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Elliott Wave Theory

Attached is a 3min chart of the NIFTY Sept. futures. The move started yesterday from DP support on the 15min and 60min charts - as you teach, today I took the TS2 buy on the 3min chart which resulted in 4.6R. With apparent resistance (covergence of multiple MA's) on the 60min charts, divergence of the STF on the 3 min chart took the DP trade on the 3 min chart - STF was strong at the first target, ran with the ATR stop and finally exited near the days low at the DP from the previous major swing low for +16R Profit. An amazing day overall of +20.6R Profit.

Jatinder, Private Trader

Elliott Wave Theory

Elliott Wave Theory interprets market actions in terms of recurrent price structures that follow the Fibonacci sequence. Basically, Market cycles are composed of two major types of Wave : Impulse Elliott Wave and Corrective Elliott Wave. Impulse wave can be sub-divided into a 5-wave structure (1, 2, 3, 4, 5), while a corrective Elliott Wave can be sub-divided into a 3-wave structures (a, b, c).

 

For more a more detailed look at each Elliott Wave, click on the links below:

 

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