19. Applied Elliott Wave Webinar (Crude, Gold, SPX, Nifty 50, Amazon, Aurobindo Pharma) July – August 2020

In this webinar I have discussed practical application of Elliott Wave using various chart including Crude Oil, Gold, SPX, Nifty 50, Aurobindo Pharma (NSE Stock), Amazon (NASDAQ Stock).

Possible trading strategies using Elliott Wave for July and August 2020 have also been discussed wherever applicable.

Crude Oil, Amazon, SPX, Nifty and Aurobindo Pharma analysis done in last webinar played out as expected : 

Crude Oil Analysis (As discussed in last webinar) :

Crude Oil Analysis suggesting upmove for Wave 3 to be followed by corrective leg down for Wave 4 (June 2020)

Outcome of Crude Oil Analysis :

Crude Oil Final Outcome, went up to complete Wave 3 and then fell for Wave 4 which looks to be still continuing as a Flat structure

Amazon Analysis (As discussed in last webinar) :

Amazon Analysis suggesting more upside for Wave 3 (June 2020)

Outcome of Amazon Analysis :

Amazon Final Outcome, went up for Wave 3 as expected (July 2020)

SPX Analysis (As discussed in last webinar) : 

SPX Analysis suggesting upside move (June 2020)

Outcome of SPX Analysis : 

SPX Final Outcome, went up as expected (July 2020)

Nifty Analysis (As discussed in last webinar) :

Nifty Analysis suggesting upmove as a Triple Zig Zag Correction (June 2020)

Outcome of Nifty Analysis :

Nifty Final Outcome, went straight up (July 2020)

Aurobindo Pharma Analysis (As discussed in last webinar) :

Auropharma Analysis suggesting more upside should be seen for Wave 5 (June 2020)

Outcome of Aurobindo Pharma Analysis : 

Aurobindo Pharma Final outcome (July 2020)

Timestamps : 

• Regarding Training Program LT – 00:22
• Crude – 02:22
• Gold – 09:25
• SPX – 20:10
• Nifty 50 – 29:30
• Amazon (NASDAQ Stock) – 41:00
• Aurobindo Pharma (NSE Stock) – 45:10

