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 ...
13 comments:
hello ilango
mornig i asked u some explanation. because in july and oct last week nifty closed friday below 5 week average. and i saw 600ponits down from that. that is why i asked u about this average specific. any explanation?
syamala
Ilango said...
Hi..syamala,
I would give more to the daily for this positional Short. 5 day ema @ 5062 where Nifty tried to move to last two days.
Again, it is a debatable one. There are bearish news all over..Dollar strength, Dubai crisis(temperorary solution), Greece's likely bankruptcy, Bank's problems, etc..
During such times either staying neutral(CASH) or Longs with hedges or Shorts preferred.
You look at Bank Nifty, it has fallen big in the past week.
December 18, 2009 11:00 AM
This was my reply which you may have missed reading. I wii add this now:
Besides averages, watch trendlines, wave possibilities, external inflences, OS conditions, any positive divergences, etc.
Each situation is different. If easy parallels can be drawn, other studies will lose their importance.
Though technically Nifty has weakened, the most important support @ 4900 where OI build up also has been seen is to be considered. Volume has been relatively low and there are stocks making new highs today.
I try to follow prices on everyday basis and that keeps me on my toes all the time. If 4900 is broken, then the next level is to be considered which is marked in the Weekly chart.
If you see the "Tech Table", how slow & stedily Nifty has been brought below each ema and the last one left standing is the week low ema...which itself will come down with new lows.
Let me know whether this helped. I will add more to it, if you require any.
Have a nice week end.
Illango sir, I ( we all should ) owe this study to you. Actually, your pinpointed analysis and concrete views has given our trading minds a dimension which brought great bit of confidence and also helped us not to worry about choppiness but to enjoy it riding its lows and highs.
Thanks sir.........am planning to spend this weeked reading in detail as how to understand your tables and analysis......kindly tell me where have you linked the information.
Have a peaceful weekend....
hi..ka,
Spend some time reading through the 7 links given under "Always start trading with these" at the top of this blog. That should give you more confidence going into trading on any day.
Hello Mr Ilango
This is an admiration & appreciation note from a person learning a lot from your selfless offer of methods & details.
The weekend postings are food for thought.
Thanks a lot.
have a nice weekend.
As for my weekend ... I got plenty on hand, yeah, I am gonna spend this weekend going thro the voluminous details in the worksheets,
and figuring out a way to feed the hourly data while tackling the off & on disconnection & logging in to the broker site ...
Thanks again.
M
CRR hike likely before RBI policy review in January - http://www.indianexpress.com/news/CRR-hike-likely-before-RBI-policy-review-in-January/556285
If that happens expect some good fall in coming week.
Ilango sir your comment please.
Dear Ilango sir,
We all really apreciate Your valuable teachings. We r supose to really learn how market behaves.
Previously I trading just like a kid getting losses & sufering money loss in a big manner but now a days after joining U I really learn how to trade How to read market & plan our trade.
Though I not post much msg here but I am a regular & silent follower of ur guidlines.
I also apreciate the work of Prosenjit, Ka,Shaq & other coblogers to update us with various data.
Thx to all for making trading a enjoyful GAME.
hi..Prosenjit,
Hike in CRR sucks out some liquidity from the system which generally results in a fall in equities. The timing of that news will have a bearing on the fall or a reversal.
Market discounts all such news before it becomes a reality. If the news floats around for few days and the news come after that then it will be "Sell the rumour & buy the news".
As the Newspaper article has appeared today, it will have a negative impact. Our EW has the last fall scenario with two probabilities of a fall to 4960-4950 or a deeper one to 4920-4900.
Bank Nifty has one more fall down before a rally or a reversal. And the one more fall will show up with a positive divergence possibility.
Hii Ilango sir,One more query sir, when u give trade 4950-4980 to 5030-5040. Can we have 4940 and 5050 as stop and reverse levels on either side ?Plz reply when ever u r free.
Thanks a lot for teaching me so many things.
http://bit.ly/8BT5yX
Nifty Option table.
Will work more on this.
Dear Presenjit,
Exceptional Job for the option table, Sir will it get update automatically real time.
Thanks.
Sanjay
Brilliant teaching by Ilango, Prosenjit, Shaq and other. Definetly given an edge to my daily trading.
Ilango ji plz remove this, sir, if its not proper.
NFspot Camarilla Level for 21-12-2009
LLL 4923 LBr 4952 LL 4970 L2 4976 L1 4982
HHH 5052 HBr 5023 HH 5005 H2 4999 H1 4994
based on H 5043.40 L 4979.05 Cl 4987.70
hi..Bizagra,
If the lower level or the higher level given on any day matches with a critical top or bottom, then S&R applies incase that level is breached.
Otherwise trade the range given which is only an approximately calculated range and it can exceed a bit on either side.
Best regards.
ilango
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