17. Applied Elliott Wave Webinar (Crude, Gold, SPX, Nifty 50, Amazon, Aurobindo Pharma) May – June 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 May and June 2020 have also been discussed wherever applicable.

SPX, Nifty and Reliance analysis done in last webinar played out as expected : 

SPX Analysis (As discussed in last webinar) : 

SPX Analysis suggesting upside move

Outcome of SPX Analysis : 

SPX – Final Outcome

Nifty Analysis (As discussed in last webinar) :

Nifty Analysis suggesting upside move

Outcome of Nifty Analysis :

Nifty Final Outcome

Reliance Analysis (As discussed in last webinar) :

Reliance Analysis suggesting upside move

Outcome of Reliance Analysis : 

Reliance – Final Outcome

Timestamps :

• Crude – 3:20
• Gold – 13:20
• SPX – 20:30
• Nifty 50 – 32:30
• Aurobindo Pharma(NSE Stock) – 43:50
• Amazon (NASDAQ Stock) – 46:27
• Regarding Training Program (June Batch) – 50:37

Transcript : Guys this is our 17th webinar. And before moving forward, let me put up with the legal disclaimers listing all content presented, discussed here will be purely for educational purposes I’m not soliciting any buy or sell, if you do go on to use any of the views presented here in your trading or investing directly indirectly then you will yourself and yourself only will be liable for any profit or loss or loss of profit. And we do not hold any liability for the same not that we have discussed the legal disclaimer. Let me give you a quick introduction. My name is Neerav and I’ve been conducting these monthly applied Elliott Wave webinars since last year, so this is done monthly, so this is fifth month of 2020. So basically our 17th webinar at this point. If you want to join in these webinars at a later point then let me quickly point to your Go to the website where you can find the emails section or email subscription part. So basically this is the website over here you can find that on this email subscription option you can go and subscribe. That way I can send you an email whenever I’m conducting the next webinar. And other things regarding my work is that you can find my video course on Elliott Wave by going to my website again 50eyes.com/elliott-wave-course right? If you are interested, you can check the video course here and all the details etc, etc. is presented track record and everything is also there you can check it is about industry standards, with proof and everything. And last thing is that I do offer personalized training or coaching, which is a three month program which is more thorough and more specific to the individual requirements in very small batches of three to five people. So if you are interested you can make the formal inquiries here which is the link will again be in the description as well as on the top of the screen. And just in case you want to note it it is 50eyes.com/training-program-lt. So for now, that is all for my stuff that I offer and the things that I am doing. And the way we will proceed in this webinar is that we will be discussing the charts of WTI is Crude Oil followed by Gold,S&P, Nifty and if we get time then maybe we’ll look at some other chart but these are the four main things we will check right. And the way we’ll proceed is after I’ve discussed the chart, I will ask you guys if you have any query. At that point, you can go in the comment section and type in the query. But the questions should be very specific. In regards to the discussion we have made, they should not be out of the discussion we are doing and should be with regards to Elliot wave and what do you say the counts that we have discussed right. So, let’s get on with our discussion. And currently on screen I have the chart of WTI crude oil. Before moving on and seeing what this chart is doing or what not it is doing. Let’s have a quick discussion. A quick look at the discussion we did in the last webinar. And the last webinar was conducted on this is posted in on 26th April 2020. So must have been conducted on 25th April 2020, and let’s quickly have a look at the chart of Crude Oil around 1:51 or after 1:51. So let’s check 1:54 something just In case you are viewing this later on as a recording, keep in mind to turn the quality to 1080p otherwise the things will look quite bad here right, because the background is black. So, from what is visible on this chart? Let me see if there is any specific point that I have pointed out the whole scenario. So, yeah, the conclusion from this analysis was that we were looking for downleg after 26th. Right. And we were looking for a downline because our view was, at that point in time, our view was that this is still one leg remaining in the downward direction based on this Elliott Wave count, which is definitely not what happened. Actually I’ll discuss more on the actual chart. Two, three. Yeah, this is where we have updated the count. Yeah, so that was our analysis. And we were thinking of one more leg down. Basically, that’s more or less the same case here, maybe one leg up Wave 4 continuation, but eventually we were looking for one leg down. So that is the case in the last webinar, let’s check the current data field and see where we are. So 26th of April, so 24th of April would be somewhere over