Applied Elliott Wave webinar: Bitcoin, crude oil, gold, S&P 500 and Nifty 50 [Video]

In this webinar I have discussed practical application of Elliott Wave using various chart including Crude Oil, Gold, Bitcoin (BTC/USD), SPX and Nifty 50. Possible trading strategies using Elliott Wave for October 2021 have also been discussed wherever applicable.

Timestamps 

• 04:30 – Crude Oil.
• 23:40 – Gold.
• 31:00 – SPX.
• 36:00 – Nifty 50.
• 43:00 – Courses and upcoming batch.
• 46:20 – Bitcoin.

Welcome to our 38th webinar in the series of these applied Elliott Wave monthly webinars that I’ve been doing. The way we’ll proceed is, first of all, we’ll look at the chart of  WTI. Crude Oil, gold followed by S&P, Nifty and BTC. If we get time, we might as well look at some other stocks, possibly. But this is the general trend we will follow. And these are the major instruments that we will track. Now that everybody is able to hear and watch the screens, just one final hears from any one of you and I will start off with our discussion on crude oil.
We are now going to look at the chart of crude oil and as you can see, we have the light crude NYMEX futures loaded. Do keep in mind sometimes I will keep switching from the NYMEX to oanda cfd – contract as well. And if you will notice here the o and a Price Is 75.861 and the NYMEX futures price is 75.74. So there is a slight difference The reason being that one is a CFD contract contract and another is a futures contract traded on the New York smokin NYMEX, New York Mercantile Exchange. Right. So, now that we have these charts and I made everything clear, David says the book will be fantastic. Yes David, I hope so, and I hope a lot of audience will benefit from it.
Okay guys, so, first of all our point of reference in this particular discussion will be the level of around 7683 which is the sixth July 2021. Date and 1230 I S time right. From this point of reference, I recall in the last webinar, we were somewhere here we were discussing I think this I don’t exactly know. So, anyways, from this point of reference, we have basically two propositions right the first proposition being that we are in a flat correction or a triangle correction right. And the second proposition is the correction which was way four basically is already complete right.
So, let’s explore that let me just move this chart a little bit to the side or the point of reference okay. So, the first proposition is suggesting that we have a downward move and this downward move if you look from this point of reference is complete over here Okay, is this downward move as W X Y or an ABC or a W X Y Z whatever it may be, there are basically multiple multiple possibilities, for instance, the one which I just thought of is that how about we take this progression as he likes this as a triangle right and this has the next leg down so that will make it an ABC progression. So in Elliott Wave terminology is for those of you who might not be very well familiar with it, ABC progression is a zigzag which is in this particular case a zigzag could be multiple things and a zigzag could mean that the whole leg which started from here has completed at this point at the C but if that is true and if this leg is completed the whole progression is C then that means this market has clearly made a base and once the base is formed then that means the last at least should be taken out.
So in this particular case our last high is this level around 7694. So since it is not taken out yet our current hypothesis which we which I’m going to presume as h2 which is basically suggesting straight up as to why the wave B hypothesis two if you are not really following my work. So I like to derive the market into multiple formats or not formats multiple ways the market can process like hypothesis one, hypothesis two, and then we try to conclude if we have a commonality or strength in one of the hypotheses compared to the other one. Okay, anyways, going ahead with our hypothesis two, we are suggesting that this market has completely done the corrective part and then new leg should come up. So there is not much to discuss in it. If this has really found the low here, then that should be it’s going up and all right, everything is good and rosy and it should at least clear this last low last high sorry, 77.04 something on the light crude oil NYMEX chart, it should obviously go much higher, but that’s the minimum we expect.
However, we are not interested in things which are too rosy we want to get a more radical analytical view or what to do when things are not going out as we thought they would right. So, there comes in play our hypothesis one which will suggest that this market has although completed a leg in the downward direction as an ABC that is just a part of a bigger correction. Okay. So when I say part of a bigger correction, that basically means that this market is still going sideways. That’s what generally a correction is an Elliott Wave terminology sideways movement, generally speaking.
So when we say that the market is still possibly going sideways, then we are suggesting that most likely it will remain within this box range that is within the highs and lows of 77 and low of around 61 right. Most common setups that fall within this category are flats and triangles, it could become complex, but that is not something we will comment on right now. So we are going to discuss the most likely scenario or the most deceptive not the likely one. The most deceptive scenario in this particular case will be that this market goes on and forms a flat correction and in specific it forms correction of the salt I have a down.

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