Setups discussed in last webinar on EURO, SPX scalps and Nifty longs played out as per analysis.
285 trades discussed during last 116 webinars played out precisely.

Timestamps:

• 01:15 – About Us
• 03:57 – EURUSD (Movement as per analysis)
• 07:22 – Crude Oil
• 12:45 – Gold (Moving in Flat Elliott Wave Structure)
• 19:20 – SPX (Went down as per analysis)
• 26:10 – Nifty (Went up as per analysis)
• 32:32 – BITCOIN

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The post 117. Gold correction in final stage? | Trading Opportunities (Forex, Commodities, Indices & BTC) appeared first on 50 Eyes Market Analysis.

SPX, Nifty fall along with the down move in EURUSD and Gold played out as discussed in last webinar.
259 trades discussed during last 110 webinars played out precisely.

Timestamps:

• 01:25 – About Us
• 04:50 – EURUSD (Moving as per analysis)
• 09:00 – Crude Oil (Updated analysis)
• 14:00 – Gold (Gave corrective pullback as per analysis)
• 21:00 – SPX (Went down as per Elliott Wave analysis)
• 31:11 – Nifty (Downside target hit)
• 42:50 – BITCOIN

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The post 111. SPX & Nifty hit downside target, what next? | Trading Opportunities (Forex, Commodities, Indices & BTC) appeared first on 50 Eyes Market Analysis.

Timestamps:

• 05:00 – Crude Oil
• 12:30 – Gold
• 21:26 – SPX
• 28:34 – Bitcoin
• 30:31 – Nifty 50
• 36:41 – Bank Nifty

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The post 37. Applied Elliott Wave (Crude, Gold, SPX, BTC, Nifty & Bank Nifty) appeared first on 50 Eyes Market Analysis.

Timestamps :

• 04:30 – Crude Oil
• 23:40 – Gold
• 31:00 – SPX
• 36:00 – Nifty 50
• 43:00 – Courses and upcoming batch
• 46:20 – Bitcoin