here, right? So let me place vertical line over here, so as you can see, there was no clear what you call a leg down in this market. And the reason is, quite simply that our count is not followed, like, at all. So let’s have a look at or discuss what is actually going on in this market. So the point that I missed in the last discussion was simply that we have this as an OANDA chart. But on the actual futures chart OANDA by the way means basically the CFD chart or contract for difference. But on the actual future chart, we have made a low of minus 37.5 is the level I think, or somewhere around that minus 37 level. So the simple fact or the fact of the matter is that if it has gone to minus 37, then it has already completed whatever impulse in the downward direction it had. But the simple fact that I was looking at the the chart on the CFD, that point got missed out. But the situation was sort of unprecedented because 99% of the time the CFD charts and future charts are pointing towards the same thing just because the data went negative and there is no provision for Negative data, I think in CFD charts, all the CME had intimidated that the negative data can be shown on terminals. But I don’t think that was the case with CFD brokers. So that was a mistake, or sort of a rare thing that to happen, so I won’t even call it mistake. Fact of the matter is the impulse which was on this Weekly chart, let’s quickly have a look at the bigger picture for a second. So, what the impulse was on this weekly chart, well according to this count of A down, B triangle, C down and within the Wave C down, we were expecting Wave 4 down, but since it has gone to negative levels, we will consider that impulse is complete. So in theory and in practice, this correction is complete is what we should say, unless of course, we are expecting minus 42 as the next level. So leaving the jokes aside if the Low has been established then that means we need to relook at this market and try to figure out if this market is giving you a proper impulse if it is an impulse then which is the wave structure or wave count we are at within this impulse. So for that let’s head back to, say what, think four hour should be enough. No, let’s get back to one hour. Yep, so on the one hour chart if we check the market from the last flow, by the way, if the internet is disconnected for a while, then do wait. I will just change the Wi Fi and join back in the internet has been fluctuating a little bit for the last few days. So there might be a case where I have to rejoin the session. So Don’t leave off, I will join within one or two minutes if such a situation happens. So getting back to the discussion from this point of reference, which is the low on the CFD chart. Again, I’m specifying this is not the actual low here, we will have to refer to the futures chart, but let’s just take it from where it is around 11 ish levels, we are of the view that we have impulse in the upper direction. And this impulse, which is coming from a lower level, much lower level, which is not on this chart, I’m of the view that if we follow this green count that this is the wave one, this is the wave two down and this is the wave three up complete, right. So if you just follow this green count, then if this is the correct count, then wave four should ensue and wave four generally goes to 23.6 to 38.2 levels, although that is just a guideline. It can just go up from here as well. But my view is that a correction might take place over here. And even if it doesn’t, the better strategy here would be to wait for a corrective leg down here. So, for instance, this could be our Wave A and Wave B and Wave C leading to Wave 4 down over here right. And once a correction is there, then I personally would like to see or figure out some long trading opportunities on this market, theoretically and practically if discount is followed and we see an ABC correction then market should go up and take out the high of what we call 27.40 something levels. So, that is basically what we are expecting in this market. We are looking for a correction and then a leg up. That is our main hypothesis. Second view is that it can go straight up for the wave five, in which case we will assume that Wave Four Circled is complete over here and is not continuing. That is possible, but less likely, quite less likely. So I personally will wait for down and then up with these levels in mind. And keep in mind, you can follow this count, but it would be a better idea to go to the futures chart and refer that chart with this count in mind, because that would lead to a little more clarity, I would say. But since all my work is over here, I’ll just stick with this chart for now. So that’s our view on crude oil, I guess. That’s the main view the another alternate view, which is very low probability is that you can say that this is Wave A, Wave B and Wave C. Right? Although as I just mentioned, because extremely low level has just been registered, we should consider the leg up as an impulse. But just in case you have an exceptionally bearish view you can go ahead and say that this is Wave A, this is Wave B and this is Wave C. And that at this point can not be relegated, at this point in time it is a