Elliott Waves are one of the most important technical triggers for any financial market. As you know that any market always moves in wave-like structures. So even a declining market bounces up after a fall and even a rising market corrects after a rise. So if the bounce or correction can be predicted early it can be a great trading tool for the day traders. We have created a few simple day trading tools on our site. One of them is the Elliott Waves Calculator.
To access the Elliott Wave Calculator you can CLICK HERE. The page has boxes where you can input last trading days high, low and close. Let’s analyze Nifty with this calculator. I have written the respective values of 14th February 2017 in the corresponding cells. High – 8819.90, Low – 8772.65 and Close – 8782.25. Now I clicked on Calculate. And the Elliott Wave Calculator calculated today’s (15th February 2017) instantly.
Given Elliott wave counts by the calculator:
Wave 1 8772.65 – 8790.69
Wave 2 8790.69 – 8779.54
Wave 3 8779.54 – 8802.51
Wave 4 8802.51 – 8788.28
Wave 5 8788.28 – 8817.49
Wave A 8819.9 – 8790.69
Wave B 8790.69 – 8808.74
Wave C 8808.74 – 8785.78
Automated BUY / SELL triggers given by the calculator:
Go Long at/above 8772.65. Keep Stoploss at 8763.87. Target 1 is 8790.69.
Go Long at/above 8779.54. Keep Stoploss at 8763.87. Target 2 is 8802.51.
Go Long at/above 8788.28. Keep Stoploss at 8779.54. Target 3 is 8817.49.
Now let’s check what is the outcome of the BUY / SELL trigger. Check the image below:
The Nifty index opened, made a low at 8777.65 and bounced up, made nigh of 8807.65. The first 2 trades target is achieved. This is the power of Elliott waves and that’s why this calculator is one of my favorite day trading tools.
Not only intraday trading, but you can also use this Elliott Wave Calculator for positional or swing trading. At the weekend, simply enter the last week’s high, low and close and you can get next week’s swing trading levels instantly. If you have any questions about our day trading tools feel free to comment below the post.
Indrajit is a professional blogger and trading system developer. Amibroker expert, WordPress expert, SEO expert and stock market analyst.Trading since 2002, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.