So guys, now that everything is all said, let me just press the recording button and we’ll start. So guys Hello and welcome. And I hope you guys are all doing fine. Here in our private meeting room as well as on the live broadcasts on various platforms we get We are broadcasting. Before we move further with introductions and our work, here is a quick legal disclaimer suggesting all content presented here it will be for purely educational purposes. I’m not soliciting any buy or sell. If you do go on to use the views presented here for your trading investing, then you yourselves will be liable for your profit loss and loss of profit. Now that we are clear with the legal outlook, let me give you a quick introduction. My name is Nereev. I am the admin owner of 50 eyes.com, which is a website where I share my market views, opinions, analysis, trades, everything to do with trading. And I’ve been doing it for many years, I have a decent track record exceptionally higher than what we consider in the industry standards, touching 90% at times since 2016. As you can see 83% 2017 87.5 2018 84.6 2019 84.9 and 2020 88.5. And 2021 is also being tracked. So this is my area of expertise, market analysis, trading, forecasting. And in these webinars, which is what we call applied Elliott Wave webinars, I have done 29 of these in public, which is that anybody can join in. So if you are not familiar with my work, you can go ahead and check my YouTube. All these webinars are available here as you can see 29 28 27 26 so this is a series we have been doing for a long, long time. And this makes it good looking number 38. So this will be our 38th webinar in the series of these applied Elliott Wave monthly webinars that I’ve been doing. The way we’ll proceed is, first of all, we’ll look at the chart of WTI. Crude Oil, gold followed by S&P, Nifty and BTC. If we get time, we might as well look at some other stocks, possibly. But this is the general trend we will follow. And these are the major instruments that we will track. Now that everybody is able to hear and watch the screens, just one final hears from any one of you and I will start off with our discussion on crude oil. David Charlie Diwakar Okay. There it is. Lena says yes. So I guess everything is all set and clear. Thank you, Charlie. Thank you, Leena. So let’s start off with our discussion on crude oil. Generally, the way we follow these webinars is I will look at to the last analysis I performed and see how it went. Right. That is the general reading, say, protocol we follow. However, in this particular webinar, the thing is that last webinar, which was publicly done was done on three months ago, right. So and the next webinar after that I was working with another company, so it had to be due to legal obligations made paid. So some of you did go in and watch that as well. It was conducted, conducted in association with elearn markets. So that went well. It had a good amount of participation. I’m guessing people pay more attention and join in with more seriousness when they are paying for things. But anyways, so that was the 30th webinar, and which was private, and then there was no webinar for the next month as I am working on a book on Elliott Wave. The first draft is already complete. So that’s coming along very well. If you guys are subscribed to my mailing list, I’ll update you over there. So I believe there won’t be much of a point in looking at the last webinar, so I’ll leave it for this particular in this particular instance we’ll leave that idea. So, we are now going to look at the chart of crude oil and as you can see, we have the light crude NYMEX futures loaded. Do keep in mind sometimes I will keep switching from the NYMEX to oanda cfd – contract as well. And if you will notice here the o and a Price Is 75.861 and the NYMEX futures price is 75.74. So there is a slight difference The reason being that one is a CFD contract contract and another is a futures contract traded on the New York smokin NYMEX, New York Mercantile Exchange. Right. So, now that we have these charts and I made everything clear, David says the book will be fantastic. Yes David, I hope so, and I hope a lot of audience will benefit from it. Okay guys, so, first of all our point of reference in this particular discussion will be the level of around 7683 which is the sixth July 2021. Date and 1230 I S time right. From this point of reference, I recall in the last webinar, we were somewhere here we were discussing I think this I don’t exactly know. So, anyways, from this point of reference, we have basically two propositions right the first proposition being that we are in a flat correction or a triangle correction right. And the second proposition is the correction which was way four basically is already complete right. So, let’s explore that let me just move this chart a little bit to the side or the point of reference okay. So, the first proposition is suggesting that we have a downward move and this downward move if you look from this point of reference is complete over here Okay, is this downward move as W X Y or an ABC or a W X Y Z whatever it may be, there are basically multiple multiple possibilities for instance the one which I just thought of is that how about we take this progression as a he like this as a triangle right and this has the next leg down so that will make it an ABC progression. So in Elliott Wave terminology is for those of you who might not be very well familiar with it, ABC progression is a zigzag which is in this particular case a zigzag it could be multiple things and a zigzag could mean that the whole leg which started from here has completed at this point at the C but if that is true and if this leg is completed the whole progression is C then that means this market has clearly made a base and once the base is formed then that means the last at least should be taken out. So in this particular case our last high is this level around 7694. So since it is not taken out yet our current hypothesis which we which I’m going to presume as h2 which is basically suggesting straight up as to why the wave B hypothesis two if you are not really following my work. So I like to derive the market into multiple formats or not formats multiple ways the market can process like hypothesis one, hypothesis two, and then we try to conclude if we have a commonality or strength in one of the hypotheses compared to the other one. Okay, anyways, going ahead with our hypothesis two, we are suggesting that this market has completely done the corrective part and then new leg should come up. So there is not much to discuss in it. If this has really found the low here, then that should be it’s going up and all right, everything is good and rosy and it should at least clear this last low last high sorry, 77.04 something on the light crude oil NYMEX chart, it should obviously go much higher, but that’s the minimum we expect. However, we are not interested in things which are too rosy we want to get a more radical analytical view or what to do when things are not going out as we thought they would right. So, there comes in play our hypothesis one which will suggest that this market has although completed a leg in the downward direction as an ABC that is just a part of a bigger correction. Okay. So when I say part of a bigger correction, that basically means that this market is still going sideways. That’s what generally a correction is an Elliott Wave terminology sideways movement, generally speaking. So when we say that the market is still possibly going sideways, then we are suggesting that most likely it will remain within this box range that is within the highs and lows of 77 and low of around 61 right. Most common setups that fall within this category are flats and triangles, it could become complex, but that is not something we will comment on right now. So we are going to discuss the most likely scenario or the most deceptive not the likely one. The most deceptive scenario in this particular case will be that this market goes on and forms a flat correction and in specific it forms correction of the salt I have a down Let me draw it on the roof and tried again somehow it got increase in size one second let me correct that okay so, correction we would be expecting it’s considered this is our point of reference this is the ABC which we just discussed. So let me label that very quickly and after forming the C it will form again three legs up or corrective structure up and now the thing with this type of flat correction which could be a running flat or an expanded flat is that there is a sort of range expansion before the correction is complete. So basically in a running flat on an expanded flat, what you will see is after this ABC completes, there is another leg up corrective leg zigzag double whatever which goes again in the upward direction A, B and C, let’s say but doing so it breaks out of the last high right so the 77 highs broken in general and the 77 high is broken then price action traders get trapped in they start buying Long’s thinking that the range is broken, which it is, but in Elliott Wave terminologies once this high is broken, it will go up a bit and then fall back again for a five wave correction like a 1 2 3 4 5. Right. So in that particular case, what will happen is most traders will go a long at the break of the range at the break of the range on the real chart, right, I probably should use two different colors, but I think it’s not getting confusing. So break up the range, you might enter it will go up a bit but then it will fall back into the range. So if I were to draw this rough thing on the actual chart, it probably can do something like this and then back in 1 2 3 4 5 so that’s the problematic scenario if things are just going to go up then then they are just going to go up right nothing to comment on that. So now that we have found two particular views of this market, right, let me just illustrate those views on the actual chart and conclude what we have discussed so far. So first conclusion is that everything is done over here it’s the four and it’s apex up again conclusion is it can go up a little bit maybe I’ll just try a different color right however that second view will be it will go up a little bit and then fall back within the range. Right. If you look at these two views, and keep in mind it’s not always required to go up from the range that is above the last time it can very well reverse from the 90% retracement 90% retracement I mean 90% of this leg down right so it definitely has gone to almost 98 or 99% when it does decide but that means it could very well just reverse from here as 1 2 3 