possible count. But again, I would just consider that as a low probability scenario. And my strategy would, as I discussed, will remain to wait for possible sell and then plan for longs. So that’s our view for now. Let me know quickly if you guys have any query in this regard, else we will move on to the next chart. Please use the chat section. If you are clear, just type in clear that way also, we can just move on. So guys, this is a bit of an update here the discussion made in the webinar yesterday. I was not satisfied with one of the points so I have updated the view here. So this is later done recording, which I’ll be adding to the webinar recording. So just wanted to point that out so that the people who attended the webinar are not confused. So getting on with this discussion, this is the chart of gold one 1 hour, let’s quickly have a look at what was discussed in regards to Gold in the last webinar. So in the last webinar, there were two views, Hypothsis 1, let’s quickly check where Hypothsis 1 or the main count is. This is by the way Hypothesis 2 , I’m still waiting for checking Hypothesis 1. Yeah, this is this is Hypothesis 1. So as you can see on the screen Hypothesis 1 is suggesting that Wave W is complete over here Wave X is complete over here. And this is going to be in Wave A over here and correction over here of some sort, Complex, Flat, Zig Zag, Triangle. But basically downward movement, right? downward movement from this level of 1726 was what we were expecting, which should later be followed by one leg up completing the Wave Y. So that was the count in the last webinar that we discussed. And yeah, this was Hypothesis one by the way. So the main count that we were expecting to be seen in the actual market. And the second hypothesis was that Wave Y is already complete as a Wave A and Wave B and a very small Wave C, which is very low probability. But as you can see, it was Hypothesis two, so not what our main view was. Anyways let’s get back to the actual discussion and see what the charts have done so far. So the chart discussed in the last webinar, which I just pointed was on the daily timeframe. So the market was 24th April over here. Yeah. So, over here the market was and we were expecting that there is sideways correction which should see a downward leg movement sooner or later. So, for now, we do have the same count being followed nothing is altered, I would say it is going as expected. And let’s have a quick look at the updated view that we have so far. So, in this updated view, this is by the way on a shorter time frame that is one hour. So, this is our point of reference for that discussion, this discussion 1450 levels from here on I am of the view that this is a W X Y complex correction in the upward direction. And either the Wave Y is already complete here or we can have this correction continuing with one more leg up, right. So in either case, either if the Wave Y is already complete, or it has one more leg up to complete over here. Both the cases are suggesting that downward movement should follow in this market, right. So as you just see, we are still in alignment with over past count and the count so far looks to be following, as expected. If the Wave Y which we are expecting in the downward direction follows right from this level, then we can expect the price movement to be around this support region of about what is 1580 to 1560 or lower levels, right. If the market does go and give one more leg up, then we’ll have to check at that point in time and figure out some possible targets. But really quick out of this discussion, I can make the point that this can be viewed as a three down three up and then five down kind of correction that is a simple flat. So this will be your Wave A as three down, right. This will be your three up as a Wave B which is either complete over here or will have one leg up remaining before it is complete and should be followed by five legs down right if this is a flat that is what I mean to say it can be some other complex correction or simply a triangle as well. But in all those cases also we will be expecting downward movements. So, fact of the matter is that, sooner or later this counter should show some sign of weakness and that will be our clue or point where we will plan our shorts Right. Right off the top of my head since the point is unclear if this Wave Y is complete over here or has one more leg up remaining, the only clear comment here I can make is that if this market goes above this level, then we will just place our alert here by the way at this point in time and once it is crossed on the upside, then we will start to plan shorts, at that point. Once it has crossed to the upside, we can then place a new alert on these swing lows for instance over here as short entries. That is one way of looking at it but better strategy would be to let it cross above this level and then strategize because at that point new information will become available in this market. So, long story short, we are still following the same count as we were in the last discussion and still looking for selling opportunities on this market. And just to add on this particular triangle that you see over here was actually followed