At 1.55PM:
Trail your Longs..
Create shorts @ & above 4740.
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From 4690, fallen to 4665(Pivot), then to S1 @ 4611.
Now it is rising towards the Pivot 4665...
If it gets resisted, it may fall from there.
If it stays above 4660, more upsides.4680+.
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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
17 comments:
sir nifty is in green..hard to believe ..80 pts got covered in 5 mins..some record
Hi..Shaq,
"Short covering" ..Bear rallies are quite sharp and better than in "Bull markets"..
very true sir...never seen such a sharp rise before...
Remember, last week close is 4711, anything above that is a sell..
This is getting too volatile for my nerves. I am out of all my positions for now.. was sitting on a neat profit this morning, came out with a small profit. But a profit is a profit :)
The 4700 call has unwound most of its open interest addition. At one time, the OI addition was close to 20 lakhs, now it is only 5 lakhs. So though 4700 does remain significant resistance, I'm not sure if it will necessarily contain the upmove now.
Looking at the futures volumes so far, it looks like we are going to create some sort of a record !!
Ilango, you mean anything below 4711 is a sell, right? :)
Hi..Sridhar,
This kind of move was expected as per EW analysis in the PreMarket Chart..suggested to go short first, then long & then a short..
Another day or two of upmoves are possible..But the weekly bias remains down..
Dear Ilango,
I have bought 4500 puts and sold 4200 puts, good enough ?
Hi Ilango,
If we close above 4700 today can i carry some longs for tomorrow.
But one thing i must appreciate is your reading about wave is really very good..
Regards
Prakash
Yes..kapil,
That is good.
Good Luck to us all..
Well, 4711 is gone again ! This is huge volatility ! Is it a shorting point or a point where we should go long again ?
A close over last weeks high should be positive ?
You are right, Ilango. I think I will wait for higher levels to short. I am not very comfortable going long given the inherent weakness of the market.
I think there is a inverted H&S pattern on the intraday charts if the Nifty clears 4700 and stays above it. Target should be close to 4860 and it is also the 50% retracement level. That might be a good point to short, provided it gets there !!
Hi..Kapil,
Only if you have devoted time, you can play these intra moves..up & down, etc..
We are preparing for the Nov. series down move in stages..
Hi..Kapil,
Last week's high is 5033..You mean yesterday's high..? 4717..
Hi Boss, can i go short from this level or wait for some time.
Hi Ilango,
I now fan of your TA.
I did study EW, but due to lot of counting involved, I gave it a skip. However, After following your blog for over 8 months now. I ll give it another shot(it is due).
Thanks, and ahh..I m borrowing Prechet for a while.
Regards
Yogi
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