4 5 How about we draw that as other color as well? Yep, so that will be one two and let’s make the third one over here. So yeah, so what we have is we have a commonality here between hypo one let me select the color for hypo one hypo one is suggesting small up and then down. Hypo two is suggesting straight up and hypo three suggesting straight down right. So basically in hypo two and hypo one we have a commonality right so because we have a commonality you can say that if you take Long’s then it’s probabilistically speaking, good setup. You will be risking money of course, because hypo three is completely against us. But what it gives us is it gives us an edge on the intraday perspective. So speaking from a trading perspective, how will we use this hypothesis if you are going to take intradays or if I am going to take intradays on this market, then I will keep in mind that there are two instances where the upside is favoured. So there are two instances where the upside is favoured on a shorter time frame I’ll just look for long setups unless the market gives me a very clear reason to consider the downside right. So at this point in time hypo three is known not confirmed, we don’t have evidence for it. So our basic setup is on a shorter time frame we will look for Long’s right. I will look for Long’s Of course you do your own analysis as I say, and again, I will have to repeat it disclaimer here, because I don’t want to really take any liabilities for your trades. So my analysis is would be I will look for long on a shorter timeframe and considering the analysis even further, as you can see if we take the markets from just this point, which is the last low around 61 point 75 By the way, you guys understanding me so far are you able to match with my pace, a little bit of feedback would be nice. How about you David diwankar, Charlie? Thank you, Charlie. Thank you for the feedback David. Lina. Okay, so now that we are in the flow of things, and everybody’s understanding, there are few online on tradingview as well you guys can also participate. I am watching the chat for that as well. And while we’re at it, let me just quickly load up the chart on YouTube as well. If it is broadcasting here, I’m not really sure. so too are watching on YouTube as well. So guys, we have enabled the chat there as well. So Vijay is there Naveen Is there and prem is there Okay, guys, so yeah, I’m checking the chats from all the platforms now, thanks to the multi monitor setups. Anyways, as I was saying, on the shorter timeframe, our perspective is a little bit different, not different our perspective a little bit more detail, that’s the precise word. So on a shorter timeframe, I am more in consideration of the view that the wave four is still continuing sideways which was the count which looked like this okay. So, if we go along with this count, we have already completed the A, B is in progression and C might follow. So that means this will be the A, the B’s in progression, and C might follow after c should follow afterwards right. Keeping that in mind and we also know that it will be in Elliott Wave progression is always the corrective wave could be as exact double zigzag, sometimes even a triple zigzag or triangle. So in this particular case, we are assuming that it’s most likely a double zigzag. Right. So coming on back to the actual chart 61.75 or double zigzag, we’ll look we are talking about this part of this hypothesis hypothetical chart which I’ve drawn here, right. So magnifying this wave b, what we will see is something like this. Okay, so if we look at it now, this will be our A, this will be our b, this will be your C now that we have an A, B and C We know that that’s what is replicated on the actual chart a B and C, then there is a correction for wave x correction for wave x and then again, there will be another a, another B and there will be another c that is exactly what you can see here, that a and there’ll be another c. Now, what follows from this point onwards is that if the double zigzag is over, then this market should basically fall for it to fall we will know it when this channel is broken, right? This blue channel as you can see. However, it does not look like it is interested in falling. The reason is that this particular part of the chart looks a little bit sideways to me, which is suggestive of the fact that there can be another x and then it can follow through to the upside. So my personal biases that this market can go a little bit more up. And if it does that it will does by forming another ABC, quite likely right. So keep in mind, I am personally following the count where the connection is continuing. If we are to count this as impulse that’s also possible. But that is not really required because then an impulse it will just go up anyways. Right so that direction is the same. Any who’s coming back to the point, I personally think that it should form x and another ABC. So we look from this line. x can be forming sideways here as a triangle or something or it could be complete here. But the fact of the matter is if there is going to be another ABC, then in ABC you can see there is one leg up, and then another leg up, right let me switch the color so that is more visible. So this is one leg up and this is the another leg up. So if that’s the case, then we come with the bias that if it breaks this high right, then we will be counting an A up, b down and c up so that means at least if the counter suggesting at least two legs up, then at least on this chart, we will see one leg higher. So that also clarifies why I was reasoning with you that there is a bullish case and I will be personally looking for Long’s on intraday or shorter timeframes, right. So I hope this triple zigzag stuff is clear. So basically that concludes our analysis short term timeframe, we are looking for Long’s confirmation is above 77, short term Long’s are possible here. And we have two hypothesis suggesting upside. There is no confirmation for downside yet, and there won’t be any until we see a break of the channel. So long story short, that’s our conclusion for this analysis. So guys, if you have questions, you can post them now. There won’t be any more discussion on crude from here, we will move move to gold if you don’t have any questions. So you know, Dre is asking on tradingview? How I which indicator for late Are you using I am not using any indicators. And Elliot wave is basically advanced price action formation, so no indicator is required. At least I don’t use any. Neither do I recommend any. I see somebody is typing on here in the private chat. So David is typing something out you guys on YouTube, I see still see some people are watching there. If you guys have any queries you can post otherwise we will move on to gold should stay within the trend lines. Yeah, David, basically that trend line break is the first sign of possible sell off, or of hypo three , which we discussed earlier where there is a straight up sell off possible. But we will have to look once it breaks the trend lines. Generally I use trendline as guidelines because I’ve seen that there are sometimes false breakouts as well. So once the trendline breaks, there will be as this can be used as a signal that something to the downside is now possible, and then we will re analyze. And if we then see that there’s a solid case for downside then then we will take the trades. lina is asking, Can we look at the long term count, please? Oh, Lina, I have already done the long term analysis for crude. I think if you check two, three of the past webinars, any of the two, three, I think there will be one where I have done a long term analysis. I’m not sure you will have to probably scan through one or two of them. A few of them not one or two, but there is one which I have done in very detail. So we don’t want to take the whole or for crude. I think we have already taken 30 minutes here. So Vijay is saying move on to gold. So okay, I guess there is no questions Sanjeev is asking, good to see back here, Sanjeev Good to see you as well. And okay, let’s move on to the next chart of gold, we have already given way too much time for crude. Okay, so go in my personal view, I think was that a correction is continuing in sideways movement, I guess it is a bit complex. So I’ll just remove it. So I recall my two months earlier webinar or one month, or whenever we did the webinar was that this thing is continuing sideways. And range was I mean the range is very clear, obviously. And after this, I’m expecting one more leg down like before the up move. I think that was one of the main views. So anyways, nothing seems to have changed. For me to consider anything else. Let’s quickly look at that chart as well. A, B, C, D, E, well, that is exceptionally clear count for possible triangle followed by one leg down Let me see if I have an alternate tone like said today that means sideways can also continue. Okay, guys, so see, there are multiple complex counts forming here, if we start discussing them, it can take an hour, so I’ll just give you an outlook for the one which you are seeing over here. Okay, so this count basically suggesting this. So now it is suggesting this that basically means I mean anyone can make out that after this x is complete, there should be a legdown. So our point of discussion at this point becomes what is this x? Right? If it’s not an x, then how will we know that our count is wrong. So again, as I said, there are many counts here which I can actually see right now, but I can’t discuss them here. We already have taken too much time for crude and we want to discuss other things. So anyways, moving ahead with this count which is the main count we have been following for many webinars, or at least for the last few webinars. I think This x might be continuing as a triangle, right? If it’s continuing as a triangle, then a triangle is a five wave structure. And it looks like this. And the legs are called A, B, let’s say dot A dot B, for the sake of nomenclature, and dot E. So this is one of the main counts we are following. And if this is really the count, then that means this is your dot A, this is your B, C, D, and E and obvious enough. Once this, there are multiple setups for triangle as well, I’ll just show you the most conservative one here. inside the jar, you wait for the BD break to go short. And a better or more conservative setup is to wait for the wave dot B’s breakout to the downside and go short. So these are the two main setups. Keep in mind, the BD trend line break could be a false setup. So it is what we call aggressive. And the B break is more conservative setup. So depends on the