Best books for #Elliottwaves. A thread:

1. Frost & Prechter's "The EW principle" - it's the Bible
2. The complete EW writings of Hamilton Bolton
3. Visual guide to EW trading by Wayne Gorman & Jeffrey Kennedy
4. EW principle applied to the FX markets by Robert Balan

5. EW trading by Jeffrey Kennedy
6. RN Elliott's masterworks
7. Mastering the EW principle by Constance Brown

From a practical perspective, the ones by Gorman/Kennedy & Balan are the gold standard. I have read each book many times n yet there is alws smth new each time.

#BPCL
#Elliottwave

The old guard is upto something really really big over the next few years. Why should 1000+ happen? I have no idea right now. Should be able to tell after the move happens, pretty confident of that!😀

Charts: Bloomberg
Disclaimer: Purely Academic

Eeks typo......wave (II) should be read as wave (III). Tx @givemesomename for the flag

#Fibonacci
#Nifty

I realized yday that nobody in my pretty large circle knows how fib levels are calculated on log scale. So here goes:

1. Take the highest high (HH) & the lowest low (LL) of the range
2. Next, take the natural log (ln function in excel) of the ratio HH/LL.

3. So, you now have the log returns, really the best way to measure them. Call it R.
4. Now take the difference between the natural log of HH and the fib ratio multiplied by the log returns
5. Say, ln(HH) - (0.382*R). Call it A
6. Finally, take exp(A)

That will be the level which corresponds to the 38.2% fib of the range between the HH and the LL on a log scale basis.

Big shout to to Dr Strange aka @shetty_ashish for this.

Gann's square of 9 from the all time high for #hdfcbank

Don't even need a computer actually. Print the chart, fetch a pencil and a ruler and you are good to go.

See if you can spot #support and #resistance not to mention the time anchors.