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

This topic contains 7 replies, has 2 voices, and was last updated by  Aniket Jadhav 6 months 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.

    #128292 Reply

    Aniket Jadhav

    Sir one last query in your nifty daily update report , The final diametric pattern G doesnt look equal to A and its pretty hard to find and name it diametric when it doesnt look like an ideal diamond or bow tie, is there any other rule other than g=a, b=f, c=e?

    #128302 Reply

    Aniket Jadhav

    This 2nd diametric in my count does follow what you said g=a, b=f, c=e but a,c and g look impulsive so when should i consider it to be diametric

    #128312 Reply
    Profile photo ofashishkyal
    Ashish kyal, CMT
    Participant

    Diametric are very tricky pattern with practically no rules but only guidelines. As mentioned in “The Financial Waves short term update” even if the pattern does not look like ideal one on the charts there is no reason to change the outlook as the internals are still pretty clear and the behaviour is in sync with the ongoing movement. One needs to change the pattern only when it is sure the rules are not being followed or the degree has changed.

    #128333 Reply

    Aniket Jadhav

    Thankyou sir

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