trader to trader, what you want more confirmation, less profit, or less confirmation, better risk to reward net matter of its own discussion for an hour or a few. Leaving that to that. If this actually is a triangle, then I guess everybody can track it on their own, there is no further discussion required, right? Moving on to other things, if it’s not a triangle, then it could be some complex formation. And as I said, a complex formation, it could be just anything. And in that particular case, it will propagate within this sideways range maybe for a few weeks days, or whatever I don’t really know. So the second analysis or suggestion will be that it could complete continue the X for a long, long time in sideways range, blah, blah, blah, right, it will just keep going sideways, right? So that really doesn’t make much of an analysis, right? If it’s going to propagate sideways within that range, then you know that the X is continuing and you will treat it accordingly. He will stop loss, David, that would be rather risky. Because if you are very sure it’s a triangle, then you can do it. But in this particular case, unless See, the thing with triangle is these are two trend lines, right? You can draw them literally anywhere, and everything will look like a triangle, unless you see a real break from the E. It could be many other things and believe it, believe me they It is generally many other things things are not generally as simple as over hypo one. There are generally five seven hypothesis, not I will not say five, seven, but at least three, four hypothesis at all times in a complex correction. Right. So to properly analyze each of them, and for multiple charts, and then trade is a different thing. So if you were to really say that this is an E and I’m going to sell here, then you are just basically trying to trend lines, right? And then you are selling, what happens is, maybe it will go a little bit down. And what if it then shoots up again, because as we said, if it’s really an X wave correction, then it can really just be propagating within the sideways range right, so your trade will get nullified rather quickly. So that’s why we will be preferring the more conservative setup, I will prefer the B break. And we return and break is also a good setup. There are other ways where you can use position sizing to your advantage. But let’s keep our discussion as a bit less complex and carry on. Oh, yeah, as I was saying the downside setup is rather clear. I have already told you, right? upside it can propagate within this range. I don’t have anything to say about that. We will see how it goes. And reanalyze and trade according to that. So we have a setup on the downside, right, upside is unclear. Downside triggers, you know, last thing is if we are completely wrong, then First of all, we don’t have any upside setup yet. So that won’t be a problem, you will just be out of this market. That’s one thing. Remaining out of this market and losing a trade is not much of a deal if you’re analyzing a few charts, five, six, let’s say. But I’m not discussing any bullish count at this point because I don’t really see any, unless this market really breaks this high of whatever this level is 1916 I won’t be really seriously taking it as a bullish count at all for now. So for bullish outlook, I just wait for it to break 1960 which I think is unlikely at this point in time. Right. And because it’s unlikely we’ll just say that go with the bearish setup we have just discussed. Right. So of course, that’s concludes our analysis on gold. If you guys have any queries, please post them in the comment section. Otherwise, post clear and we’ll move on so Tell viewers on trading view as well as YouTube private audience at least I want more participation from the private audience. diwankar is saying Lina is saying clear David is no big at present. Yeah, David there is no clarity as we just saw Charlie’s clear. Okay, so I guess other participants must also be clear. In that case, let’s quickly head over to the chart of everybody is the S&P 500. Okay, S&P 500 There it is. Okay, that is not the chart I’m following right? That is not the chart that will load the chart I’m following that that’s it. So S&P has been inside corrective movement, right. So let’s see. Let’s define our point of reference which is this high around the level of around the level of 4550 something something right from this point on this by the way looks like crude you remember we were discussing crude and I was saying if the four is complete here so this does remind me of that however, there is a few differences here. We’ll look at it now. As we discussed in the crude that way food is already complete. That does not really last anything more to be discussed, right? Well I have a few questions from YouTube let me just check them so the Nifty Okay, everybody wants Nifty So guys, Nifty will be coming after S&P. So just hang on there. Okay. So anyways, four is here, right? And nothing to say. But unless there are some other things which I’m thinking here one of it is that this does not really look like to me like a very convincing fall wave see generally is a little bit more bigger. So I will go with the idea that it is possible that it is forming a sideways one second guys. Yeah. So, I will go with the idea that it is probably forming a sideways correction, we cannot ignore that within this range. Basically, what I’m saying is think of it like this first leg down correction and then a leg down . So let me try it on the rough and first leg down correction within some range and next leg down. So this particular analysis, I think, is rather having a weight right now. Okay, and how will we look at it on this chart? first leg down. Correction side ways. then down range of the correction, this box. Okay, so this is a bearish outlook. Right. And in this bearish outlook, we have one more download remaining, and that’s the bothersome situation here. If that really is getting followed, then calls won’t really be making you much money. And we will come to know it soon enough. One of the clues will be that this leg will loose its strength quite soon, it will give a sideways move and then a weak up leg that’s one of the clues not always gonna happen like that. So that’s the main thing, which I’m thinking of right now in S&P, right? In Elliott Wave terminology is by the way, you will call it a w, x and y and as you guys know, already X can become as complex as it wants to. That’s my main outlook. So I’m not basically convinced about the longs just yet. Okay. Just yet, I think more downside is coming, by the way, because it’s already here on chart. We were able to catch this leg as well. For leg down into the P dash as written over here. That’s sell alert possible sell. So that’s our main count that we are not clear from the possible bearishness yet. I will be more covinced About longs after I’ve seen some more price action, good indication would be a break of this high. Right? But then again break off 4486 could just be arranged expansion. So basically all I’m saying is that bearishness has not completely is not probably completely over. So it’s a wait and watch market basically there is nothing more to add here on this as you can say let’s say hypo one Edwin says let’s go to I will just wait on this. Any questions on this chart? please type them out. Please type clear so that I know you guys are participating and understanding whatever I’m saying. Lina, Charlie, David is already typing something out you guys on YouTube frame Naveen, Vijay still with us. Sanjeev neeraj on tradingview. So guys, let me know if you guys are clear on this discussion on S&P. If there is any query type it in or just type clear, David is saying clear, thorough exactly the same side was already in one final fall Charlie’s clear so. So yes, I guess then let’s move on to the next chart, which will be of Nifty 50. Let’s just discuss Nifty first. And yeah, before we move on to the chart of Nifty, one small thing I’ll point out, I am putting up some new broadcasts on tradingview, which is in dot tradingview.com. In video ideas, right. They are also broadcasted on YouTube, for instance, look at this one. Two days ago, I made a quick analysis of Nifty and bank Nifty. So I’m hoping to make this more regular thing. If I see good enough participation, for instance of views here does not seem to be very motivating. So more participation will be really important if the guys who are following my Nifty counts are interested in more updates like this, right? So anyone who follows my Nifty analysis, I would suggest, share the YouTube link or the trading view link. If you visit in dot trading.com. In video ideas, you will find this same broadcast, right? Or video. So we request you guys to share it as much as you can in your circles, Whatsapp groups, telegram groups, colleagues, whatever you feel not worthy. So let’s look at Nifty and if we get time, we will look at the BTC as well. Right? So Nifty, Nifty, Nifty. that is Bank better. Yeah, David, actually, the video ideas are so many that it gets pretty cold, indivisible, in the whole, you know, mess of all the ideas. So indot tradingview.com is where the video idea will be. Or you can just visit the YouTube. Right. But as I said, unless there is participation on that front, I will not be considering it for the so I’ll do it for a few days and see how it goes. Anyways, getting back to the chart of Nifty 50 see what count we have 12345. So yeah, we have a one here or two here and three here, a four here and a five here is one of the main counts, right? If the five is complete here, and that means this is just going to go down, down down. second possibility is that four really is not here because you know wavefours can become complex, and it’s still continuing here. With the 4 is continuing here, then it will do so as a flat correction. Like if it’s doing it as a flat correction, then you will just count a wave one here dot one, let’s say dot two and dot 3 dot 4 and dot five right. Now basically what I’m trying to say is if the four is done here and five is done here, then that’s it. That’s that’s a bigger fall. Not a very big fall maybe, but at least one more leg down direction and then leg down, right. However, if the four has completed itself over here, or maybe has one leg down remaining, by the way, I have some small short positions. So maybe this one leg down is still remaining. That’s what my expectation was. But overnight S&P has gone up and Nifty has on the SPX gone up so I don’t really know what it will do. So anyways, if the four is overhead, and what to do, then So in that case, we wait for a break