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Wave Theory in Motion: Understanding Key PatternsElliott Wave Analysis: Example used chart of Eicher Motors (NSE: EICHERMOTORS) This analysis is provided for educational purposes only and does not constitute trading or investment advice. All wave counts are subject to change as the market evolves. Always consult with a qualified financial advisor before making any trading decisions. Overview: In this analysis, we will delve into the current market structure of Eicher Motors through the lens of Elliott Wave Theory. The focus will be on identifying the wave count, potential price targets, and critical invalidation levels. Wave Count: Starting from the low at 4253, we have a clear impulsive structure labeled as wave (i). This wave consists of five smaller sub-waves, denoted by i, ii, iii, iv, v. The subsequent correction, wave (ii), retraced part of this impulsive move, unfolding in a typical corrective pattern, which then led to wave (iii). This wave extended higher, reflecting strong bullish momentum, followed by waves (iv) and (v) completing the impulsive sequence near 4976 where we had labelled as wave 3 completed. From there, an Expanded Flat corrective structure began, identified as a ((a))-((b))-((c)) pattern, which seems to have completed near ₹4,548. This marks the end of wave 4, a corrective wave within a larger impulsive sequence. Currently, the stock appears to be in the early stages of a new impulsive wave, labeled as wave (i) of a higher-degree wave ((i)) of one more higher degree wave 5. Elliott waves Theory based Target Assumptions: Given that wave 3 of the previous impulsive move ended around 4976, we anticipate that wave 5 should extend beyond this level. The first target for wave 5 would be around 5000, If momentum is strong, we could see further extensions. Invalidation Levels: Critical to any Elliott Wave analysis is understanding where the wave count might be invalidated: Nearest Invalidation Level: A break below 4548 would invalidate the assumption that wave (v) of wave C has completed. This would suggest that the corrective wave 4 is still ongoing or that a different corrective structure is forming. Main Invalidation Level: Should the price fall below 4253.85, it would invalidate the entire bullish wave count, implying that a much larger corrective pattern is unfolding, or a change in the trend direction is occurring. Conclusion: Eicher Motors is showing signs of a potential new impulsive move to the upside, However, traders should keep a close eye on the invalidation levels at 4548 and 4253.85. Breaching these levels would require a reevaluation of the current wave structure and could signal a deeper correction. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:EICHERMOTEducation
by RK_Chaarts
How to Count Waves Using Chart Patterns?We can count waves using traditional patterns like Head and shoulders, Double Top and Bottom, Triangle, cup & handle, etc. This article is about how you can count waves by identifying chart patterns. I have covered Three chart patterns in this article, 1) Triangles 2) Head and shoulders 3) Double Top and Bottom 1) Head and shoulders: In addition, the two lows formed when the price failed to rise and fell back down were basically at the same level. The horizontal line is often referred to as the "neckline" When the price fails to fall back for the third time neckline will break. So "head and shoulders" was officially established. Changes in volume with head and shoulders: During the formation of "head and shoulders", the left shoulder has the largest volume, the Head has a slightly smaller volume, and the right shoulder has the smallest volume. The phenomenon of diminishing trading volume shows that when the stock price rises, the chasing force is getting weaker and weaker, and the price has the meaning of rising to the end. Operation plan after the Head and shoulders appear: When the head and shoulders formed, you can decisively follow up the short order. The formation of the head and shoulders indicates the beginning of a new round of decline in the market, and the minimum drop is the distance from the head to the neckline. The profit is very substantial. Therefore, studying the formation of the Head and Shoulders is also a necessary analysis process for band enthusiasts. Wave Count: The left shoulder: wave 3/A. The first touch on the neckline: wave 4/B Head: wave 5/C The second touch on the neckline: wave A/1 The right shoulder: wave B/2 The ending point of the right shoulder: wave C/3 2) Triangles: These are the most commonly used triangle patterns. In this motion, we are going to understand the triangle in terms of the Elliot wave. We'll be talking about the classical triangle pattern in an upcoming educational series. Wave Count: A triangle forms in corrective waves. There are Four corrective waves in Elliott wave theory. The corrective waves are 2,4, B, and X. There are four waves in a triangle which are A, B, C, D, E. The starting point of wave A of the triangle is the ending point of impulsive wave 1/3/A/W. After the completion of wave E of wave 1/3/A/W, the Impulsive wave will initiate. 3) Double Tops and Bottom: In the chart, you can sometimes see the stock price fluctuations. The stock price fell back after reaching the highest price. After some sorting, it rose again to near the previous stock price level and then fell back. Two "normally highs" The high point is formed on the circuit diagram and will not be seen again in the short term. Wave Count: In a Bull market, The first Top of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave. I started the wave count from the first Top and labeled it as A, B, and C waves. In a Bear Market, The first Bottom of the pattern represents the completion of the impulsive wave. The ending point of the Impulsive wave is the starting point of the corrective wave. I started the wave count from the first Bottom and labeled it as A, B, and C waves. After wave C is complete, we can ride the impulsive waves.
