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 ... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
11 comments:
Dear Ilangoji,
i will like to remind u for alternative wave count as per sensex chart we had discussed and if we dont go below 16k decisively and we might have completed B.c.4 today and from tomorrow onwards if we move up can we treat as B.c.5 the last upmove and it may become a 5th wave failure also
Hi..Pankaj,
I would prefer to say that holding 16000, a short term bounce is on and the direction will be up. Though one should not let go off the big picture that a major trendline has been broken decisively and many stocks have fallen quite steeply and hence I would not treat it as 4th wave down but rather a "abc" of a "A" down or end of the 3rd down as long as the 4th up does not breach 4968 Nifty.
In my weekly chart, I have been having a different wave count in which another high possibility exists but after some more corrections taking up more time and the same will be discussed by this weekend.
Best regards.
ilango
Hi..Pankaj,
Your view will be valid as long as Nifty does not breach 4727 Nifty..B.c1. I will check on the sensex chart & post it by morning.
sir good evening.after taking account that nifty short term bottom at today low holds can we expect a short term bounce to 4900+ level.sir pls tell me how to track breakout level and as per current conditon what will be breakout level for nifty.us bounce back and also europe as per yr view.thx in advance.
Hi Ilango
I was not able to understand the message u was trying to convey by circling the High,Low EMA in the table posted.
Please help me in understanding what does that signify.
Regards
Akhil
Hi Ilango
Was u trying to convey that nifty has closed below weekly and daily Low EMA which confirms its in downtrend and we should and take our positions more towards down side?
Regards
Akhil
For FRI DAY (30/10), NIFTY has strongest resistance around 4855[-20 pt to +15pt] above that range, next strong resistance @4950 [-20pt to + 15 pt]. HAPPY TRADING with our beloved friend Ilango.
Hi..Subrat,
Nifty has held the 4727-4744 levels mentioned yesterday. So simply buy there without waiting for breakout level. breakout level is the high(intra) made yesterday which is 4819.
Hi..Akhil,
The red circle is to draw your attention that Nifty has gone below week Low ema(4852) and it needs to close above that on Friday to keep some upsides possibility and keep week TA in neutral mode.
As you would have noticed earlier, Nifty continued to slide once it closed below daily low ema @ 5072 on 21st Oct.2009.
Read about "How to interpret the Tech table in the Label section. you will then be well prepared.
Bears have taken Nifty nearly 114 points below the likely week low ema and Bulls are expected to take it past 4852 today(Weekly closing day) with +ve world cues..but closing above that is important.
best regards.
ilango
Hi..hemanta,
You have put the levels quite accurately. Good going. Act on them..
Best regards.
ilango
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