of this trendline. Okay, that’s actually or rather clear setup. I will wait for a break of this trendline that will confirm that the longs are here. Once we are confirmed that the longs are here, longs are here means that this is four here are continuing and then there will be a clearing of the last which was around 18,000 something something 17960 By the way, on the futures, I think it does 18,000 more I think so any way coming back to the point if we see a breakof this trendline which actually is a important trendline touch touch two touches make it not very important not so rather important because we dont have anything more than two toches so far i think most people are Yeah, David, that’s a good point. Some people are not having a suitable time when I’m doing the webinars. But mostly it suits people learn from America, you’re joining from Australia, people are joining from India. So I don’t think there would be much of an issue with other timeframes. Okay, getting back to the service introduction. This is the video Of course, it is there you can get into it. And more serious offering or offering for more serious status is a training program LT, which are personalized classes, which are done one to one, Charlie is one of the students who is currently by the way in one of these classes. So these are much more involving you get to talk to me, one to one basically in face to face meetings and you can draw on my charts ask questions. And here the focus is really on getting the concepts to a practical level. So once you are done with these classes, you will be applying concepts. You can see the testimonials from past students or one of the videos from one of this discussions where we are discussing how the students made profit and everything can be seen here. So this is a more serious commitment and I’m planning start to start coming batch from October 15. So if any of you guys are serious, or if you think one of your friends or colleagues are serious about learning the profession of trading, then they should contact me using this form of training program Lt. I’ll make sure to deliver the details. So that’s about it for introduction of services. Now let’s head over to the chart of BTC let’s see. Let’s see Let’s see BTC in our private slack group we were able to call the last time which was around 61 eight double zero and as a matter of fact Matter of fact one of my students was having a very huge position he was carrying it from much much lower levels like extremely huge position and he booked some part profits near this level. So we were literally able to catch the top which has remained the top for April and September almost half a year. My think it will become a half a year soon. Anyways getting back to the discuttion now a plane idea over here is this but I think that this count is failing us now most likely and the reason is that this leg looks rather strong to me Okay if this leg takes out the last high then new possibilities open up so this is the point to consider. Oh one second sumit is asking to do catch 30,000 bottoms sumit by the way if you watch my past videos, I will actually like to point that out. I’ve often been told by students by my students that I don’t really advertise my skills much although I don’t think what remains after showing a five year track record of almost 90% So anyways, what I was trying to say was Yeah, if you watch one of the past videos, you will find that I have actually predicted this look. I specifically said that 3000 to 5000 will be alone Oh will be arranged where the low might form by the way. I don’t like to make specific statements. Right. And I think the prediction was done here or here I don’t really recall that exactly. But you can very well go to my playlist and there will be a Bitcoin playlist Yeah, so these are the times when I used to make videos separately for each instrument per week basis. Now I don’t get that much time so what I do is or this is somebody else’s one second so now that I don’t get that much time I generally just make this one webinar. So these are the two videos one is in October 14 2018 The second is in July 1 2018. So you can very well check. Oh there it is. 5000 to 3000 I have done that when the market was trading around let let it become clear. Yeah, Dennis Dippy. let it load up. Yeah, so the market I think is trading around the screen level 6350 and I was able to predict this level 3550 whatever that is right. Now, I don’t know if we discussed this level in the past video as well. But anyways, you can check that on your own in your own time. As I said, you can just go to the Bitcoin playlist and see that past forecast. And as a trader, I feel forecasts are not that healthy, right. It’s more like what you are going to make in the next two to three days and then find the next trade for the next two to three days. And the percentage returns you make as a trader add up. Instead of trying to Be a forecast. I think forecast is more of a tool to show off the skills. But it does not necessarily mean you are a trader. So because I’m primarily acting as a trader or involved in the markets all day long, so I believe forecasts can sometimes hinder your performance as a trader. But anyways, getting back to our analysis of BTC no actual concept or the actual idea is break of this trendline would suggest that this may have been a low and more upside as possible. As long as the market remains below this trendline and 52000 52,500 level or 52680 level you can check the specific levels at your end. This by the way, is a data provider as bitstamp so each data provider might have a little bit different type okay, because this is Bitcoin is not a very centralized market, all brokers will have a little bit different pricing. So getting back to the discussion, first the break of this trendline and then 50 to 680 something level would be a sign that more upside can be seen. What do I mean by more upside? I basically mean that 90% retracement of this level can be seen. Right? We can draw the 90% it will come to let’s see. It will come to the almost level of 61,560 something will let me see if I’ve drawn it by taking the exact points. Okay, yeah, so there we go. 90% is coming around 61,300 something something right. Let me remove this. Yeah, 61,300 something. So basically, the idea at this point in time is, is this resistance trendline is broken, then we can see 90% up to 90% level, that’s my expectation. Okay. Unless this level is broken, the idea of downside movement remains. And it remains quite solidly. Okay. But because this particular moment, which started, I think yesterday, on 29, September, two days back, because this movement is looking rather fast, or impulsive nature. I think the idea of upside cannot be relegated. So I’ll watch out for this trendline and this level, consider longs longs, right, and a shorter time frame perspective, we were actually able to take these longs. I think this was the chart, let me see a minute, because I’m tracking all these things on the slack group. Right? So there it was, yeah, we were able to catch this, because this green channel was broken. And I had already posted about this a few days back when the market was over here. There were two setups at that point in time one was closed, lower than C low triggering shorts, or was channel break. So anyways, long story short, we were able to get this up move. But for this up move to continue, we need further confirmation. So those who are already long, can just trail their longs, right, according to their entry. But I will not be interested in new Long’s at this point in time. That’s about it for this analysis, right? downside cannot be delegated yet upside triggers, you know. So that’s the setup. Let me know if you guys are clear on BTC. Everybody can write clear, I believe at this point. After all, we are at the end of the webinar. Right. So trading you participants, YouTube, and of course our private group, or private webinar platform. Lina is saying clear, so is Charlie Debinkar. Can we do Reliance Dibankar. i want to avoid , that at this point, I have a commitment I’ve already made. I was supposed to meet somebody at eight and it’s already a eight three here in India, three past eight, basically. So let’s leave it for some other time. So how did you guys enjoy it? I believe we have some participation from tradingview as well. So guys, I think that’s it for this webinar. I have a rather simple request here. Please share this webinar as much as you can in your forums which you are following on the internet. You’re slack groups, your WhatsApp groups, your telegram groups, your friends, colleagues, because I’ve been doing this for so many years. And I see a lot of people who don’t have any credible record or anything. But they still have much more following. So I guess something is remaining from the marketing end. So I would request you guys to do the marketing part for me. Right. So that’s one requests from me. Thank you, Lina. Thank you. And nothing else. If I see more participation in the quick update series, which I’m making regular updates for, I am planning to make regular updates for Nifty banknifty, then I might add gold here as well, possibly, right. So then again, the duty lies on you guys share the trading link in tradingview.com. I post the Nifty update, right? And if I see participation there, I will make them more regularly. I’m planning to do with them once or twice or thrice, maybe in a week. So it can go to once per day as well. Who knows. So yeah, guys, that said, keep sharing, and keep participating in the webinars, services, everything you already know I don’t want to go over them again. Right. But if you want to participate in the webinars and get in touch with me and remain subscribed, then remain subscribed to the emailing list, which I did mention. It is important because if I have some news, some new announcement or some new launch, like I’m working on the book right now, on Elliott Wave. So in the emailing list, I can send you guys a chapter or two and get your feedback. But it becomes impossible if you guys are going to come in only on these random platforms like YouTube, etc, etc. So I would request you guys to do the same. And that will be it from me. Thank you guys for participating on trading view YouTube and most importantly, my private webinars group. Thank you, Charlie Lina dibankar. David, new draft from trading views. Sanjeev crypto Grizz Shu as always Ronit and Vijay and Naveen from YouTube and thank you guys. See you guys soon. Thank you Lina. I hope the book is great. And I have there’s a lot of audience who will benefit from it. Let’s end this webinar. Now.