in the Slack group and was posted beforehand. That is this break above this high was actually captured when I was looking at this chart on regular basis, so a lot of things do get captured over here, so this is by the way, the post on Slack here, we were looking at this count and this triangle was there and alerts over here. So let’s check what happened in the next one. So as you can see, did give the break so just wanted to point that out that this chart has been a bit clearer compared to the others and keep that in your tracklist. Sooner or later it will give clarity. So that’s all for my main view on Gold spot. And secondary view will be that if the Wave B is somehow already complete, which I do not think is the case, because there is no clear pullback for Wave B, then it can go straight and shoot up in price. But as I said, That’s not even something I’m considering at this point of all the multiple hypotheses I’ve considered that isn’t even in the top three. So yes, straight off, up if it goes then that will be a low probability scenario. So first of all, we will like to see a correction and then up so pretty much I am of the view that the count here is being followed. And that’s all for our discussion on Gold. Wait and Watch for short before entering any long position, with the idea of keeping an alert near 1764, for the upside, once that is breached, we will look for sell or you can also keep an alert below this Wave B low level which is 1658. That will also act as a good level, suggesting that once this is crossed to the downside that Wave B is most likely underplay. So these will be the two levels to watch out from a strategic point on Gold. So that’s it for this discussion. Moving on to S&P’s 500 the count that I’ve been following so far is that we are in a corrective upward movement. And it is followed pretty well so far, I will discuss another scenario as well. But let’s just go on with what we have so far. This is my current outlook. Right. And yeah, one second we will have to quickly check what we discussed in the last webinar so as to build upon that. Around 28 something if I recall correctly, our view was sideways before one leg up. Yeah, as you can see over here, the view was that this market will go a bit sideways possibly as Triangles, Zig Zag, Flat, whatever, before giving one leg up and in eventuality it will break this high, whatever that is. So this was the discussion in the last webinar. Let’s see if there was any other point made in specific or not. So there I am just discussing some longer term views. And here we were just discussing some possible targets, whatever. So Yeah, I’m pretty clear you can even check it later on the analysis was sideways and then leg up. And as a matter of fact, in the Slack discussion, we were able to actually, let me just mark the date. So from 24th of April, which is when we did our last discussion, it first went up and then sideways and it is still going round and round around that level. However, I will like to mention the simple point that in the say what, my own tracking of this chart, on one hour and 15 minutes, we were able to track this leg down, this leg, up this leg down and this leg up as well. So basically all these swings were actually tracked out in the group. Before me move on with the current discussions. Actually, this is generally the case with S&P that it is a bit unclear. But in this particular case, it followed the whole scenario or the whole count so well that we were able to track all the movements Let me check if there is a 24 April, I can show some charts or something like that. So here we were waiting for a down leg on this chart. Later on, it went up and after that, gave the strong fall the targets were around 2800 level. Later on, it even achieved the, oh yes, I recall this one just kept continuing for a while, and this was supposed to be averaged. And then later on it gave the fall. So this one was not really completely as expected. At this point, we were clear that this was ABC complete and target minimum and this was the main target around 2800. From there on, it did give the whole fall. And from what I recall, it did go and test this lower level as well. Let me check as well. Yep, as you can see, it touched the lower level and then our view was it should give a small correction up either from this level, current level or by touching the lower level of this white support zone. And not only did it go up it even touched our upside target, so you get my point. I’m not going to go into much detail but we were able to track, I think we were able to track this move as well, but that’s beyond the point because that was before that webinar. So this has been a good month for tracking these complex markets, Gold and S&P, which generally are not that clear, were clear on short term or intraday timeframes. Moving back to our analysis, what I was suggesting was that we have possible w x y. And if this count is correct, then Wave Z should have one leg up right, because Wave Z is what A, B and Wave C and if we are to go with this, then this looks like most likely Wave A complete or continuing, should be followed by a corrective Wave B, and should be followed by a leg up fore Wave C completing the