Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
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4 comments:
Hi friend,
Sorry about confusing the things. But can you give a clue that waht scenario you are playing out in Nifty-spot-hour chart. It might irritate you a bit but it can help me a great extent
Thanks
Vijay
Hi..Vijay,
It still looks to me like an ending diagonal but not a contracting type as the sub waves of each leg is having an "abc" structure.
VIX Fear index is quite mute..there is no volume. It looks to me like our Nifty is spending time correction in sympathy to the world mkts and to atone its sin of having fallen too fast in Oct.08.
I will change that view to an impulsive 5 sub waves of a 5th down, if nifty continues to fall towards 2500 & below. But if it bounces and goes past 2780-2808, I will keep this "ending diagonal scenario" intact.
This is what I have been able to read from Nifty's price action in a totally unbiased manner.
Wed & Thu should resolve this issue hopefully.
I used to teach an unlimited arrival of students during my college days. I just loved sharing..all I have. So you will not be irritating me at all. And if I do get irritated, then the fault lies with me .. not with you.
During uncertain times, go with the trend(which is down now) and have the other views at the back of your mind, so that when the unexpected happens, you are well informed and have a ready map to follow the markets.
I am still shorting this market cos the mkt says so but there is something missing in the way we have been falling..
And thank you for bringing out my thoughts into some kind of clarity.
Best regards.
ilango
Hi Ilango...Actually your thoughts are very astute on this downmove..Could very well be an ending diagonal..or a truncated wave which will NOT break earlier lows...Very high chance on the wave we are moving now...Good observations.
Best,
Lee
I appreciate your attitude. Only this seperate man from boys.
Vijay
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