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The post 30. Applied Elliott Wave Webinar (Bitcoin, Crude Oil, Gold, SPX & Nifty 50) October 2021 appeared first on 50 Eyes Market Analysis.

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

Timestamps :

• • 00:58 – Regarding Training Program LT
  • 02:14 – Crude Oil
  • 07:24 – Gold
  • 17:20 – SPX
  • 23:38 – Nifty 50
  • 29:55 – Amazon (NASDAQ Stock)
  • 34:40 – Aurobindo Pharma (NSE Stock)
  • 38:15 – Bank Nifty

So let’s start off with the disclaimer on screen suggesting that all content presented here is for educational purposes and not soliciting any buy or sell. If you do go on to use the views presented here, you yourself will be liable for your profits, losses, or loss of profits. And moving ahead, like to give a small introduction, my name is Neerav and I’ve been doing this monthly applied Elliott Wave webinars. And this will be 21st in the series of these applied Elliott Wave webinars that I do. So you can check more of my work by visiting my website www.50eyes.com and you can check the webinars, they are always posted below here, or you can just check them in the market analysis section. Apart from this work, I also do run classes and I also have like personal classes, I also have a passive video course which you can check out by going over here. And for any inquiry regarding classes, you can make the inquiry using the training program LT form which is at this link. This will be posted in the description of the video after this video is this webinar is uploaded to YouTube later on. We will talk more about the course and coming batch, maybe near the end. And for now let’s get started with the webinar. Before we start with the discussions, let’s have a quick look at the last webinar that we did. Because we will first be comparing what we discuss in the last one and we will then check back with the current scenario in the market. Hello, Rajiv, I see you have joined in Alex, as well. So give me a final note if my voice is clear, and then we can start. Okay, thank you. Thank you, Alex. So let’s start off with the crude oil. And from what I recall, in the last discussion, we were a bit unclear. And I was saying that it would be better if we wait for a bigger pullback, and then the rise up. But anyways, let’s just look at the video quickly on 3:10. We have discussed crude oil. And on another note, always turn the video quality to 1080p, those of you who would be checking this later on, because it does not look good on any other setting because the dark background. So that’s the analysis last time. And yeah, so that’s the main view, my view was that either it will give a bigger pullback to 38.2 and then rise up or it is possible that it can go straight up, but I will not be interested in going long. That was the clear view here. And the strategy was to wait for a possible sell off to what is 31.2 something levels. If there is a sell off till those levels, then we will be interested in analyzing this market for Long’s. And he was coming back to the actual data, we have been sort of sideways in the range of 4130 to about 36 from then on. And we still have not went lower to achieve that 3120 level either. So I believe that we may be having a correction continuing over here. So just to emphasize on the current scenario, I think this leg down, if we take that as the first leg down, then we have this sideways correction continuing, which I believe is A up and then ABC for B down and then C up. So basically a flat correction, which should then later on be followed by one more leg down. So once this progression is complete, then we can possibly expect to take some long positions on the next leg up. And also keep in mind this does not look like a very clear case of correction. This is way too much overlap. So it is also possible that this might turn into some more complex formation rather than the simple flat that I just suggested. But in any case, the idea is to wait for a break lower than this level of 36 possibly to the 38.2 levels of 3128 or the 3120 or what was that? Yeah 3120 level. And if we do see the market near those levels, then or basically we see the market below this level of 36, we will then start to analyze it for possible longs. So still no clear trade opportunity here, but still awaiting both. There is one other possibility, this is your A up and this is a triangle instead of a flat then you can have that up leg before the fall. That is definitely possible. But the whole thing is that it will still be not that terrible from a swing perspective. Yeah, but this count can come in handy if we see a breakout above the last time 42 ish, or recent high of 42. It’s just that there are multiple possibilities that can happen when the market is in a complex correction as it is as of now. So that’s why I just don’t want to dwell deep into it, because there will be another scenarios coming out if we start doing that. And then the discussion becomes inconclusive. For instance, right now, I just discussed that there will be a scenario like this down and then up and then down. And the second scenario is sideways, and then straight up and then down. So basically, both scenarios are pointing in different directions. So that’s my whole point. It is a bit unconducive. Just like the last time we discussed. Obviously, we need to keep following it on a shorter time frame, keeping the higher and downside levels in mind. But it’s not really the market for that just say a clear trade right now. If there is any doubt, do put them in or just type type in clear. sajou I believe I’ve already clarify what you were saying. Let’s move on to gold. So the last time we discussed gold, it was checked somewhere over here. Yeah, so the view was that either the wave 4 is complete the circle wave 4 and it will Head up for upside. And for that there was a trigger near these highs. Let me see if I have the, if I can get to the exact point where that it discussed in the last webinar. Yeah, so I believe this must have been the trigger high for possible Long’s. And there was another level that we marked it. I believe it was this lower level, either this one or that one. So the point was, unless this trigger high is breached, there is no long and once it’s breached there will be Long’s and from what I recall, this was never breached. Instead, the market went lower for the second hypothesis, which I believe was discovered after this one. Yeah, so second hypothesis was that the wave 4 is check where it is discussed. Yep, there it is. So the second hypothesis was this three is here and four is complete already. And but it’s complete not here, but over here. And if it’s complete over here, then this five is already complete, that is a possibility and in that case, we can see a bigger ABC pullback. Now, for that we had these targets of this level and the lower level of about 1720.3. Let’s check that on the actual chart now. So as we can see, the upside target was never triggered. So we relegated any possibility of bullishness. Second was overview that wave 4 is complete over here, then we will see more upside. Okay, so this is another chart I’m working with. Just give me one second and let me figure out the actual chart. So kindly get my hands on the one, which we use and last one actually have a lot of gold charts open right now. So I’ll just continue with the counts that I have on screen because I know what the analysis. So from here on, taken this as the leg down as the a wave, and it could be a wave one, but we’ll just go with the corrective continuation, keeping the bullish bias in mind. Secondly, this price moment is still sideways. So I’m considering the possibility that this might be a triangle over here, like this. And if that’s the case, then we will have an A here and a B here, which will then be followed by next leg down for C. Once this wave B is complete, which we are expecting as a triangle, then we can just measure the length of wave a and project it from the end of that to get our possible targets for wave C. And moving on with this progression, we can say that this is over a of the triangle, this is of the B of the triangle and that is for those guys who might not be very much aware with Elliot wave, I would just like to point out a triangle has five waves inside of it. If we roughly draw them, then it would look like this. They are mentioned as A, B, C, D, and E. So C and then your D and then an E. So that’s your rough outlook for a triangle. So in this case, we have the A over here, B over here, and C which is supposed to go up is looking like it’s possibly continuing. Now if it’s continuing, then most likely This is the first leg up correction and this will be the next leg up for the C of the triangle then there will be a D and an E. So basically, we are still expecting corrective movement in this market. Basically sideways movement is the proper word here. Because it will remain range bound within this box. So Anywho, if this is the pattern here, then the triangle will look something like this, once this wave a is complete, which will have two waves remaining before it’s in the formation, then we can look for some shorting in this market. That is only if this count is being followed. So that’s for our quick look over there. And I believe I have also done the short term analysis. So let’s check by zooming into the last price. So this I have taken this leg up as a possible leading diagonal over here. Followed by wave B, which looks like a, b, c, d. So this I’m not really convinced with this triangle. So I’ll just remove it. This could be a flat formation, which is still continuing. So I believe this may have a leg down but not necessarily basically, we are just waiting for possible Long’s on this market. So I’ll just put a trigger here. Once it is clear about 1925 then I can reevaluate the count of this structure and think about going long. So that’s it for gold sideways, because we are expecting a triangle. And once that is complete, possible sell off. I believe it is rather clear. But if you guys have any doubts, do post them in the comment section. And I’ll make sure to get back that’s our main hypo by the way. Second hypothesis would first can you clarify guys that if you’re clear on this one, before we move on to the next possibility Okay. <span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>So, the second possibility will be that this thing is already complete and this was the wave A this is the B complete at a triangle C down is also complete and this is starting a new move up and this leading diagonal is a wave 1 and this correction as flat or whatever will be our 2 and then there will be a wave 3. So but that doesn’t really matter at this point because in either case, we are looking for this up leg from shorter timeframe at least because even that triangle count this was over wave c right. So, hypo 1 and hypo 2 are suggesting that for short term at least we have upside remaining overall swing perspectively we have sideways movement as per hypo 1 short term up as per hypo 2 overall we have bullishness swing perspective and short term also up. So, basically, I’ll we looking for possible Long’s on gold given the fact that both hypo 1 and hypo 2 are pointing in that direction. So, I guess we are clear on this, right. The second one is a rather easy outlook. So, just type in clear quickly so we can forward to looking at s&p followed by nifty. What about other guys? You catching my pace? Too fast? Too slow? It’s okay. Let me know any feedback? Okay, Rajiv. So let’s check the chart of s&p over here. And let’s first quickly look at what was discussed last time in s&p around 22. From what I recall, it was a corrective movement up is what we were checking. What’s taking so long to load. Am I still connected here? Can you guys confirm? This video is not loading up. Okay, thanks. Let’s just Yep, it’s working now. That’s the count over here, we were expecting that it is either a W X Y complete over here to be followed by down leg or W X Y followed by a wave x, possibly as a zigzag, which will then be followed by Z. This was x in this scenario. So anyways, the main idea was that from a shorter time frame perspective, we were expecting a down leg now the clarification was not there that if this download will turn into a downfall that or bear fall, or will it just be a small downward movement which will be then followed by a new leg high. So and I believe it did go down from that level than we were discussing it. It was somewhere around 3329. Looking at the chart right now 3329. September so we must be let me check the exact date Posted on 20th. So yep, so from here on, we did go down. Right, the moment was not very huge, but we were not really expecting a we did not have an expectation either it will be a huge moment or small. Both things were possible, but the direction was only clear from a shorter timeframe. So now it seems to me like that we are still going on with the count of W X Y X Z and the possibility of this being if this is the y then this being the x still continuing is still there. Because it will look at this moment from the end of the wave y then we have A, B and C followed by another A B and C. So maybe a triangle or maybe some sort of complex formation. And once that is complete as an another x then we can have the next leg. That’s one possibility which is still suggesting that one more up like might be remaining before the expected fall. Right and that would mean That this market will remain sideways and then go up. Second possibility is that it will look at this last price action. And you can simply say that this is a diagonal structure over here, right. And you can say that this Y was complete, and this marked the end of the up leg. So in that case, you can say this is one, this is two, and that would mean that it should just fall from here for the three. So clearly, this third