Wavew Z, right. And possibly at that point in time our upside targets will be achieved, who knows maybe exceeded. But if you look at this chart from a theoretical perspective, then you will find that from theoretical perspective, all you need is a high above Wave Y, right. As soon as you form a high above the last high of Wave Y, which is this level, whatever this level is. So, as soon as this like high is exceeded, you can theoretically say that Wave Z is complete, and although it is a very low probability scenario, I have seen it happen a few times. And I think one time it was in Gold, I think two or three months back and I discussed that one in the webinar as well. Maybe four months back or five months back. But anyways, you can check if you’re really interested but it does happen very less, but we can not relegate it so we can take Wave Z as a low probability count complete over here, right. Like Hypothesis 2 or Hypothesis 3 but the main count remains that Wave A up, Wave B down and Wave C up. So my view will be that who knows that this correction might extend. Me pointing out Wave X doesn’t really mean Wave X is complete here. X waves are generally complex as well. So it is possible that Wave X is still continuing so doesn’t really matter because I personally will be waiting for a clear correction before any Long’s in this market. Right. So either Wave X is complete or Wave X is, continuing, whatever the case is, wait for a clear pullback before taking any Long’s that will be our Hypothesis 1. Wait for Long’s. No straight out longs. Unless of course you have the capacity to hold this position in futures and carry it forward even when it’s falling, falling, falling and then average it three four more times I know people who can do that as well, some trades are pulled up pulled up like that, but that leads to extreme negative scenario when the market is near these levels. So better scenario would be, wait up for this Wave X completion or Wavw B pullback. Whenever it becomes clear. Try to take the long’s and worst case scenario first Hypothesis 1 is wait for long, worst case scenario is that it is done and dusted. And Wave Z is over here which I am not agreeing with at this point. I don’t think that that Wave Z is complete here. But well, if it’s going to do something improbable then it can do that. So yeah, that’s our main count on S&P for which I have discussed both Hypothesis 1 and 2, main idea is wait for long’s but only after a pullback, I think I should mention it as a down arrow and then an up arrow. And if you are really interested or keen in the targets, then I think the targets that we discussed in the last webinar will be pretty much valid here. But just wanted to point out out of no Elliott Wave but just simple discussion that this looks like a good level of resistance over here. So this level of about 3100 we can check the precise level, 3130 something think was the level we discussed in the last webinar as well. So 3100, 3130 something can act as a good resistance. But anyways, more precisely, I will only be able to check once this Wave X low is in place, right. Or, I mean this Wave X low is in place or this Wave B is in place. I think that’s all for our discussion on S&P, give me a quick yes or no or any questions you have. So before we move on to the chart of Nifty 50. Okay, clear everyone. Yeah, one last point I just like to discuss, although I am not in alignment with discount on S&P is, that if you really want to take this moment as an impulse, then maybe you can take the case that this is a one, this is a two, this is a three, this is a four and this is a five. Again, I’ll just like to mention I’m not really in. I’m not only taking this as an impulse up, but even if you consider that count, it doesn’t really matter because once this impulse is complete, it will give that correction and then a leg up. So what I mean to say is even if you count this very low probability scenario, the directions as we said previously were down and then up. In this case also they are down and then up, although it will play out a bit differently. But that remains to be seen and I’m not really in favor of this count. Is long term still downward trend on S&P, Pawan I think the long term view is sideways, if not bearish, then at least it should remain sideways. Though bearish leg will not be a surprise. But even if there is no bearish leg after this big of a fall, you do not expect markets to go straight up. If they do go straight up by any chance or luck. Then this will be a good sell or mindless selling after the high, for that would be a false break 99% cases I would say. You can check the past data of Dow Jones. Previously when there was this huge fall it took about Good, good, good, good amount of time to just keep going sideways, sideways sideways before moving another leg up. So I guess you are clear there and we are here on our discussion on S&P. Let’s move on to the chart of these Nifty 50 and see what this market is doing. So here, let’s just quickly have a look on the chart of I mean not the chart, but the video of the webinar and what we discussed in the last meeting. 