So guys, this is our 19th meeting in the series of the Applied Elliott Wave webinars that I’ve been doing. My name is Neerav and I’m the owner of www.50eyes.com. I’m a trader as well as I also do teaching, coaching, mentoring, whatever you’d like to say. And you can find more about my work by going to my website. You can go and check my past track record which has been above industry standards or my video course and I also do have personalized classes for which you can make inquiries by going to www.50eyes.com/training-program-lt , which is basically this form you can send inquiries from. That’s about it for my work. And just to mention the current three month classes or the Training Program LT batches running, and it’s only been a few classes so if anyone is interested in joining they can make the inquiries within this month. Otherwise they will have to wait for the next batch whenever it will be. So that’s about it for that. And before moving further, let’s have a quick look at the disclaimer suggesting that all content presented here is for educational purposes, I’m not soliciting any buy or sell if you do go on to use the views presented here, then you yourself will be liable for your profit, loss or loss of profit. Moving on to the charts, the sequence we will proceed with is first of all, we will look at Crude Oil followed by Gold followed by S&P, Nifty and maybe some stocks if we have the time. I will first of all discuss a particular chart and then I will ask you guys if you have any query if you have you can post that in the comment section. If not, then you can just say that it’s clear and we will move ahead with the next chart. And just before we continue, give me a final nod that both the screen and the audio is there. And clear enough so that I can just start the lecture discussion from now. Okay, so Thomas says it is all good. So let’s get started with it. And let’s first of all this chart of Crude Oil. Before we move ahead with this discussion, let me quickly check what we discussed in the last webinars which was conducted I think on 22nd of June 21st of June and posted on 22nd of June on the website. So let’s quickly check the video which was there and Crude Oil discussion was at 2:41. So quickly move there So by the way, if you guys are watching this thing as a recording later on, definitely turn the screen quality to 1080p. Otherwise, the visuals will be quite bad. So going back to the actual discussion we made the analysis was suggesting that we have completed some sort of wave three if I recall correctly, let me check on the chart as well. Yeah, so this is the wave three we’re looking at, and we were planning to sell short for the wave four, which was supposed to follow this wave three. Whenever this wave three was completed, by the way, we did not have the correct endpoint for this Wave three. These were rough targets because we did not have the end for Wave three obviously. So moving ahead with that the analysis basically was wait for the completion of this and possible sell off after that. And let’s check the actual chart now of Crude Oil and we’ll mark that date of 21st something. So 19 June the data must have been when we discussed. So from here on, we were saying that some upside is remaining for wave three, which is actually what happened, market went a little bit higher. And then there was this correction, it did not go to our expected levels of 23.6 and 38.2, by the way, they will have to be redrawn because they were just roughly drawn at that point in time. So, I’ll just take it from there and so, this will be a 23.6 this will be a 38.2 it did not touch any of those so, that means this market either is very very bullish or second thing is that it means that it might be continuing the sideways correction in wave four. So, if you are going to go with the bullish view, then both of these possibilities are likely. So, either you can say that after the circle wave three you have the circled Wave Four complete here and this is a sort of a complex wave five going up or just a wave five going up. I think we have an overlap here. Yea. So, it will be a some sort of not that impulsive but diagonal kind of structure going up. Second outlook would be that, if I just remove everything it will be better I think, second outlook will be that circle four is not complete over here, but it is continuing as some sort of flat structure maybe or some other complex structure. I am of the view that it is most likely that it is continuing something like this. So, basically an Wave A leg down and Wave B leg up and then Wave C leg down as a Wave 4 and it will then be followed by the Fifth leg up. So that’s my view for now on Crude Oil. So, that means that there will be shorting opportunities in this market for this Wave C down however, how much will be the length of this Wave C, that we can only get an quick estimate by measuring this a leg down. So, I think this a leg is only two squares over here or rectangles. So, if I measure from here first is over here second is over here. So, roughly speaking 38 is the rough Outlook or the rough level or the one is to one level for this Wave C down, equality I mean, because generally speaking Elliot wave has this Guideline of Equality which says that not not even a guideline just in general, we look for Wave A and Wave C. Wave A and Wave C in a Flat to be equal. So this is the first leg down, I’ll just measure it and then projected it from this leg. And then we can