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 ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
4 comments:
Hello Ilango sir, this is only intraday or positional.What can b the targets today??
Hi..Bizagra,
Nifty has already done a 100points down and it has breached the channel too in the process. Next crucial support is quite close by @ 4905.Short covering may come in there.
As this being considered as a corrective band of 4900-5100, we are nearing the lower end of the band. Any fall beyond this will lead to more serious unwinding...
Ilango sir, we sud exit our position as soon as SL on spot hits or we sud wait to see if it is sustaining.Plz tell.One more thing, why we hav SL 4930 and not 4900 on closing basis ?
Hi..Bizagra,
Why SL 4930?? The daily channel bottom is @ 4945 for the day. In 4th wave dn, it generally breaks the channel and then reverse to move up for the 5th wave up. So we have given a 15 point for a false fall. It can be more too like upto 4910 or so too.
Sl exit is better to be immediately on the breach of that level.
If we break 4904 today, it means we have retraced the last rise from 4904-5099 in quicker time, suggesting a top is in place and so sell on rallies & hold.
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