33:54 So we are already there. So if I recall correctly, the view was in alignment with S&P we were expecting sideways and then one leg up. And here I might be discussing multiple counts. But let me see where is the main count where I was saying sideways and then a leg up. Yep, that’s the main count. And this was fitting with our understanding of the S&P, which Nifty is currently also seemingly following. So let’s just see if they followed a sideways and then upleg or what did it do? After 24th. So it did not really go sideways. Or you can say that theoretically, it did go sideways because I have a triangle sort of mentioned over here, which is actually a triangle, but not really in the classical sense where our thinking more sideways movement right. But it did follow the counts nevertheless, because the direction was sideways to bullish, sideways to bullish means you can sell the puts, statistically speaking, I’m not suggesting any tricks, but statistically it means you can sell the puts and that’s sort of one way of looking at it. And so it did succeed in doing all that which we discussed last time. And, and I recall correctly, one of the targets we were thinking was this gap zone, right? Which was suggesting a target of 10,000. Now as you can see, it never really touched exactly the complete thing, right. completely if it had touched it would have been around 10,000 something but it did go and make a high around 9890 something. So 9900 you can say almost given take of 100 points. So I would say it did follow everything theoretically, practically both ways it was tradable directions were as we expected. So let’s leave the past to past and let’s see what it is doing at this point in time. My view is, again in alignment with the S&P, and as we discussed in S&P my view was most likely it will give a correction before it gives the leg up. And same here for Nifty, I am thinking that most likely if we just take this as our point of reference on 9900, or whatever that level is, then my view is that this is a ABC. So basically a Wave W. And Wave X is either continuing or complete, but whatever the case is, let’s just say it’s complete. Let’s assume that, then this will be having another Wave A down, Wave B up and Wave C down. And the reason as I just mentioned is that because it is in alignment With S&P and secondly, if the market has to really go up, then it should at least give a little bit deeper correction. It’s not even touching the 50% retracement, right. This is by the way the 50% line 8698 or let’s just say 8700. There’s a 50% level so it’s not even there, no rule or guideline saying that it has to go there. Okay, so I just discussed a bit of variation in my count, I have taken the Wave W here. So but long story short, you can count this leg down in multiple ways, someone can even say that this is a 12345 and with a bigger Wave four and I will not say it is wrong, but that doesn’t really matter, the view remains the same. I am expecting at least one leg down before up. If it goes straight up. That’s also our Hypothesis 2 I would say, that is also possible If it goes straight up, but I will be interested in creating positions if I see a clear like down, that’s my strategic understanding of this market. If it goes straight up, then probably I will wait a while and see how it is forming the counts on intraday and stuff like that. A little more detailed analysis than this general overview and then plan on taking the trades. So yeah, that’s the strategic take on Nifty, wait for a correction before any possible up move Hypothesis 1, Hypothsis 2 is suggesting straight up. Hypothsis 1 is obviously as the number suggest one is the main count we have. So yeah, that’s the strategy all along. I think pretty much simple here. Let me know if you guys have any query on this chart. Else, we can just end Nifty discussion. Question : What is the long term trend, could we see a take out of 7511 ? Where is 7511? So he’s referring to the low right. So it is to take out 7511 my view is still sideways to bearish because as you can see, I’ve have only taken this whole leg down, if I remove all the counts as a corrective leg down right. Three waves correction. This again is in alignment with the S&P chart where the leg down is again three waves correction, although that one is much more clearer. So, if it is a three wave correction then it can just either continue sideways as a correction or it can continue as sideways correction for a while and then give another leg down as in a Zig Zag right. Let me show you what I mean. So if you are going with that then this will be what practically it should look like. But yes, it can go down. And since our view is either sideways or bearish for the bigger picture, I wouldn’t say that it will go straight down falling, but it is possible given that my short term view also is bearish. And the minimum target I’m expecting is the 50% line, which was around 8700 I think, 8700 would be somewhere over here. Let me check that exactly. So not to mention it can go lower as well. That’s why I have the 78.6 and 90 plotted here. Question : Will it go below this low? I won’t speculate that far. But I wouldn’t be surprised if it goes and gives a deeper retracement. I am actually short in some major stocks of Nifty so my view is actually quite bearish