If you’re new to the Indian stock market, you might be wondering how to make informed trading decisions. One popular approach is Elliott Wave Theory, which uses technical analysis to predict future market movements. It’s based on the idea that markets move in predictable patterns, and by identifying these patterns, traders can anticipate market trends and make profitable trades. Just input today’s high, low, and close values in the Elliott Wave Calculator below to get tomorrow’s buy-sell levels. Mobile users need to scroll horizontally to see the full Elliott Wave Calculator below.
How to Use the Elliott Wave Calculator
Using the calculator is simple. Start by entering the high, low, and close prices for the timeframe you want to trade. For example, if you want to trade for one week, enter the high, low, and close prices for the last week before the start of the next week. Then, our calculator will generate buy and sell signals for you, along with target and stop loss levels. This system can be used for both intraday and delivery trading.
Similarly, if you want to trade for a time period of one month, take the high, low, and close of the last month before the beginning of the next month. If you want to day trade, you should take the high, low, and closing prices for the previous day. Now let’s take an example for trading a 1-week time frame
Example of Using the Calculator for Positional Trading
- I noted down the high, low, and close for the 9th of April week for Nifty future.
- High, low, and close are 5398, 5290.10, and 5364.90.
- I get two sell signals.
- Firstly, Go Short at/below 5398. Stoploss at 5403.39. Target 1 is 5331.31.
- Secondly, Go Short at/below 5372.53. Stoploss at 5403.39. Target 2 is 5320.09.
Based on this call, I will try to sell at or below 5398 for the target of 5331.31 (target achieved). I will then wait for the price to come again near the second sell level (5272.53). I again try to sell at or below 5272.53 for the target of 5320.09 this time (again target was achieved).
Example of Using the Elliott Wave Calculator for Intraday Trading
Now let us check some intraday trading examples.
Example of 8th April 2010
I note down the high, low, and close for the previous day (say 08/04/2010) for Nifty future. Let’s say they are 5370, 5290.10, and 5301.60.
I get three buy signals:
- Firstly, Go Long at/above 5290.1. Keep Stoploss at 5284.8. Target 1 is 5320.62.
- Secondly, Go Long at/above 5301.76. Keep Stoploss at 5284.8. Target 2 is 5340.59.
- Lastly, Go Long at/above 5316.54. Keep Stoploss at 5301.76. Target 3 is 5365.92.
The next day, the low for Nifty future was 5307.10. So I could not buy at 1st and 2nd buy signal prices. But I could enter long at 3rd buy signal (5316.54) for target 5365.92 (target achieved).
Example of 15th February 2017
Let’s analyze Nifty again 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) values instantly.
The calculator gave me the wave counts as follows:
- 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
It has also given me the buy-sell levels as per following:
- Firstly, Go Long at/above 8772.65. Keep Stoploss at 8763.87. Target 1 is 8790.69.
- Secondly, Go Long at/above 8779.54. Keep Stoploss at 8763.87. Target 2 is 8802.51.
- Lastly, 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, making a high 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.
By using the Elliott Wave Calculator, you can make more informed trading decisions based on technical analysis. The calculator takes the guesswork out of trading, making it easier for beginners to get started in the Indian stock market. Hence, try it out for yourself and see how it can help you make profitable trades.