take the Ones is to One level as over target. So roughly speaking, this looks to be our Target 1 near 38ish levels. And because this market is quite bullish, it has not given a deeper correction, I was hoping that it will fall down from here as a zigzag. But now that it has given some sort of flat or complex kind of correction just means that this leg can either be played on the downside or a better strategy might be to just wait for this market to fall. Right. And once this market has fallen for the Wave C then look for Long’s because of the simple fact that this market is quite bullish. That’s why I’m saying that that possibility holds. I guess that is pretty much it for this one. I believe this is a simple enough analysis here either look for selling the Wave C or wait for Wave C to complete and then go long. Again you can also measure that 23.6 and 38.2 and hoping that it might give a deeper C wave and go to 34. So you can see 38 is your Target 1 and 34 is your Target 2. So those are the two main things here. Other than that, I guess there is not much to discuss here. So let me know guys if you are clear on this chart, or should we clarify, if you have any questions I’m mean, post them and I’ll clarify Nick Thomas Yeah, okay. Okay, I believe everyone is sort of clear on this one, it was not much of a complex chart anyways. So moving ahead with the chart of Gold Before discussing whatever this market is actually doing, which I believe is not really what we were expecting. Let’s have a quick look at what we actually discussed around 9:05 will be somewhere over here. So, yeah, so I was of the view that it will give at least one leg up or B Wave up. And then it should continue down straight down as a Wave C or sideways as a triangle, and then next leg up. So this is leg was, I was quite certain if I recall correctly. Actually, I was paying emphasis that there should be a leg up before the fall. So this part we were sure about, and later on, we were expecting some sort of fall, which was also a high probability scenario. So, that was our main Hypothesis, Hypo 1 upleg and then down leg. By the way down like would be bigger is what we were expecting. And the second scenario or Hypo two was that, not even second scenario, this was I think, low probability count hyper three, which was suggesting that Wave B is not continuing but is already complete over here. Single bracket Wave A and single bracket Wave B. So this was a low probability scenario because generally Wave B is not that steep looking right it takes a little bit more time. So that was the reason it was taken as a low probability scenario or Hypo 3 but seemingly it has done exactly that it has gone down and then gone up straight off like that. So instead of looking at the past count now let’s move on to the actual chart and Gold chart around the 22nd or 19 June something We can place a line over here. So there is the line and we were expecting up leg and then down leg like that, which obviously is not what happened. Extremely low probability scenario Hypo 3 played out, but anyways more importantly, there is some other thing that I want to discuss here. First of all, let me quickly give you a quick outlook on the daily chart. If you want a completely detailed analysis of this leg down, then I think in 2017, I recall I made a very detailed Gold video, I think in February 2017, I think it was 2017, not 2018. So in that video, I discussed the two main counts on this leg down. The first one was that we were assuming that this was an impulse down like a 1-2-3-4-5. This was a diagonal structure over here, this was a triangle structure over here. And it looked like a very picture perfect kind of impulse. Second scenario was that this was not an impulse down but rather W-X-Y. Think the Wave Y was over here and then Wave X and then Wave Z. So anyways, leaving the W’s and X position undiscussed basically, because you can check that in the past analysis, the main point is that this was also counted as a correction, because a triple zigzag is a corrective structure. And that was over a Hyper two if I am right, or whatever Hypo the point was that at that point in time in 2017, both of the counts were suggesting that leg down is complete and correction should be followed. So, the target of 50-61.8 was given. That multi year analysis performed well, but now, at this point in time, we were assuming that the impulse down count was followed, that this was some sort of 1-2-3-4-5 down. So, what has happened at this point in time is that, we will have to go with our W X Y Z or the correction of this move instead of the impulse The reason for that is that this leg has gone way too much up. It is almost gone higher than 90%. And it’s almost near to 99%, if not exactly at 99%. And it’s about to just break the last high seemingly with the good volume, which is evident by the way these bars are closing almost near the very top. So, you can also make the argument that no this can be some sort of one and two and three, because wave two can go to 99%. But I do not think that that is the case here. Maybe but that will be considered as a low property scenario. So the main scenario that we are left with here is that either this big correction ended at this point. Right. Triple Zig Zag ended at this point and this is a new impulse up so it will make new lifetime highs. Or the second scenario is that this correction is continuing as a sideways A, B and C sort of movement. If you just look