if you ask me. But I won’t speculate that far, is doesn’t really have much practical significance at this point. Question : If it retraces 50% any room for further upside? What do you mean by 50%?, 50% Of what? Maybe you’re referring to this higher to this low maybe, right? hasn’t really properly tested 50% retracement I think. But yes, it may go down that as I said, it may go down that is a possibility. But instead of playing the index downside you all know full well that indexe is an average and stocks are what constitute the average. So, if Nifty goes down this much, then there are 10s of stocks that I can name at this point which are already at this low right. Mostly banking stocks, right. Just check what you call Banking and Finance stocks, Bajaj Finance, ICICI Bank, from the top of my head Axis Bank is also near the low and Bank of Baroda I think or some other bank starting with B has already broken this low substantially like every other session, PSU banks like SBI is already breaking the low day after day. So, you get my point, right. Even if you have a very bearish view, you will not play it on the index, you will try and choose the weakest stocks. So that’s that’s that. Yeah, Amazon, I am actually following Amazon. Question : Can we see Reliance, Bajaj Finance, ITC. Just to mention I have a position in Reliance so I will not be able to discuss that stock. But if you check the last analysis of Reliance, it sort of followed precisely, you can probably do that on your own or I can post GIF, which is the current new thing I’ve picked up that I do post GIF images of the things that we have discussed and that worked out over here. So, I will possibly post for that in regards to Reliance, but I will not be discussing the stock. Question : If price goes above trendline, then can we confirm Wave Z has started ? I would not say that’s a confirmation Syed because it can just form a complex structure. It can just keep going sideways here, then fall and then go up. So, a leg up, I will not say that it’s a confirmation that it’s going up right. Though I have a count that says it can go up as Hypothesis 2 but having that arrow up does not mean I’m saying a move above this high is a confirmation for straight up. That’s not what I mean. As a matter of fact, it can get a bit messy or complex here. I’m just pointing out the directions for that. Aurobindo Pharma, I think Aurobindo let’s check if I have a clear count on that one. One of the pharma stocks as I recall was clearer. I think it was Aurobindo, maybe, maybe not. Okay, it was Aurobindo Pharma. So my view on pharma sector is that maybe the movement might come to an end sooner or later, right. So as you can see on our Aurobindo Pharma, this is our point of reference around the low of 290. Right. I’m not gonna discuss the past data. So if you just look at pure chart and we already know the impulsive nature is 12345 in Elliott Wave studies. So, then comparing this to the rough structure it has followed it so well that you can even see one and two and three and four and four, I think four I have taken as a triangle here right and this is looking like Wave Five. So, my point here is that if this is the fourth and fifth is under play, then sooner or later the Wave Fifth will complete and then we can look for a proper selling opportunity. But for now, I will not be selling this Aurobindo pharma for sure because Wave Five can become extended. And as we all know, the rally in pharma stocks was exceptional. I mean, the Nifty’s turn to the upside was having a huge contribution of the pharma stocks. So I will say keep this one in the watch list because the counts are so very clear. And if this is the right count, I mean, it can follow a few other things. You can also say that no, it is not an impulse up it is an ABC correction where this is the Wave A, this is the Wave B and this is just the start of Wave C. So, I won’t say that is not the case. But as I said, I’m not really going to short it anyways, I’ll just wait for a proper completion of the fifth leg and have some clear evidence before I enter in any sort of shorts. But yes, that’s a good stock you pointed at Sandeep. And let me see if we have clear outlook on Amazon, although I’m following it, I’m not sure if it is worth discussing in this public webinar because sometimes they can get way more complex and require way more time than we have on our hands. Okay, so worth pointing out here that So I think this is worth pointing out, and I’ll discuss it from the shorter term perspective only I won’t be discussing the whole thing. So for Amazon, I think we were tracking it somewhere over here. And we were able to check this moment out, or this was actually posted in the #stocks_us channel on Slack. And then we were tracking this correction, and we were able to take at least one leg or two legs, I think two legs we were able to clearly take and somewhere around this point it became unclear to me. But anywho’s, it did give a big move and some other big moves were captured on this chart, leaving that aside, following the count is one and two and I think this is the third, this is fourth and fifth. So we check in regards to over fourth and fifth, then it is unclear that is this