‘Mng folks,
Tomorrow Friday 24 Apil, 2015, at 2 pm India Time, I will be taking questions from the public at Moneycontrol.com website. See you there!
Please click on the Moneycontrol link above for the transcript!
Meanwhile, the link for the CNBC interview appears in the previous post.
Best wishes
Ramki
4 Comments
Do you think wave v has ended and we are into a deeper correction below 8000?
Shiva, At any point in time, there will be several possible counts. But you will never know which is the right count until after the fact. Hence, the correct way of using EWP is to trade the market using your own count, and know when you are wrong with that particular count. The secret is not to get the count right, but trade you count right.
In an interview with CNBC-TV18 on April 17, you have mentioned that Nifty will take support around 8500/8400 level then bounce back upto 9000+ and then fall upto 8000. However, what happened after that is no bounce back upto 9000 instead Nifty fallen upto 8000.
So is that a missed calculation or so? Please explain.
Thanks,
Rajendra
Rajendra, That was a complex correction we were discussing A recovery back to the prior high was one of the possible scenarios where we get a flat correction. However, as the markets progressed, it was clear that we were going down directly as a double zigzag, another complex pattern. This was discussed during the ATMA conclave. Also, CNBC interviewed me again when the markets touched 8080 and I once again said that for the medium term players, buying at 8080 or another 100 points below that was still a preferred strategy if we are positioning for 9600 or higher. You may Google this interview as well. The main point of Elliott Waves is not to get the counts correct, but to get the trade corrected. Buying between 8000 and 8080 would have been profitable even for the short term trader.