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Elliotte Wave
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Basic Tennants The Five Wave Pattern, Wave Mode, The Complete Cycle, The Essential Design, Variations on the Basic Theme, Wave Degree
Motive Waves Impulse, Extension, Truncation, Diagonal Triangles (Wedges), Ending Diagonal, Leading Diagonal
Corrective Waves ZigZags (5-3-5), Flats (3-3-5), Horizontal Triangles (Triangles), Combinations (Double and Triple Threes)
Guidelines of Wave Formation Alternation, Depth of Corrective Waves, Channeling Technique, Volume, Learning the Basics
The Fibonacci Sequence and Its Application Ratio Analysis, Retracements, Impulsive Wave Multiples, Corrective Wave Multiples

Dollar-Rupee Elliotte wave formation:

The weakness in the rupee has lent itself for a notable impulse wave formation against the dollar which makes any elliottician frown looking at the way the wave has progressed and completed , in a market that is partially controlled by central bank. The dollar rally from 38.50 can be seen making its first advance into the threshold of post 40 mark in April'2008. This rally went to 43.45 and saw its first intermediary reaction towards 41.74 and followed by a vibrant impulse uptrend to test the 50 mark for the first time. This move marked the 3rd primary wave and thereafter a brief reaction to 46.70 only to find the price trend test 50 back again. Technically the price trend by then had exhausted all possibilities of further upmove, but there was a brief stint of a fall back to 46.40 which made it feel that the price trend can reverse its course.

However at times when emotions are strewn across the board, we are much likely to see yet another leap but may not contain an impulse character. This desperate move is termed as the B primary wave which surpasses beyond the previous larger wave degree.

 

The Tripple Zig Zag: The triple Zig Zag or a fall that occurs over a long time, is a sign of a fundamental change in the trend. The Dollar-rupee peak of 52.01 of March'09 took nearly 2 years to get back close to where it began. A zig zag is marked by A-B-C kind of a fall which can happen more than a couple of times and this is a way a tripple Zig Zag formation is.



 

 

 
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  • Economic Calender
Date Event Actual Forecast

Jul 30

USA Cons Confidence

81.40

Jul 31

USA Adv GDP Q/Q
1.8%

Aug 02

USA NFP 195K

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