Wave Fourth complete already or is continuing as complex as I just mentioned previously, as well in our another chart discussion, I think it was Nifty and S&P both that Wave Four’s can get messy. So you cannot just say that this is Wave 4 complete, this is Wave 5 complete. So yes, it can go sideways first, right, sideways in the sense in this box righ. And then go up for the last leg before it gives a bigger correction. Or it may have already started the correction that’s also there. But keep in mind If it is going sideways for this for which I have pointed out here; then this Wave Five can be a little bit bigger. Right. It can go substantially higher as well. So, I won’t say there is a clear trade on Amazon, but this is a stock worth tracking at this point in time because it is running very, very clear. I wil say exceptionally clear. So, if you track it for a few days, I think even on the four hour or one hour timeframe is fine, you know. So, even on those timeframes, I am pretty sure it will give a good, clear trade setup, sooner then later. For now, I will just say we are unclear if it is straight down like this, or it is down and then up. It’s our analysis on, or quick look at. What do you see Amazon. I think we have discussed two stocks and all the main charts that we discuss and we are already at the one hour mark. Let me know if you guys have any queries on Amazon first. Question : Bajaj Finance is near it’s low, do you have counts on it. Yes Sandeep I have count on about 100 plus charts I will definitely not be discussing Bajaj Finance, it’s one of the complex ones. It will actually take like 20-30 minutes to discuss that chart. Clear on Amazon. What about other guys a little bit more participation will be much appreciated. And yeah, just one more thing I want to point that I have seen the participation in the webinars is rather decreasing, then increase also the channel has started getting lesser views. Compared to what I used to get previously. Previously, I was getting somewhere around 3000 plus views on some videos as well. So, what my point is that these videos and analysis takes a ton of time. And if I’m not really seeing any good participation, then eventually it does not work out, right. So I guess you guys know what I mean. So if you can share, which I think many of you can do, is in your capacity, because I mean, who doesn’t speculate in the stock market, even if they don’t know Elliott Wave, everybody does it. So your participation or sharing is important here. Right. And that’s one point. Second point is I’m planning to start on the next three month batch from next month, which will be June. So if you guys are interested, any of you in the audience, those are, by the way, much more personalized than this quick outlook. For instance, in those classes, we spend two to three hours sometimes on just one index or one stock chart. So, take my word for it, they are all on a different level. Don’t compare it with these public webinars, I have my limitations of what I can discuss, I cannot just spill out all my hours of research here. So any of you are interested or if you know someone from your friends or colleagues who might be interested then kindly point them to this webpage of www.50eyes.com/training-program-lt and you can also refer to my past accuracies of three consecutive years. I think three is more than enough. I never really checked what was the 2019 accuracy report saying; because compiling at least one of them took 24 plus hours. So anywhos, three is more than enough. If you want, you can check it is way above industry standards. And I’ll be more than happy to work with the serious students. So that’s about it, next batch announcement and the passive video course is always there, if you guys have any other query, you let me know. Quesition : Last webinar you had told plans for service. Ya Sandeep, I was thinking in that regard, but it’s just way too little of money in those things. I mean, if you are a trader you already know how much you can make per trade. So I don’t want to take the headache of managing 20,30, 40 or whatever number of people I can get for pennies. So I just relegated the idea of any possible advisory at this point. If I do plan on doing it, then it won’t be. I mean, I don’t see how it will work out. Though I am interested in Managing Bigger Funds. If you guys have anyone in contact, I will be exceptionally grateful if you can point them towards me. I mean, the bigger money in the market is in the market itself. And I have the skills and expertise and I am already tracking way too many markets to mention like every day I’m tracking hundred plus markets regularly. So if there is any contact you have as a Fund Management opportunity then do kindly point it towards me or you can even mention to me in email, you can just go to the Contact Us page here, you can email me or you can use the simple Contact Us page( https://50eyes.com/contact-us/ ) . I think that’s all for our discussion. And yeah, last thing, do share it if you can. I mean, obviously everyone can. I will appreciate if you guys share it. So with this, let’s end this session. Okay, guys take care and bye for now.

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