Nifty Index Time Frame 75 Minutes : An Introduction

 The Elliott Oscillator is most effective when the Chart has the 'correct' number of bars. From 100 to 150 is the number of bars  being used with EWO {Basically, MACD (5,34) }. While Dr Bill Williams suggest 100-140, Tom Joseph insist on 150, being the right,

 ,  http://www.tradingfives.com/articles/elliott_oscillator.htm

 Market in India is from 9:15 AM to 15:30 hours (3:30 PM) and of 375 Minutes duration. As such, a TF of 3 minutes cover a day with 125 candles, TF of 5 minutes covers 2 days, TF of 15 minutes cover 6 days & TF of 75 minutes cover in 30 days - all with 150 candles.

Traditionally, Daily chart  of around 30 weeks is of /around 150 candles. Fractal of daily chart is taken/accepted of being hourly, However, in my opinion , the hourly chart is asymmetrical in nature ; 1st candle depicted as 9:00 is based on 3 candles of TF  15, & 7th candle depicted as 15:00 is based on 3 candles of TF  15. Balance 5 candles (10:00 to 14:00 inclusive) are based on 4 candles of TF 15.  Best option for fractal is no doubt a TF of 75 minutes.

Data were manually tabulated & sourced from : http://www.netdania.com/Products/live-realtime-streaming-currency-exchange-rates-charts/chart-forex-charts/NetStationFullWindow.aspx

OHLC basis data was selected from TF15 minutes data & feed into an excel sheet :

First chart from TF 75 Minutes revealed  High-Low averaged 31.30 points with lowest being 9.35 & highest being 76.75 in a time of 75 minutes.