at the strength of the last part, then we will have to have a little bit of bias towards the correction getting completed here. But that would also mean that this is a fundamental change in things like it may also point that people are moving their money from the stock market to Gold and other commodities. So, that could also suggest that maybe the stock markets are going to see a fall. But then again, correlations don’t always work one is to one, they keep changing, sometimes they are delayed or sometimes they are beforehand or they are playing before right. So, leaving the correlation part aside. At this point, we are going to go with two hypos. Let’s just say that Hypo 1 is suggesting that correction is continuing Wave A, Wave B and Wave C. If that is the case, then we will have to consider this Wave B as some sort of three wave move up. In which case, we already have an account, which is working out, we can say that this is the A wave, this is the B wave over here, or can also be taken as a triangle over here. But let’s just go with a simple account and then we can say that we have a impulse wave continuing up with the seemingly Wave One and Wave Two over here and then 1-2-3-4-5 for Wave 3 over here. Assuming the Wave four might be over here, and this is the fifth wave continuing, so this could be the one of the five, two of the five, Wave three, four and five, something like that we can see right. So this will be our scenario of A-B-C continuation. And second scenario will be that this whole correction was complete here and in that case, we’ll replace the Wave A with the Wave One and Wave B with Wave Two and everything sort of remains the same. So, let’s say circled Wave one and circled Wave two. So, fact of the matter is that I am of the view that this market will give a new high and go higher than this level. So, basically, it will jump up to 2100, 2200 levels is what it looks to be the case right now, if this analysis is correct obviously. And since both the corrective continuation as well as the new impulsive up are suggesting that at least some upside movement is remaining. We do not have any reason to say that it is not. However, the important point is that entering Long’s at this point would not really be a very good risk to reward but those who are having already Long’s in this market, that would be another case. So my view on Gold is that one leg higher should be seen and should be going higher than this to 2000 levels, exact levels, maybe we can check if we measure the ones and twos and project the fib ratios, but I think it will extend and there is not much point because at this point in time, although I am mentioning them as Hypo One and Hypo Two and generally one means the more favorable count and two means the less favorable count, but in this case, both are quite likely. As a matter of fact, the impulse going up is also a very strong count if you ask me. So if it’s actually going up as an impulse then it will just exceed the targets and you know how Wave threes are they just keep jumping up and so, in that case we will see a lot of bars like this closing near the highs and seeing exceptional buying So keep that in mind, I will avoid any shorts at this point in Gold is all I can say strategically, new trades I wouldn’t really say much from a swing perspective but if someone is holding longs then they can keep holding with trailing their stops because after all if it’s a Wave Three then stops should not get hit anyways. So that’s for my look on Gold. Let me know guys if it’s all understood, if not, then you can post your queries in the comment section. Okay, So I guess other guys also have understood whatever we were talking about. Over here. So let’s move on to the discussion of the S&P. And before we move on with the actual chart let’s check what was discussed in the last webinar 15:55. So S&P I was assuming that some sort of complex correction is going on we also talked about a possible impulse. But in both scenarios, my view was that let me check this was if this was desired is complete here then you’re seeing down up down. Other scenario was that Wave Y is over here and after this correction, which should most likely be i think ABC is what I was assuming at that point in time. We will see a Wave Z up. Yeah. So we were assuming just that correction down as a sort of zigzag, most likely. And after that, a new leg up which should take it higher than the 3240 level. I believe I mentioned some levels to the upside as well. Anyways, let’s leave that I’m not able to find that on this chart. So whatever let’s leave it. The view was that from this date of 19, June we were expecting corrective movement and the correction I Believe was this I was assuming this as the Wave A, this as the Wave B and then I was assuming there will be a Wave C. So that was our one of the views. I think this was the main view. And then we were expecting one more leg up. And second view was that less probable view was that I think that this was a correction here. I believe that was one of the views where it will just jump up. Anywhos scenario or the conclusion of both the analysis or whatever analysis was discussed was that we should see a high higher than that level of 3235 something. It has gone higher than that. And I think the target Yeah, the target was a 90% retracement of this leg down. It has also achieved that, this is 90% leg by the way 3275. Yep. So it has gone up and achieved that minimum target and sort