This is my trading file to organise and jot down my take on the market .I do Technical Analysis. This blog is to keep track of my baby steps so that I can look back at my journey .Looking back tells me how far I have come from days when I knew nothing and can go further .It gives me motivation to keep going on even when I am tired. One has to back up trading with their own studies. The charts I post here are 99% inspired from Ilango sir.



Elliott wave counts as of 3rd July 2012

Presently chosing probability 1 out of the two

Probability 1 :
We completed c today at 5095 as running flat and are in 3rd wave of "big C or 3 " up .

wave 1 4770-5195= 425
wave 2 5195-5095= 100 { if this is the case then this wave 2 is running correction which tells that strength of wave 3 will be strong}

Possible target of this wave 3 is minimum 425 pts , then 1.62*wave1=688 pts.
And indeed this 3rd qualifies as strong upmove , as seen in the hour charts on 3rd July  2012



so upmove from 5095 can be seen as
i   5095-5160=65
ii  5160-5126=34( 52%)
iii 5126-5317=191( 2.93 of i) Extended 3rd
iv 5317-5266 =51
v th in progress and should do around 65 pts as when 3rd wave is extended usually w5=w1.
so vth ends around 5331 , Also wave 'i'  took closeto 5 hours so this wave v should be equal in that respect also and should take around 5 hours , so tomorow(4th July) we may see upmove to 5331 for most of the day .
this upmove will end wave 1 of wave (3) upwards
then wave 2 of (3) as  abc starts to correct this upmove from 5095 which probably will take us to bottom of the red channel in the above chart .


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26th June 2012

There are 2 probabilities that I see presently .

Probability 1 :
We completed c today at 5095 as running flat and are in 3rd wave of "big C or 3 " up .

wave 1  4770-5195= 425
wave 2  5195-5095= 100 { if this is the case then this wave 2 is running correction which tells that strength of wave 3 will be strong}

currently we are already in wave 3 running up *
If we go above 5195 , we can say we are in wave 3 .
Probability 2
recent down move from 5195 is seen as wave c of correction to impluse 4770-5195
which should end near 5050 and then wave 3 of BIG C starts .

P.S: Act on your own analysis this is my take .

Hour chart on 26th June 2012


 From   To   Fall/ Rise  0.236%        0.38        0.50 0.618% 0.736% 0.80%
5195 5102         93    5,124    5,137    5,149    5,159      5,170      5,176
If we go above 5176 which is 80%  then we can say that wave 2 ended at 5095 and we have started the wave 3 .

So all in all , first indication of being in 3rd wave would be to go above 5180 and then 5195 .
As per my understanding .

The Big Picture :



If you are reading this then you should know I am learning EW still ,and can be wrong .

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20th June 2012


What I see when I look at the charts ;
Corrective from 6339-4531 over as a triple ZZ .
We are presently retracing the move from 6339-4531 as ABC starting from 4531...



Hour chart for recent moves from 4770 show







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