In the upcoming Elliott Wave workshop at Bangalore, we will deal with specific examples such as the following.
Today, the Nifty index has opened slightly lower. You have already listened to a whole bunch of market experts on CNBC, and are none the wiser for it! Truth be told, success comes when you know how to trade. What is your own outlook? What is your edge? What is your strategy? These are some of the questions we will deal with.
Take a look at these two charts, and you will see stuff that almost anyone can figure out.
What next? This is what we will address at the workshop.
6 Comments
Dear Ramki,
Looking at elliot wave count of nifty, it appears that current move seen is only XX wave completed as five (abcde) wave structure at 10774.50. Current move from 10774.50 to 10512 is wave a of new corrective wave.
Jagaseesh, My recommendation will be to be faithful to your own count while trading! Only then will you know when to exit.
hi ramki, i have one confusion if monthly chart shows down trend and daily chart shows up trend then which way should i tread ? please tell me . and one more thing for 5- 10- days treading what time frame i should choose for analysis? thanks, a lot.
Sanjeev, The choice of the time frame depends on your investment objective and style. If you are a long term investor, then the short term trends will only be used for confirmation of where to exit your portfolio or add to it. If you are a trader, then the monthly charts are more of guidance, but the real meat of the analysis will be in the daily charts.
Hello Ramki sir
I want to ask that whilst using the elliot wave what time frame should be used by an intraday trader ?
Pratik, My first preference would always be the daily chart, followed by the hourly chart. After that, merely to validate your entry levels, you can go down the time frame to 5 minutes