of is looking like it’s reversing from that level as well. Because all we have is just this is a four hour chart. If we go to the daily, then I don’t believe we have a close. So yeah, we don’t have a close above the 90% level as well. So it is sort of respected, that means that other participants were also believing that this 90% level is important. And they also had it in their minds or marked on their charts or whatever. So that’s for that analysis. We have sort of achieved that level. Now let’s look at the count at this point in time. If we still go with the whole move up as a correction that is this leg up as a corrective movement, then we will still count this as our W X Y Z or a Triple Zig Zag because that’s the only fitting structure I can find. And there you can have two views you can say that this is the Wave W here Wave X here and Wave Y here. If you are really bearish you can say Wave X is complete here and Wave Z is complete here, which is not really unlikely possibility. The reason is, first of all, NASDAQ looks to be not making new highs along with the S&P, it is seeing more of a pressure which is to be expected because it was faster than S&P when it was going up. Second reason if you are going to go with the correlations you can have a view that we have what you call Gold also, possibly set? By the way is my voice still audible there? Can you give me a quick confirmation On the messages section. Okay, so yeah, continuing on. The second thing that I was pointing out was the Gold thing. But again, correlations don’t really work, one is to one, as I mentioned previously. So we will have to consider both scenarios here. Let’s assume the other scenario, which is suggesting that Wave X might be continuing something like this. Basically, what I’m saying is a flat like an Wave A and a Wave B and Wave C, and then there will be one leg up. So maybe challenging the last time and even exceeding it by a little bit of margin and then the sell off which we were expecting, since quite some time will come into play. That is for the two main hypothesis. Basically, Hypothesis one is I will say that Wave X is still a flat and then there will be a Wave Z up. So basically, Wave Z up is still remaining will be our Hypothesis one and Hypothesis two will be that Wave Z is not remaining, but most likely complete already over here and that we can see a sell off. So those will be your two hypothesis. leaving that aside, if we go on a little bit shorter time frame on this chart, let’s say one hour then we can see that if we go with that flat kind of corrective view, which I just discussed, you can say that, if that’s the count being followed, then we have the Wave A leg over here and this is the Wave B complete over here and then Wave C will come down. Now, the interesting point over here is that if we consider this as a Wave B complete already, but keep in mind this is just a possibility. So I’ll just not say that it is already complete. It is possible that it may just form one more leg up before the fall. But the interesting point is if we assume that Wave B is complete here we have one more evidence or you can say one more point that we can say that this is the Wave A, Wave B and Wave C as in a zigzag, just to give a quick rough outlook, Wave A up Wave B down and Wave C up is what you call a zigzag structure. And if this is the Wave A up and this will be the Wave B down then Wave C up generally will be one is to one of Wave A will be either an impulse or a diagonal, diagonals are also called wedge in price action technologies. So in any case this looks like a wedge pattern or a diagonal. If that is true, then most likely this Wave B is complete here. Right and then it can just fall in next session that is on Monday we should see a selloff, should be a fast selloff, should take it lower than 3160 at least and it should be fast, then the possibility of Wave B complete here will become more likely right. On the other hand, if this analysis is not playing out that is this Wave B is somewhere over here, right, instead of being complete over here, then it can just, you know continue with some other formation that we will look at in the next session. But this wedge is what I thought was sort of a clear formation. So, I thought it I will just pointed out and gives us a basis to analyze or judge this market in the next session. That’s our quick sort of swing view as well as a shorter term intraday kind of view on the S&P chart, but do keep in mind this 90% level was important and is sort of getting respected. But the sell off might start from here because I pointed out in the other typo that Wave Z may have completed here. So keep in mind that Long’s should be taken with a bit of caution do your own analysis short term and stuff. If you’re going for Long’s because if Wave Z is already complete fall or self can be quite quick. Okay, so let’s move on to the chart of Nifty 50. So quickly have a look of what we discussed in the last webinar. So let’s move on and check what I was saying. Yeah, so, one possibility was of Leading Diagonal, which was discussed later on, main possibility was this W-X-Y-X and a-b-c for Wave Z. So, I was basically saying that this high should be taken out of whatever that is. So that high should be taken out and that could be the Wave Z second possibility was that this might be a Leading Diagonal Which was relegated obviously because the market went much higher. Yeah, this was the Leading Diagonal possibility