diagnostic cannot be ignored, it is a rather clear pattern. So it’s a, again, a bit of a wait and watch situation in the S&P, we will have to see which count is being followed. Because upleg remaining is still a strong possibility. And straight down is again still a real possibility here. I’ll just remove the clutter here, by the way, just to remind us Y complete here and this is by the way, a triple zig-zag formation if you are not aware, then it looks like this on the bigger picture chart. First leg up is W, second leg is down is X, next leg up is Y and all these legs are in three wave formation. So what happens is either the market completes at the Y or it gives one more leg up. So if it is completed already at the Y, then straight down movement can be seen from there. However, there is no clarity if it’s already complete, or it’s still continuing sideways. So I’ll say wait and watch here and keep this leading diagonal idea in mind because it is a clear formation. So based on that short term bias, we can even look for possible sell offs. But from a swing perspective, it can remain sideways in this range, because it could be as I mentioned previously be a triangle which is followed by a leg up for Z. So short term bias, selling ideas can take place here that is possible selling opportunities can appear. From a swing perspective by it is 5050 we are still unclear if it’s going to go up or down. Only thing is if in the next few sessions it remains 333 formation that is triangle kind of your complex kind of formation, then the possibility of Z wave remaining into the upper direction will become stronger. Otherwise, I will not comment and we’ll wait to see what happens. Let me know guys if there is anything unclear on this chart regarding this discussion on S&P in the comment section. Alright guys, so in that case, just to elaborate before we move on, first one was a triangle that is sideways, and then up. And second is straight down for wave 3. So that should just clarify whatever we discuss. So move on to nifty where we had a similar count last time and we discussed just to check back was around 31. So sort of the same count as the S&P W, X and Y formations. And we were still speculating if X is continuing, which will be followed by another up leg or will we see a fall from here? But in either case, we were expecting short term downward movement, because this was a leading diagonal. So A or 1 down, B or 2 up, C or 3 down and this was around the levels of 11 515 back then. So, it did fall actually after that 11 515 somewhere over here it is and after that we did have that A, B and C leg complete already. So the count worked precisely. The discussion was held around here. So here we discussed about the 1813 Yes 18. So here we made a discussion in the market was around 11 515. And the idea was short term bearishness is to remain could turn to long term bearishness but short term is It was a sell, and it did fall. So this one worked out again precisely, just like the s&p one. And let’s check the scenario. Now I believe we have the same count still going on. So yeah, nothing has changed on this one, still a w, x, y and then another x. So in this case, I believe the x looks complete to me over here, and that would mean the last leg up is in play. And even the last leg up as we know in a triple zig-zag the wave Z will have three waves in it like an A, B and C. So, we just have to track the last part and if this count is followed, which looks to be the case, then there should be another leg up, because this looks like an A complete over here. So, let’s have a look at the last part. From here shorter timeframe perspective, we seemingly have a one up two down three up four down. So, classic impulse complete and this will be your A of the Z which should be followed by a B of the Z so, again, the B could be going deeper like a flat or something or it could just have completed already like a possible triangle. One speculate which way it is, but I have a trigger already placed above this swing of 11 977. So, early evaluate the market if it takes out this high. And see if this is if there is any clarification about the position of wave B. In any case, if b is complete here or continuing, if this count is correct, we will wait for another leg up either it will be straight up or down and then up. So that’s for the current view on Nifty either it is a straight up or down and then up for the wave c of Z. And if this count is correct, then Once the Z is complete the major fall should come into play. And as for the targets we already know a projected from the end of B and 61.8 of A and 100% is what we will take. So I guess there isn’t much here to discuss on Nifty either other than the simple fact which I like to point out if the market is like really bearish and it wants to fall straight off then alternate count which we can take is that we can consider this as completion of Z, let me check if we can put w x y x over here and ABC. No, I believe it will at least make a smaller high, I was trying to see if the Z can be marked complete here but the moment is just not sufficient. It hasn’t even breached this. So technically, if the market is really bearish, then it can just breach it by a small margin, complete the Z and then fall. But that will be something to keep in mind when the market does go there. So basically what I’m trying to say is trying to catch the last leg up in case the markets overall direction is downside is not really a great idea. Because it can just turn without actually reaching the proper A equals C or C equals 61.8 of A targets so remain a bit aware that you need to be cautious on the long side a better idea would be just to trade it possibly intraday if you’re going for Long’s or wait from a swing perspective for this Z to complete and then go short. Right? Because that will be a much clearer case in mind. Other than that, I think it’s rather clear chart like there isn’t much I can put in at this point on this one. But in any case, let me know if you guys have any doubts here. Or just type in clear if that’s clear. Okay, guys, let’s have a look at Amazon. I have not really checked it in detail. But let’s just check it right now 345 ABC. So from what I can see over here right now is I this is a corrective leg down, followed by another corrective move up. So three downs and three up. So that means it’s continuing continuing inside corrective formation. And as for the last part, I think we can count it as sort of check, one and two and three, four and five does not look like a proper diagonal, we can count it as simply as an impulse as in one and two and 12345 for 3,up for 4 and then a 5. So as far as Amazon is concerned, I think we were speculating last time that it will follow the direction of S&P. Although I think it did not really followed it that well, let’s just check anyways. September, It did sort of go down. But that’s not the kind of moment you will call as following the count. So it did not really go precisely as we were expecting. And let me see if I had pointed out anything else. Around 3815. Yeah, so we were expecting some sort of down moment in it because a possible impulse may have completed and it looked like an one, two, and wave three down. So if there’s a wave 3 down, then definitely a little bit more downside should have been seen from this level of 2953. Which I don’t think was there, we are pretty much okay with the calling it in conjunction with S&P because in S&P there was this main hypo that it will form a triangle and then last leg up. So that is also applicable here. Because the first leg down is in three, second leg up is in three. So we can very well have this over here. And because Amazon is one of the leading stocks, one of the five stocks, so we do expect it to give the market direction, basically follow some of the pattern or part of the pattern S&Ps following. So I believe we are pretty much okay, going on with the H1 triangle followed by up and the second possibility that we may have completed this as a downline. However, in this particular case, we do not seem to have a leading diagonal over here. In the case of S&P, this wave was a leading diagonal. So that sort of gives sort of more strength to the hypo one. Although it could still fall, considering that the whole pattern itself can be a diagonal in the downward direction. And in a diagonal, if you guys are not familiar, we have 33333 formation. So in that case, this could be your ABC for one ABC for two. And so it can still fall. So both of the scenarios that we discuss on the S&P chart are precisely valid hair for the simpler fact that it sort of itself gives direction to the s&p. And as far as this last price action is concerned, I do believe that this can become more complex, it does look like a part of a bigger correction. So I will remain in favor of the corrective continuation or sideways movement in this market. In this box region, or zone, there’s a view on Amazon same as that on s&p, sideways and possibly bullish is our hypo one. Let’s check the Pharma stock which we have been following for a while. And it is still unclear. So anyways, I’ll still bring it up because we have been following it for a good few number of sessions. Auropharma and let’s first quickly check if there was any specific discussion we made about this stock. In the last webinar What do you want 35 Yes, so, I recall that it had gone down from this last high in three waves and my view was that practically it should fall more, but given the sentiment in the pharma sector, even a shorter pullback could be acceptable or could mark the completion of the moment. So, this was a bit of a wait and watch again. And the main view was that if it falls more than we will be more interested in buying it or if it gives a clear sign on the upside. So, let’s check if there was so, it has still continued falling. So, that means, the correction is still continuing the first three legs which I said were downward this and now we check the dated count which I have let me see. So, I have marked this first three waves down as a w. So, that means this becomes now a complex w x y correction or case of a double zigzag. And that would mean this is your wave x continuing as an AB&C possibly complete over here to be followed by next leg down It could be continuing, but the main point here is that we are expecting downward movement. The last scenario here that suggests your bullishness would be if the Y is already complete, but that does not look extremely likely given the fact that W is consuming this much in terms of price movement and why is only consuming this much though it is practically possible but to counter that view, that is if that is the case, I will only be serious about it once it crosses the high of 852. So once it crosses 852 then I will have to consider the possibility of correction already completed. As long as it does not do that I will go on with the view that it is still having one more downside our down leg remaining. I will wait for it to continue and fall below this level of 738 or 748. And then I’ll be interested in possible longs. So for auropharma our view is wait for long’s but not straight off possible pullback and then long’s because of a wxy continuation possibly continuing. So that’s our main view here. Still no trigger on this one. And last time also it was unclear. So wait and watch. Anyways guys, these are all the scripts that we generally discuss. If there is any doubt here please let me know. Okay, so Rajiv says clear, what about the other people here? Is there any doubt remaining, regarding this or any other scripts that we have discussed? Bank Nifty. Let me see if I have anything posted on it. So I have a rough outlook on bank nifty, but let’s just give it a go. Is that? Yeah Rajiv, that is we already discussed that in the last meeting we did. You were telling me how bank nifty jumps off during the day and then nifty later on follows it is exactly doing that. So actually, this chart is again, as clear as nifty and is sort of sort of more better if you dive into it, the nifty and the count as at the end is exactly the same 12345 impulse complete and then we are expecting correction to be followed by last leg up for Z. And in bank nifty, again, the count is I think this is what I’ve taken as W. This is what I’ve taken as X, Y and X so that is basically in line with our nifty count. And just before you leave, I just like to request that you share the uploaded video later on once I have posted it on YouTube, just share the website link. And secondly, if you or anyone of your friends is interested in learning, point them in the direction of my video course which is right there on my site www.50eyes.com/elliott-wave-course . And if you guys are interested yourselves in joining in for an intense learning session, one to one classes then you can make inquiries one second via the training program LT link under courses, which should bring you to this form and these are intense classes we do one to one discussions for three months. And the classes run quite long can run from two to three hours, and we do detailed discussions of markets and do strategizing and everything. And testimonials, everything already on website, the past people I’ve worked with are doing really well in the markets. And the last thing I have finally asked a few of my students to help in with this forecast accuracy for 2019 and 2020. So I already asked, Nick, and Thomas. And if anyone of you guys have the time, and would be interested in compiling it, then let me know it basically means you will be going through the video and then creating a spreadsheet like this. And then the spreadsheet will be posted here as the forecast accuracy. Basically, I realized that I won’t be having any time for checking this record. So I’m basically asking for help in this regard. So hopefully it will be up in the next two weeks.

