MalayKJ

MalayKJ

Demonstration of Elliott Wave Principles using Bitcoin chart: Rules: Wave 2 never goes below end of Wave 1 => checked Wave 3 is not the shortest of Wave 1, 3 and 5 => checked Wave 4 never goes below end of Wave 1 => checked Guidelines: Guideline of Alternation: Wave 2 and 4 alternates in form (sharp vs sideways), retracement (shallow vs deep)...

MalayKJ

RSI, as conventionally understood, does not oscillate between 70-30. This idea explains the RSI behaviour during bear market phase.

MalayKJ

RSI, as conventionally understood, does not oscillate between 70-30. This idea explains the RSI behaviour during bull market phase. Stay tuned for similar idea explaining RSI behaviour during bear market phase.

MalayKJ

Basics of Elliott Wave Principles explained in the simplest possible way.

MalayKJ Updated 

INDEX:BTCUSD CMP: 24955 BTC has completed wave 4 (black color) - which is a triple three WXYXZ (blue color) type of correction - around 24770, which is also the top of Wave 1 (black color). - Confirmed by internal wave counts of WXYXZ. - Hourly TF shows positive RSI Divergence - Hourly TF shows early indication of MACD crossover with MACD line crossing above...

MalayKJ Updated 

NSE:NIFTY currently into iii (pink color) of 5 (orange color) of 5 (blue color) of 3 (gray color). Wave ii (pink color) retraced wave i (pink color) by 61.8%. As Nifty is currently into Wave iii (pink color), expecting Nifty to take out the trendline (purple color - from ATH to recent high) resistance around 18650 by providing a gap-up opening tomorrow above...

MalayKJ

NSE:NIFTY Possibility 1 (Blue color waves): Nifty is currently in Flat correction ABC. Ongoing phase is wave B, which should end around 18458 and then Wave C should start which takes Nifty back to the level of end of Wave A 18060. Also, it may happen that wave B extends beyond 18458 till 18570-18610 as part of expanded flat correction type ABC. Possibility 2...

MalayKJ Updated 

NSE:RELIANCE - Currently into corrective wave a - Wave a subdivided into 5 impulse waves i,ii,iii,iv,v (light blue color) - Wave iii extended 1.618 times wave i - Wave iv retraced 38.2% of wave iii - Wave iv did not close inside wave i territory (EW cardinal rule satisfied) - Wave v target is 100% length of wave i (@2413), which should also mark completion of...

MalayKJ Updated 

NSE:NIFTY possible view in coming week 22.05.2023 - 26.05.2023. Looks like today Nifty has completed (ii) of c. Also, RSI above 50 on hourly chart at the end of day resolves the previous RSI positive divergence on hourly chart. The view stays invalid if price moves above 18297 (top of wave b) before reaching end of wave c.

MalayKJ Updated 

Medium term view (no short term): - It looks like Nifty50 is forming a leading diagonal as part of wave a (yellow line). - Currently it may be into wave iv of wave a. - For this set up to be true, Nifty must reach around 18200 to mark the end of wave iv and from there retrace to form wave v of wave a. The entire wave a should complete around 18000. - After...

MalayKJ Updated 

Nifty50 has completed Wave b and is not into beginning of Wave c. The possibilities of end of wave c marked on the chart. SL set shall be top of wave b.

MalayKJ Updated 

Elliott Wave Analysis for Nifty50 Nifty 50 has probably completed Wave a today for ABC corrective pattern today and is midway into Wave B. View for 2023.05.18 is bullish for first half and bearish for second half.

MalayKJ

Although Elliott Wave Theory is vast subject and needs in depth study, I'm sharing a cheat sheet for those who have started to learn about the same. This should help them in understanding things better. Also, try to correlate the cheat sheet with Nifty50 daily chart and be amazed to see how nicely the Elliott wave principles were followed there in the recent...

MalayKJ

Inverse head and shoulders pattern under formation. Volume also drying up and RSI moving up. Wait till the price break above neckline. May give a nice breakout after that.