I was discussing. So, that was over another hypothesis or hypothesis two. So, in any case, both were suggesting that one leg up is remaining. So, that was our view. second possibility or sub variation of this hypothesis was that this Wave B might be a little bit sideways and then up. So basically we were waiting for a high higher than the last high of June 8 or something like that. Let’s quickly look at the chart and see what we are doing right now. 19th June. Okay, so here we are and we have exactly done what we were expecting, when higher. This was one of the short term targets, that is basically the gap which has also gotten filled. Also the markets saw some temporary sell off or corrective pullback from there on. So basically it has achieved our short term targets. I haven’t checked if there were any higher targets adjusted, I believe 78.6 has always been a target maybe 61.8 also we should check. Okay, so this is exactly where the market saw some resistance. So yeah, this was definitely our one of the main targets. Obviously, it’s almost near the box, so pointless to mention it again. Next level would have been 78.6, which is very near to where the market is right now. So this market has sort of been moving precisely as we were expecting it direction wise as well as momentum wise. And it’s near 78.6. So I am presuming that it will atleast touch that level of 11363 or 11360 And if it continues in alignment with the S&P and Dow Jones, Dow is not at 90, I believe, S&P, the NASDAQ, then it will at least touch 90 as well. So that will be our, what do you call target one or immediate target and this will be our what you call target two. So that’s for the quick look on the possibilities of price movement. Let’s look at the other thing or the important thing which is possible counts this market might be following. So, count wise I believe that if we say that this is the Wave W is over here and Wave X over here, then Wave Y and Wave X can be taken here or it can be taken here. So both are possible. If we just go with this one then we can say that 1-2-3-4-5 basically impulse maybe complete here so this will be the Wave A of the Wave Z, Wave B of the Z and C of Z. So this one will suggest that good upside should be seen in this counter after a possible correction, Wave B correction basically. So Wave B should take it a bit deeper, or maybe not so deep, because previous collections have not been that deep either. So, basically the point is it should spend some time near this level within this range between 78.6 and 61.8 and then go higher for Wave C. So, that’s our first look. Secondly, we just consider that Wave X is over here, then we can say that this is the Wave A, this is the Wave B and this is the Wave C, that is very sort of bearish outlook because if this is the Wave C, then the impulse in Wave C is sort of almost complete and if it is almost complete, then sell off can begin any moment. So, generally markets all around the globe follow one another basically, I’m suggesting that the major indices follow one another. So in case the S&P see a straight up sell off, that is our hypothesis in S&P, which was the sell off from that 90% line straight down for the Wave C of the bigger structure flat, then I believe this Hypothesis will be followed, otherwise, I am of the view that it will go at least to 78.6 and even further to 90, at least 78.6 I believe it should touch because it’s almost there. 11363 was the level anyways. So it can even test that in the next session itself. That is on Monday or at least within this coming week. Taking the Wave X over here will be our Hypothesis one and then A-B-C. Yeah, this will be our Hypothesis one because we are expecting some more upside. In case we see a very strong sell off, which is unusually strong compared to the previous sell off, then we can go with our second understanding, which we just discussed few moments ago. So that’s for the quick view on Nifty suggesting basically up correction and then up. So that’s our quick view on Nifty and I believe on a shorter time frame. We have some sort of clarity over here. So let me quickly check that as well. Let’s check 15 minutes. So on a shorter time frame, it looks quite like a three legs down right an A-B-C and obviously if it’s three down then we can assume that maybe this is a Wave A and this is A, B and C and D. Either Wave E is here or Wave E is here. So basically what I’m suggesting is up or correction and then up if Wave E is over here, so basically a triangle structure is what I’m suggesting here. And this is sort of quite likely. The reason for that is simple, that this first leg down is very clear correction. And also, this market is almost near the high. So generally, that’s how triangles are going sort of sideways in a very range bound moment. That’s how flats are also. But in any case, my view is that in the next session, I think it will give at least one leg up no matter what our long term count is Hypothesis one or two, or even if none of them is the actual count which is being followed. I believe this counter will at least give one leg up. So that’s for our view on Nifty let me know guys if it’s clear to you or not in the comment section. What about the other guys, can you quickly type it in the comment section so that we are clear on that everyone is clear. Okay, so apparently many people have typed in. Clear. Yeah Nick, nice pointing that out, as Fraz previously was asking about wave five being higher than