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The post 21. Applied Elliott Wave Webinar (Crude, Gold, SPX, Nifty 50, Amazon, Aurobindo Pharma, Bank Nifty) Oct. – Nov. 2020 appeared first on 50 Eyes Market Analysis.

Time Stamps : 

• Crude Oil : 0:11
• Gold : 6:10
• SPX : 11:15
• Bitcoin : 18:45
• GBP AUD : 23:00
• Nifty 50 : 34:00
• Hexaware (NSE Stock) : 45:35
• Bank Nifty : 55:00

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The post 4. Applied Elliott Wave Webinar (Crude Oil, Gold, SPX, Bitcoin, GBP AUD, Nifty 50, Bank Nifty, NSE Stock : Hexaware) 23/3/2019 appeared first on 50 Eyes Market Analysis.

Chart used : Monthly, Candlestick.

Wave 1 : 3314 to 13303

Wave 2 : 13303 to 7766 (A little lower then the 50% retracement)

Wave 3 : In the variation that I will discuss here Wave 3 is still in progression.

And we will look for possible targets for the same.

Bank Nifty Elliott Wave Count

In this count the 5th of the 3rd is in progression and  the worst case scenario would be if it’s a failed 5th.

( As you must have noticed the count is very similar to that of Nifty, ready Nifty Elliott Wave Report. )

In that case it should atleast achieve the levels of 19850 – 20907 and that will also serve as target 1.

However in case Bank Nifty’s Wave 3 sustains above 20907 then we should see targets as 21588 and 23946.

These are the targets for scenario in which Wave 3 is a normal Wave, in case it is extended then we will see much higher levels such as 33900+ but that is something that we will see along the way and not now.

Also if the outlook of US markets specifically S&P 500 comes out to be as discussed in one of my previous report ( Report on S&P 500 ) then we would most certainly see targets above 20907.

Minimum Target : 19850 – 20907

Above 20907 :  21588,  23946

Bank Nifty long term targets using Elliott Wave Count

If Bank Nifty’s Wave 3 comes out as an extended Wave then even higher levels such as 33900+ are also possible but that we will see later on as the Wave develops.

Hence based on the above deduction I would like to conclude that an upside till the region of 19850 – 20907 should be seen and if things remain in favor of the bulls then even higher targets are possible.

It is also noteworthy that this analysis will be considered incorrect if Bank Nifty comes and sustains below the level of 13414.

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The post Bank Nifty Elliott Wave Analysis and forecast (Indian Stock Markets) appeared first on 50 Eyes Market Analysis.