concept.