wave three. Just generally the rule is that wave three should not be the shortest. It’s not like wave five has to be bigger than three. So we just check the wave three in comparison to wave one. And if wave three is shorter than wave one then we go on to check if wave five is shorter or not. So anyways, guys, I think we have discussed all the main charts that we look at what were the stocks we looked at last time, so maybe we can, you know, check a few of them maybe. Amazon is what we looked at and Aurobindo Pharma is what we looked at, at 47:18 and 37:18. Let me check If I have the labelled charts of those stocks and we can follow them in this session as well. Amazon there is no such rule as that Fraz, what you’re typed. Okay, I believe we have some clarity on the chart of Amazon four and fifth is what I’m expecting. So let me just quickly pull it over here and see so lets quickly check also what was discussed on Amazon 37:18 Yeah, so Amazon was actually exceptionally clear setup. And I think I emphasized it quite enough in the last webinar as well, that we had first a break of this very important B-D trend line and then retest. It makes up for an exceptionally good, long setup. So anyways, going back to the actual chart, let’s check Amazon over here. Yep. So there it is. And let me just quickly Mark 19th June as well. So there it is, and view was long. That was the only view on this chart. And that’s exactly what it has done. So an exceptionally good trade, they’re, exceptionally clear trade as well. Not just good. So went up quite a bit, I think 33% or something. And the risk was also like almost this would be our stop loss so the Risk to Reward was, like this was an exceptionally clear setup, even if you would have exited over here somewhere roughly speaking. This was like very good Risk to Reward as well. 4:1 or 5:1 something you would have been able to get out if you had been able to capture the whole moment, which again, is a art or a skill in itselves. Anyways, leaving that analysis apart. Now we have two views coming in. First one is suggesting that this is the three corrective four, up five. And that would mean one more leg up before the fall. Second is that I have some long term count suggesting that this might be some sort of Wave Y. But that’s a low probabilty scenario as that’s an Hypothesis two. So, that means that as long as this wave one high is held, that is as long as 2800 is not breached, this count is valid, this impulse up is still valid. However, given the fact that this has sort of broken below this trendline once this red trendline basically, so we will have to assume that this market might be losing the strength and this might be an indication that it is near the end of its movement which is obviously is what the count is suggesting, three here, four here and five here obviously means that and then Wave five of higher degree. So, yeah keep an eye on Amazon short term wise, you may look for Long’s right, from a Strategic point of view, you may say that if you are bearish on the whole stock market, then you may say that no, I will wait for this leg up to complete and then sell short once the same is complete. But I believe from a shorter term perspective, if you wait and let this price action form some sort of clarity over here, then some Long’s might be visible over here. So that’s for the quick look on Amazon. But the clearest trade, which was over here is already gone. That’s, I think, enough for Amazon. If there is any doubt on this one, you can quickly post in. Otherwise, we’ll just look at the pharma stock we looked at the last time. Let me pull that out as well. Yeah, so I think the stock we discussed last time is not really the clearest setup at this point in time and though we can have a quick look at it anyways. We were discussing Aurobindo pharma in the last meeting, I suppose. And let me quickly have a check on the view discussed on that chart as well. Yeah, so we were expecting one more leg up after this wave four correction is complete, right. That was the basic view we had. Actually I have not really pinpointed the wave three end but the main view was that wave three is about complete. Yeah, so we were assuming a Wave three is most likely complete over here and then correction for wave four and then up leg, so outcome or the conclusion is upleg from the level of *787 (Corrected value) something By the way, there was a problem with the recording of the last webinars so that’s why this print is so unclear. This one I believe will come out okay as I’ve set up everything properly. So let’s quickly have a look at what happened after 19th of June. That’s our 19th of June. So basically, I have repositioned the wave three but Fact of the matter is actually, it did give a correction, we can just say that three was over here as well and count this whole thing as a corrective wave four and this is the wave five up. At this point, I’m assuming two things, I’ll just point them out quickly. Firstly, I’m assuming that wave four is here and then that would mean that wave five is either complete over here or still continuing Secondly, you can just play around with the positions of threes and fours. But the point I was saying that this chart is unclear is because we don’t really know if the way five is complete here or it has more upside remaining. So, if it goes higher, then I have a trigger place already around it 840 as you can see over here with this orange line, if it goes higher