I always said as an elliottician - what I trade is not the count -it is the pattern- Why I do so? You might be thinking it is wave 3- So, you sell everything at stake. Sell everything means -your car- home just thinking that it is wave 3 & suddenly market gives a surprise- starts going against you, putting you in deep trouble & you realise it was an explosive leg of the flat correction, which has almost similar personality as wave 3 -most of the time traps people who are just not ready & adamant thinking that -how he can go wrong. Don't forget we are humans, if we don't do mistake, then who else?- Ask yourself. Early you realize your mistake-the better, else almighty save you. Better & good trader always learns from his mistake.
Note A flat correction in an elliott wave parlance -consist of 3-3-5 leg scenario where the last leg has 5 waves which almost looks like wave 3 & can deceive you.
Analysis Prices since 1350-1360 lows are chopping upside, giving wedge shape structure & once it breaks orange trendline downside that will be confirmation that it wants to correct downside till then we look upside target to touch the upper blue resistance line & possibly overshoot above blue trendline but do not get carried away. Overshooting & coming back again in the structure will be early warning for bulls else enjoy the party upside. If you did not trade, then you will call this badluck -actually that is not badluck - trading is a serious business & you have to be serious. You don't motivate then you lose the game- did I say game- no, lose the gem. Common, both will hurt you.
I will love to have your comments.
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20:33 Hrs 18th May2017
Last Price@1537
Broken the trendline but be careful - we will exit sell as any move above 1540-1545 zone can make jump above 1570 & above 1570 -it can go to 1590 & 1590+
So next selling we will take only below 1500 levels -psychological level.
Comments
prasadk1
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once it breaks orange trendline downside that will be confirmation that it wants to correct downside,, i think it has broken exactly as your analysis, can take a PE of 1500 ?
Niks99
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Awesome analysis and I love the way u write in all your analysis... Single word I can't miss of yours...hats off...