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Thank you for reading and for your comment.

In regards to the intraday 20 period EMA on the 5-minute chart, one could conservatively place a tight stop half-way between the 20 and 50 EMA, but due to the volatility, it’s probably better to be a bit more aggressive and trail your stop just beneath the rising 50 EMA.

The red line is actually a 200 period Simple Moving Average to try to assess the long-term health. EMAs on longer periods tend to distort the moving average too much by placing too much weight on recent prices.

I missed last weekend’s update on the Nifty but will certainly analyze it this weekend.

I need to ask two questions:-

1) When we buy the pullback to the 20 EMA what should be the Target & Stop Loss. I used to take 50 EMA as a stop loss but confusion is with the Target Price.

2) Your charts have 3 EMA’s. Green line is for 20 EMA, Blue Line for 50 EMA, What EMA the Red Line having?

If possible pls also give views for Nifty.

With the help of your blog, I’m learning the Intraday trading techniques. Pls continue this gud work.

Thanx & Regards,

Deepak

It’s semantics. We’re due an ABC after a 5-wave advance. Think of Elliott in Reverse. There’s also a few interpretations of what’s next. Robert Prechter says it’s Wave 2 (ABC) up of the 5-wave decline in C (like I write). That’s the most bearish count.

Others advocate we’re going into a major Wave 4 ABC up because this 5 is just part of a larger extended 3.

And even if we began an impulse up off this level as the final 5th, we’d expect an ABC corrective phase to take place. Then an impulse could begin to the downside. We’ll have to wait and see how it plays out.

From what he illustrates :

(1) After we complete the 4th and 5th wave we would have completed the ABC correction of the bigger 4rth wave . He says “it would seem that a fractal fourth (4) wave up followed by a fractal fifth (5) wave down would complete the 5-Wave major decline from the 2007 peak and suggest that a large-scale Three Wave Correction to the Upside – which could last months or longer – is expected next according to Elliott Wave Theory. ”

From what I understand we should get an IMPULSE 5th wave after 4rth and that it should be a 5 wave UP and not an ABC pattern . Please correct me if I am wrong.