Studying the EW wave with Harmonic and finding out high probable zones from from which swing high and swing low forms up has been a passion for me.
I think EW wave analysis with Harmonic M and W structure provides low risk and high probability setups. One of the advantage of this analysis is to have minimum risk as these are all leading indications of the price structure.
Coming back to NMDC See how nicely EW Wave patterns are formed in Weekly
Look at Wave 2 retracements as 0.618 of Wave 1.
Look at Wave 3 Target as precisely 2.618 of Wave 1. And in EW wave analysis, we don't not want to find a top or bottom, we want to find highly probable zones for target. So if you have bought when Wave 1 top is broken and Wave 3 is confirmed, you can then watch the reaction around 1.618 Fib extension, 2.618, 3.618 and 4.236 and so on as possible wave 3 targets. And along with that you simple determine major level which if broken, confirmed that Wave 3 is formed. But look how nicely, Wave 3 went up to 2.618 times of Wave 1.
Also see how harmonic W structure forming Crab patterns in weekly time frame started giving high probability reversal zones.
Again, in order to identify such setups, you need to do a lot of practice and train your eyes to see the possible pattern combinations. Pl read EW analysis Boon a classic ref on EW Analysis
(1) Visual Guide to EW wave analysis by Bloomberg press by Wayne Jeffrey
(2) Classic Ref on EW Wave is Elliott wave Principle : Key to Market Behavior by Frost and Prechter
And on Harmonics, Pl log in to harmonic trade website harmonictrader.com/ register yourself as free membership, download all the three volumes by Scott and read them, Especially Volume 3 where he talks about combining RSI structure with Patterns and see the reaction and reversals.
Also when, people says about boring theories, I disagree, they are not boring, Author of the book studied the market in depth and derived those patterns and price behaviors based on the extensive study and research on the topic.
I think EW wave analysis with Harmonic M and W structure provides low risk and high probability setups. One of the advantage of this analysis is to have minimum risk as these are all leading indications of the price structure.
Coming back to NMDC See how nicely EW Wave patterns are formed in Weekly
Look at Wave 2 retracements as 0.618 of Wave 1.
Look at Wave 3 Target as precisely 2.618 of Wave 1. And in EW wave analysis, we don't not want to find a top or bottom, we want to find highly probable zones for target. So if you have bought when Wave 1 top is broken and Wave 3 is confirmed, you can then watch the reaction around 1.618 Fib extension, 2.618, 3.618 and 4.236 and so on as possible wave 3 targets. And along with that you simple determine major level which if broken, confirmed that Wave 3 is formed. But look how nicely, Wave 3 went up to 2.618 times of Wave 1.
Also see how harmonic W structure forming Crab patterns in weekly time frame started giving high probability reversal zones.
Again, in order to identify such setups, you need to do a lot of practice and train your eyes to see the possible pattern combinations. Pl read EW analysis Boon a classic ref on EW Analysis
(1) Visual Guide to EW wave analysis by Bloomberg press by Wayne Jeffrey
(2) Classic Ref on EW Wave is Elliott wave Principle : Key to Market Behavior by Frost and Prechter
And on Harmonics, Pl log in to harmonic trade website harmonictrader.com/ register yourself as free membership, download all the three volumes by Scott and read them, Especially Volume 3 where he talks about combining RSI structure with Patterns and see the reaction and reversals.
Also when, people says about boring theories, I disagree, they are not boring, Author of the book studied the market in depth and derived those patterns and price behaviors based on the extensive study and research on the topic.
Comment:
Levels to watch for Wave 4 retracement are 0.236 and 0.382 for now and see the reaction around those zones
Pasted the snapshot for Clear view