The stock market provides ample opportunities to make money. All you need to do is to stay alert, and have a watch list of stocks that you wish to be involved in. Typically, these stocks should be well traded, i.e. there should be wide participation in order for Elliott Waves to work. In my Premium Service, we only look at well traded stocks. However, the technique works well in most traded instruments. In today’s example, I will show you two charts of Burnpur Cements. I really dont know if this is a well traded stock, but when I was scrolling down the Indian Stocks alphabetically, and managed to reach “B”, this stock looked interesting. So I did some quick analysis and thought of sharing with you. You can see that I haven’t done the extensive analysis that usually goes in to my recommendations. This example is only to show you what is possible if you remain alert, meaning you should not quickly run to the market to buy this stock without doing a full analysis. Elliott Waves works wonderfully well in the stock markets too. However, don’t be fooled into thinking that all you need to know is how to compute a few Fibonacci ratios and extensions. Elliott Waves is more than that. I normally use Fibonacci relationships to confirm my wave count and to compute targets (not the other way around!). With best wishes
Dear Ramki Sir,
waiting eagerly for your update on bse sensex. after correcting from 20204 to 18144 today we have seen 80% retracement of fall at 19792.it is over bought market. RBI to announce policy tomorrow. on last 2 occasions of rbi policy announcements we have seen good corrections.
will we do it again from tomorrow?
nifty has retraced more than 80 % of last fall. what does it indicate ? new high after some corrections?
Pankaj, please read my response to Gaurav under Elliott Wave Analysis of India’s Sensex – October 2012. Also, you should post questions under the right topic! Best wishes
In converging diagonal triangle, is it manadatory that 3rd wave shud be lesser than 1st wave and 5th wave shud be lesser than 1st and 3rd wave.
Or, if wave 3 travels around 123.6% of wave 1 and price pattern are developed in converging triangle then can we take this formation in consideration?
Pls note – wave 1 & wave 3 madeup of 5 sub waves and 5th wave are in progression and also moving in 5 sub waves.
Ankur, by definition, the third wave within a converging diagonal will be smaller than wave 1. Perhaps your chart will soon evolve into some other formation.