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Nasdaq Elliott Wave Analysis. As on 31 July 2018. CMP 7193

In our previous post of Nasdaq here, we warned that 5 wave move is complete or near complete at 7420.  It made a slight new high at 7511 and then collapsed.

Our exact words “Nasdaq shows a completed or near completed 5 waves up on multiple degrees of trend. Caution is advised.  “Risk averse” is a sound strategy at this point. but 5 waves down are required to confirm a change in trend.”

Showing then and now charts !

Nasdaq Elliott Wave Analysis

Chart of 21 July 2018

Nasdaq Elliott Wave

Chart of 31 July 2018.

Has the trend changed ? Do we have an impulsive 5 waves down visible on the short term charts ?

We look at the 30 minute chart to confirm.  And the answer is Yes.  5 waves are clearly visible to the downside on the Nasdaq (maybe a little lower to go to complete the smaller subwaves down).  Any bounces now are likely to be corrective and choppy, and they should end below the high of 7511.

This is an excellent short set up for those trading the Nasdaq.

Nasdaq Elliott wave

Initial 5 waves down almost complete.

 

 

 

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JSW Energy Elliott Wave Analysis. As on 30 July 2018. CMP 65.

Price has too many options at this stage.  Price is in Wave C lower or Wave Y.

Long and Short of it is to stand aside till we have a clear bullish pattern.  It may be a few weeks or many months.  At this point, all we can do is track it and let you know when a bullish setup is near.  

For those interested in the wave patterns, continue reading.

Note these are 2 week charts, so short term counter-trend rallies, even to 80-85 are possible.

Option 1 : Ending Diagonal in Wave C. 

This option calls for decline to below 53 over many months.

JSW Energy Elliott Wave Analysis

 

 

Option 2 : Price in a Wave Y triangle. 

Price could begin a rally anywhere from 54-65 (current levels) in wave B of a Y triangle.  No evidence of a rally yet.

JSW Energy Elliott Wave Analysis

 

Option 3 : Price could unfold as a Flat Correction in Wave Y.

Price rallies from between 54-65 (current levels) to above 90 and down again to 55-60.

JSW Energy Elliott Wave Analysis

 

Conclusion : Each candlestick is 2 weeks.  So we need to be patient and see where price takes us.  Let price prove to us where it wants to go.  At that point an entry is called for to ride the trend.

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*Name restricted* Technical Analysis Elliott wave count. As on *restricted* , 2018. CMP 599

 

 

 

 

 

 

 

 

A lasting low is almost certainly in place at *restricted*.

Important points to note :

  1. A long term low is in place already at *restricted*.  Price should have a strong up – move on the larger time frames.
  2. The correction ended with an ending diagonal in wave 5 of C.  This means the initial target for *** is above the origin of the ending diagonal i.e. 656.
  3. Whether its a good time to get in right away now is a more difficult call.  Read point no. 5 below.  Even if price does decline it is a buying opportunity.  So scaling in from current levels is the best bet so one does not miss out.
  4. Given the larger term structure, this is an excellent opportunity for long term investors as well.
  5. The 2 Hour chart shows a possible completion of minuette degree wave 1. Which could be followed by a decline in minuette degree wave 2 to about 550 – 560.  That level may be an excellent level for traders to take long positions.
  6. The most important takeaway is that an ending diagonal completed the entire downward correction to 483.  Price should move rapidly up.  It may do so after a decline to 550 – 560 or straight away.

Conclusion : Investors should scale in from current levels and Traders can wait till 550 – 560.

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*Name restricted* Technical analysis Elliott wave.  As on *restricted* 2018. CMP 269

As our post on *restricted* we expected *restricted* to play out in either a triangle or flat.  (both charts were given).

 

If a flat, price was expected to test 266.  Which it has done by reaching 262 on June 28.  Small new lows are still possible, but all requirements have been met.

  • Wave Y (336 points) = Wave W (339 points)
  • Wave Y has tested the parallel line of the trend channel connecting the wave 3 top and Wave X to Wave W.

Price is now free to begin its climb in a Primary degree 5th wave.  Doesn’t mean it will start its ascent tomorrow but it should happen sooner rather than later.

Below Daily chart shows an almost completed 5 waves down on all degrees of trend. Possible small new lows still to come.  Investors could begin scaling in at these levels.

Daily chart – downward correction almost complete.

 

 

 

 

 

 

 

 

Conclusion : The tide is turning for *restricted* after a ** year correction.

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 *Name restricted* Technical Analysis Elliott wave. As on *restricted* 2018.  CMP 1033

 

 

 

 

 

 

 

 

 

 

Sometimes, price sets up quite beautifully, and the market offers us one of these seriously high probability trades that almost beg to be taken.  This is one of them, but it may not happen immediately so keep your alerts at level mentioned and pounce when it does.  Read on..

*restricted* has declined from a wave 3 high at 1299.90 in what is a crystal clear ABC correction, with B taking shape of a triangle.  Price is now thrusting lower from the triangle in wave C.

Target for *restricted* to end its decline is at 900 – 915.

There is excellent confluence of support in this area 900 – 915 for a buy.  4 indicators of confluence point at this area specifically.

  • Wave C = Wave A at 907.
  • Lower Line of Trend Channel comes in at about 900 – 910
  • 4th wave of 1 lesser degree at 905.50
  • 2nd wave of preceding impulse wave at 912 (this is also important as during the preceding impulsive up move, wave 5 was the largest wave).

Conclusion : Buy at 900 – 915 for a strong move up.  Targets will be informed in subsequent posts.