than this level, then I will look to count a proper impulse up and look to sell this market. However, if it goes lower than this second 780 alert which I have, then that could mean multiple things maybe Wave four is still continuing or whatever. So, only if it goes higher then we can have a proper setup. So it is both ways. It’s a analysis which will become clear in time and only if it goes higher, something like that and then we have a proper impulse then we can do some analysis for selling this. If it just goes down then it is unclear if I was here it’s a sell off or if it’s just continuing corrective movement and then there will be leg up. So that’s why I will say that it’s a wait and watch market for now. And that was all I had to discuss. I believe we have discussed all the main charts and two stocks, one from NSE and one from NASDAQ. So that’s about it from my end, let me know if you guys have any query in on this chart or or any other charts which we have discussed during this meeting by typing in the comment section. One more thing, guys, I would just like to point out that it takes a lot of time to conduct these webinars and prepare because obviously I’m discussing the charts in front of you so it looks like it’s only one hour, but it takes a lot of effort to come up with this analysis, many hours have gone into it. And then again, posting all of this on the website and I’ve just tried my hand at transcribing software’s. So there is a transcribe, I don’t know if it will be of any use to anyone but my point was that it takes a hell a lot of effort for me to put these up. So I will highly appreciate if you guys share this content as much as possible. And lately I’ve seen the participation also is not really there. That much as I would expect to be. Okay Fraz is asking about the impulsive view. Let me check that that’s a good point. As if we are in an impulse wave up. So in that case, did I not discuss it? That was the second hypo. Maybe I just missed out. In that case I believe we will be taking this as our 12 12345 for 3 45 for 3 and then correction and then up, yeah so in that scenario, I believe I’m taking the three here, five here and then a correction and then new hire that is basically one and two if you were to be really clever with your analysis and I know it looks a bit overextended, but you can also count the three ending over here and four over here. Because generally fours are flat. So if it looks like a flat kind of structure, which is this one, then you will try to put the threes over here. So anyways, the count is, as I said, that will be something like this, would be our main count if you are going for new lifetime highs on the S&P, which I don’t think should be happening because this leg down was exceptionally fast. So we definitely want to see a continuation of this correction. But also looking at the past falls on this Dow Jones chart historically, I’ve seen that most of them don’t just form a V shape. So I don’t believe that we will be going with that impulsive analysis. So that’s our low probability scenario. So I guess guys, that’s all for this discussion. I will later on but this uploading on YouTube and website. I will appreciate if you guys share the links of my website. The last uploads are always posted in the market analysis section. If you click on it, then it will be visible. Also, you can just check the recent post, the last post will be available at this point or this location. Alternatively, you can just go on the market analysis page and the last one will be the top one. So you can also check other analysis of other charts if you want, then there is a segregation what you call contract wise, not contract wise script wise, you can check some of the other analysis, some things I’m not really following with much detail in every webinar because of the lack of interest like Natural Gas is not followed regularly. But if you want to check the past analysis, Natural Gas, Bitcoin and DAX are also there. You can check all of that. And would highly appreciate you guys sharing it, that’s what keeps these things going. And last thing again, if you guys are interested in the video course, then check out the page of the video course which is this Elliott Wave course page on the courses section. If you are interested in the three month program as I mentioned, if you are interested in joining the current batch you will have to make the equeries before July. And you can go to https://50eyes.com/training-program-lt/ and make your inquiries from this form. You can also check my records over here just to check back the person you would be associating with. And I will highly advise if you check the actual links. And this is just three year record. And you can see the accuracy has been higher than 80% all along. So that just goes on to show the exceptional skill level. I believe three years is not a coincidence. So I have not taken the time to check the 2019 Records. It takes like one, two, three whole days not even one to properly do this. So anyways, that’s about it. And thank you guys for joining in and see you guys later on in the next webinar, Bye and take care.

Learn Elliott Wave Principles :  Video Course

Details for Training Program LT batch can be requested here : Click Here

To receive invites to upcoming webinars subscribe to Emailing List.

Disclaimer – All content presented here is strictly for educational purpose, do read the complete site disclaimer before taking any action.