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 ...
32 comments:
Illango sir,
Do we have a rising wedge on Nifty intraday charts?
Simple Charts
Hi..Shatakshi,
I do not see any wedges in the 5 minute chart.
Hii Ilango sir, can we now move our SL to 5210 or 5225 is still good? Want to ask if this method of moving SL works better?
Hi..Bizagra,
As we expect the Nifty to have a shallow correction, one should book out for 20-30 points intra.
Your method works when holding for days.
Only in a trending moves you can keep raising the SL as new pivot lows(Higher lows) are made or vice versa. In a trading range, just take off some points or Hold with a SL outside that range till the target is reached. Here, the target is day's pivot or day's high ema.
Dear Sir,
it looks like nifty wants to go only up from these levels but just waiting here to get added more shorts here,so in the later day trades it will be easy for bulls to cross 5230,5240
hi
if doesnot crosses the r1 of 5208 by one pm ,then the path of least resistance will be down and on breaking the channel at 5180 ,can go down to 5140,and if crosses 5208 then can go to r2.
Illango,
Can i go long at 5210 for 20-25 points with 20 pts SL
hi avinash,
i take one pm as half of the trading day,considering opening range of half hr.,upto 10.30.its my observation that if the market on opening positive doesnot crosses the opening range high by one pm than chances are it will correct.nothing technical ,just a logic and probability.
Hi,
The possibility seems that the sensex will go around 17500/550 to make a double top. At that time Nifty spot could be 5230-35 around 1.00/1.30 pm. That should provide a chance to short Nifty for the target of 5100/5125. Presently it does not look like Nifty could go down from current level of 5190/5200.
Strong resistances always become strong support when they r conquered,
and 5180 act as much strong resistance in past days..
hi
@avinash
-looks like nothing in news for today,i had read somewhere about monetary policy review in jan2010 end.
@indian
that,s why i mentioned ,at the break of 5180,then only can go to 5140,also nifty trading in channel of 5195-5180,let it break todays high or 5180 convincingly,till then wait
hi,
I am agree with aarvee9
It seems that 5th wave completed at 5202 and correction towards "A" wave is on... than nifty will correct today or tomorrow..
Hi, ilango sir,
Thank u very much for ur excellent excel sheet. You r sharing ur effort of years with us.
It is easy to calculate pivot levels and various emas in excel sheet as formulas are available in the web.
But it is not easy at all to make those complicated charts(with such accuracy) with macd and stochastics. It requires years of effort.
Thank u very much for sharing ur valuable excel sheet completely free.
aarvee,
do u have any indication of rbi coming out with any news?
I believe RBI Review meeting only on 29th Jan and probably no hikes expected..may be possible curtailing of liquidity in the form of hike in CRR which no way affects interest rate scenario at present.
sorry my comments is for @avinash
hi
@sriganeshh,
lets see whats there take on inflation,looks likly scenario that there will be no rate hike immediately,and i suppose even if thre is a small one there,markets are factoring that in as the experts say
channel broken and new high at one pm,but did not cross r1 of 5208,only above r1 can go to r2 of 5237
COMMONSENSE LOGIC = 5180 WAS THE STIFF RESISTANCE AND NOW IT IS TRADING ABOVE IT SO THE NEXT TARGET SHALL BE 5180 + 1% = 5230 FIRST AND THEN 5260 I.E. 5180 + 1.5% =5260.ABOVE IT ONLY MARKET KNOWS THE EXACT.
hi @mynac
nice commonsense,looks like working but should factor in intraday corrections,it can go to 5230 as well as 526o but may be not in a straight line ,can give some intraday corrections,though short term bias is up
Yes.You are right.
all depends on the time frame u are looking at-,i suppose bias is up,can tgt 5350/5500(channel high line),so be long,as of today
intraday sl is 5100
weekly sl its 5075
monthly sl its 4930 ,for longs
I use technicals + commonsense + logics + thumb rules to just protect my capital because if I will able to protect it then it will and has to gain.Market has teaches me these things since 1999.One should be courageous, suspicious,bold,mean,selfish,broad minded etc.etc. you can add it on and on.Thanks aarvee.
Dear Sir,
Shall we go short here as nifty is betwn your higher trading range of 5195-5210
& what will be stoploss for short?
And if it cross 5210 than what will be the trade and stoploss?
Ilango sir, i m new to EW.plz tell at the moment we are in B.5.5 wave? that means C is about to start?
Dear Ilango,
kindly email me your excel file to vitthalms@gmail.com
Thanking you,
Vitthal
Hi..Bizagra,
Nifty is moving up in "AB C.2" of "B" wave. Once this C2 is over, more upsides are possible.
Hi..dare,
Nifty has moved just 26 spot points since morning. Sl should be just 5 or 10 points outside of the morning range of 5180 to 5202. As I said earlier, just pocket the few points that Market gives you to day.
Dear Sir,
Can you explain me this ABC wave count after the 5th wave completion ? So accordingly i can give reference in my excelsheet chart.
I am updating in a new post with possible EW.
Hi aarvee9,
u said:
tgt 5350/5500
intraday sl is 5100 when nifty @ 5200 is it possible FOR INTRADAY?
weekly sl its 5075 [It is ok(for positional) as it is 5 ema]
monthly sl its 4930 ,for longs (quite absurd!)
as positional long is created above 5010 (@5015) & exp at dec 31.
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We r just discussing our view here. Hopefully, u r not angry with me.
But if u give some level, pls give some reason behind it, like ilango sir.
Hi all, Nifty Highly over brought, Can be short at this level 5210 future.. Sure will break tomarrow or today itself.. Saleing at higher level visible.. Please take care.. Anandan.R
Dear Anandan Though it is over bought it tends to go up from the resistance zone 1 to 1.5% of the resist.points in current like scenario and then it starts to get tire in real manner.It is observed many many times.After all it is a individual view.Its not my suggestion or prediction you may trade in your own ways. Thanks.
ILLANGO SIR,
can you please post Ruchika case to your site.
Read this first
http://en.wikipedia .org/wiki/ Ruchika_Girhotra _Case
and then visit
http://www.petition online.com/ 7018/petition. html
Petition to bring Ruchika's molester to justice
regards
Yogesh
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