NASDAQ:TSLAEducation
by forextidings
3
Trading Chaos Part 4 | Elliott WavesHello, everyone! Today we are going to spot the most important and challenging part of Trading Chaos by Bill Williams(BW) – the Elliott waves. This analysis is the most efficient in combination with other techniques of Trading Chaos. Market always moves with the waves and BW developed the conception which eliminate the uncertainty of Elliott Waves. In this article we will consider every wave and explain how to spot their target areas. First of all we need to understand the 5 “magic bullets” which kill the trend. They are: Divergence with the Oscillator Target zone The squat bar at the one of three top bars Fractal at the top Momentum change Today we are goin to consider only the target zone. Other tools we will reveal in the next articles about Trading Chaos. How to spot Wave 1 start? Research the last wave from the previous trend. This should be wave 5 or c. This last wave have the typical structure of waves with less scale. You can use the technique for Wave 5 end defining to spot when trend is finished. How to spot Wave 1 end? Search the 5-waves structure inside the Wave 1. You also should spot the 5-th wave end. Use the 5 “magic bullets” which usually kill the trend.
BITSTAMP:BTCUSDEducation
by Skyrexio
2
🧮 Elliott Wave Pattern. Combination: "Double Three"●● Combination ( CMB ): "Double Three" The SZ (FL) -X-T combination is the most common. ❗❗ Rules ● A "double three" combinations comprise two corrective patterns separated by one corrective pattern in the opposite direction, labeled X . (The first corrective pattern is labeled W , the second Y ) ● A "double three" flat combination comprises (in order) a zigzag and a flat, a flat and a zigzag, a flat and a flat, a zigzag and a triangle or a flat and a triangle. ● Wave X is any corrective wave. * ● Wave X always retraces at least 90 percent of wave W . ● Only one of the W or Y waves can appear as a single zigzag. ● Combinations can occur in the same wave positions as flats and triangles (except for the triangle subwave) but cannot occur in waves W , Y or Z . * most likely, except for the triangle. ❗ Guidelines ● The X wave is often 123.6% of the W wavelength. ● When a zigzag or flat appears too small to be the entire wave with respect to the preceding wave (or, if it is to be wave 4 , the preceding wave 2 ), a combination is likely. ☝ Notes ● An expanding triangle has yet to be observed as a component of a combination Elliott Wave Principal 2005
BITSTAMP:BTCUSDEducation
by TradeWaves-EWA
4
Our Elliott Wave 5th Wave Target Zone Hit on EURJPY Earlier today we made a quick education video discussing the tools in our indicator suite and how to use them to trade the high probability 5th wave moves. We used this EURJPY example as it was setting up. The orginal video can be viewed >>HERE<< This next video is a follow to show our automated 5th wave target zone has been hit, completing a great Elliott 5th Wave trade on the 5 minute time frame for EURJPY. Watch the video tour of our Elliott Wave Indicator Suite >>>HERE<<<
Education
by xBratSoftwareSolutions
3
Entry Points for our 5th Wave Trades - EURUSD 30min ExamplePart of our Elliott Wave Indicator suite are our 6/4MA High and Lows which are designed to allow traders a sensible entry strategy for long and short 5th wave trades. In this example a great 5th wave trade was entered on EURUD on the 30 minute time frame using our Elliott Wave Indicator Suite for TradingView. The green arrow on the chart highlights the short entry through our Red 6/4 MA Low. As with 80% of our 5th wave trades, our 5th wave automated target zone was hit. You will also notice our Elliott wave oscillator pulled back on the 4th wave within our parameters along with crossover of false breakout stochastic. These are special tools, along with out probability pull back zones that allow use to measure the behaviour of the 4th wave. This is important to help identify High Probability 5th wave moves. Find out more bout our Elliott Wave Indicator Suite for TradingView >>>HERE<<<
Education
by xBratSoftwareSolutions
This is why you suck at identifying Elliott Wave channelsIf you have read the holy bible of elliott waves, you would know that Elliott wave guidelines suggest that you: 1. draw a straight line from end of wave 1 to end of wave 3 2. draw a parallel line from the end of wave 2 (parallel to the line we made in 1.) 3.if end of wave 4 is not on this line, adjust projection for wave 5 by drawing a parallel line to the line connecting end of wave 4 to end of wave 2, at end of wave 3. 4. Extended may break the channel :) Note: there is no mention that the smaller waves within these waves have to be inside the channel. only the starting point and ending point are considered.
BITSTAMP:BTCUSDEducation
by RyanPal