It is seen that Nifty had move from 4531 to all time high at 9119 , herein , below a weekly chart :
Number of Weekly candles covering this range is 167 .
Q " "The Elliott Oscillator is most effective when the chart has the "correct" number of bars. From 100 to 150 bars is the correct number of bars to use with the oscillator. Dr. Bill Williams suggests 100-140. Tom Joseph implies that 150 is right. We like to use about 120 bars, which is comfortably in the middle of that range, and which has consistently produced reliable results."
For covering NIFTY from 4531 to ATH 9119,it is being felt that a cycle of 6 days based on NSE data for OHLC would be helpful to determine the status of the wave in the light of the Elliott Oscillator Macd (5,34,5). Accordingly, here is the excel derived Chart with candle # 149 ( 6DC period ended on 19/05/2015) & last candle in progress to terminate on 27/05/2015.
The most important single concept about the Elliott Oscillator is that the highest/lowest point of the Oscillator is connected to the bullish/bearish Wave 3 of the swing. Related concepts are that Wave 4 crosses the zero line in the opposite direction of the trend.
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