Wave Strategy Home Forums Trader’s Forum Hexaware- Elliott wave possibility!

This topic contains 3 replies, has 2 voices, and was last updated by Profile photo ofashishkyal Ashish Kyal, CMT 13 hours, 8 minutes ago.

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  • #128144 Reply

    Aniket Jadhav

     

    #128201 Reply
    Profile photo ofashishkyal
    Ashish kyal, CMT
    Participant

    Looking at the sharp rise in a few of the IT stocks like TCS, Hexaware I think an important low might have been in place and whole IT pack can start strong outperformance with this as only wave 1. The rise looks impulsive to me…

    #128260 Reply

    Aniket Jadhav

    So in general(not considering elliot rules) impulsive is an almost vertical wave without any overlap. But what should be an important low because where i have marked “Y” that low was taken out in less time with price level around 200 but the wave were overlapping. so should i consider weekly charts to find out an important low because daily charts give a smaller degree important lows? And Sir in your nifty chart you said that B should take less time than a to be considered as triangle or diametric but it looks like it took more time than A ? please tell why is it considered as triangle or diametric even if more time is taken

    #128262 Reply
    Profile photo ofashishkyal
    Ashish Kyal, CMT

    Yes, last leg should be retraced in faster time for reversal confirmation. In Diametric or Triangle wave b can take lesser time but it is not a rule. If wave b takes more time than wave a we can expect Zigzag or Flat pattern as well. On daily chart as well you can identify faster retracement zone to truncate the waves at that low.

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