Post event an analysis of a wolfe wave bull set up is being made to find out any charastratic for future guidance. Specially, it is observed that Nifty started rising from Point 5 (marked in oval) but retraced to a lower level being called 5 Final from where it rose steadily along a line to the target 6 .
I have tabulated some Data in the following table:
Date | R_No | Open | High | Low | Close | Candel | Fib_No Relation |
4-Oct-11 | 1 | 4823.50 | 4869.75 | 4728.30 | 4772.15 | B | 1 |
28-Oct-11 | 25 | 5341.90 | 5399.70 | 5322.80 | 5360.70 | W | 21 |
23-Nov-11 | 51 | 4779.50 | 4779.50 | 4640.90 | 4706.45 | B | 55 |
7-Dec-11 | 65 | 5050.10 | 5099.25 | 5032.25 | 5062.60 | W | |
20-Dec-11 | 78 | 4635.80 | 4637.25 | 4531.15 | 4544.20 | B | |
2-Jan-12 | 91 | 4640.20 | 4645.95 | 4588.05 | 4636.75 | B | 89 |
22-Feb-12 | 142 | 5609.75 | 5629.95 | 5491.35 | 5505.35 | B | 144 |
I have assigned a number "1" to the date corresponding to Point 1 of wolfe wave. Point 2 was 25th day and nearest to Fibonacci number 21. Point 3 was 51st day and nearest to Fibonacci number 55. Point 4 was 65th day without any relationship as before. Point 5 initial was 78th day and Point 5 final was 91st day and nearest to Fibonacci number 89. Is it just coincidence that Nifty rose sharply from this 5F rather than 5I ? And, finally , Nifty reached the target on 142nd day & nearest to Fibonacci number 144.
Based on average of Open, High, Low & close, Point 1 -> Point 2 is 557.85 and Point 5F -> Point 6 is 931.36 so we may say rise was 1.67 times former. In case of contrasting triangle, Elliot wave requirement is a minimum of 1.75 incidently .
In response to my query " Area under 'oval' is to be explained by ww chartist."
ReplyDeleteMy friend Vinay Paranjape explained " In a sense, that +ww is never over until defeated or timed out."
nice sir...i dont see anything special foe oval area
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