Rish Trader

Sunday, August 12, 2018

Maruti did a small degree 5up recently.

Lets look at the chart.

From the chart we can see a nice 5 up followed by a correction the correction

is reaching near support levels. This most likely can bounce in any gapdown

Good support at 8960-80.Lets see how stock plays out in coming days.

coalindia a good channeled move is on.

A abc correction followed by X happened.

The stock looks to be heading towards 250 in c of Y .This count invalidates if trades above 289.

Lets see how the stock trades in coming days.

Many had asked long term nifty elliottwave count.

I have resolved nifty move in wave count.

The count is on monthly chart.

The above chart shows the waves ,We had a clear 5 wave up in 1st wave finished in late 1994.

We had a time consuming 2nd wave spread across 7 years finished in year 2001.

Golden period 3rd wave started late in year 2001 and finished by late 2010,Agood 9 year+ move.

We had the infamous 2008 correction in this phase where the index corrected by more than 60%.

Before this we had a steep rally in 3rd of 3.

5th wave started in mid of 2013 and still on.We have arguably completed 1and 2 waves and presently trading in 3rd of 5th wave.

Lets check fib corelation.

Took the length of 1st wave and .Then kept it on 2nd wave low and the 3rd wave target matches

with 161.8% of wave 1 which is usually wave 3rd target.

In next post would resolve the 5th wave.Do comment if you find something to add on or if you have

a diffrent count,I would be eager to read.

I had posted about ICICIBANK ,With expectation of

rise towards 315,320.The rally has come still got potential to go more .

Lets look at the bigger picture.

Finally a bearish count lets see how this chart behaves.My expectation is this rally can

fizzle out by 330+ .This rally is c up of expanded flat.

This count goes wrong if ICICI hits all time high. Prudent thing would be to try hit this

stock as near possible to previous high as stoploss.Look for weakness !!!.