>stubborn 3rd wave in impulse(elliottwave)

Usually most of wave traders spend most of their time on charts trying to catch stubborn 3rdwave. As the rule says 3rd waves are usually the longest and fastest in terms of price
travel .It requires lot of practice and imaginative mind to figure out the perfect wave setup
for trade,With practice one can get hold of waves unfolding which in turn gives a solid edge
in timing much better than any indicator can provide.
Few things which can improve your wave counting ability!!
1)Count waves from a higher time frame and then gradually come to lower time frames.
2) Always try to count waves from important lows or highs.
3) Go through as many charts possible.
4)Counting impulse(5 waves) is easier than counting a correction or abc:).
5) Label the chart with your count with date and check at a later date how you fared.
this should be a daily routine,This can help in understanding market moves in detail.
6)Always have a alternative count in mind and as market moves figure out which count
fits best.
7) Gap ups and gap downs usually happen in 3rd wave,Also indicators can be in oversold or overbought for most of the time when market travels in 3rdwave.

I am attaching a chart of a stock punjloyd to show the wave counts
the green arrows are 3rd wavesHope these points help in counting waves cleanly.


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>Mahindra and Mahindra analysis update

Auto sector as had mentioned witnessed sharp fall.M&M ,TATAMOTORS ,BAJAJ AUTO ,MARUTI ETC witnessed sharp falls,In my old post Auto sector had given analysis of the
auto sector heavy weight m&m it reacted sharply to the resistance and is already 100+ points down from top.It looks to be falling in impulse which suggests it would turnout to be a good
short again in rises keep an eye.A chart is attached to shown vicious impulse still on.


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>Nifty elliott wave counts

Turbulence galore!!!
In my last nifty post nifty analysis had mentioned about Y ending in 4700-4600 range
we reversed from 4700+-20 points,Had categorically written about a good relief rally .
We did see fantastic pullback(4700-5400)a three wave move suggesting another complex
corrective wave.The following chart shows that.
The first chart shows the 3 wave up X relief.The second chart is weekly which is showing the
expected abc unfolding over next few months,a can be finishing near 4700+-50
b can go back up to 5000+-50 the final c can go to 4500 levels if it stretches then 4200-4000.
The point to stress here is you see each abc retraced 60% of previous abc ,Which usually happens in complex corrections,That's the reason we are yet to see panic in Indian markets as the rises retracing the drops upto 60% and dropping again so a slow drop nevertheless lowertops continuously !!!!!!,Would update if market does something else.

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>Mahindra and Mahindra elliottwave analysis

Auto sector has been not in sync with nifty few stocks are sideways ,Few are trending up
and few trending down .

M&M holds the highest weightage followed by tatamotors ,Bajaj auto , heromotoco and
maruti suzuki

I think this sector would peakout in some time and investors should book their profits in
this sector

M&M Looks to have finished 5 up on monthly charts or about to finish may kiss 850 once
Tatamotors is already in downtrend

on daily charts M&M wave count is labled on following chart followed by 5 up in monthly
chart
On daily chart we are in process of finishing some sort of B up here we could be making a triangle or a flat in any case a 25% correction is not ruled out from current levels .

lets see how this sector behave in coming months can update accordingly .
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