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 ...
39 comments:
Dear Mr.Ilango,
Todays coorrection 5160 NS is 3rd wave minute. Now we are in 4th wave minute , prably in the range of 5175-5180. Then we may have correction in the 5th wave. Are my wave count ok or need relook. Please advise
Keep an eye on Nifty 5 days chart....70/1030 EMA crossovers...70 EMA is moving towards 1030 EMA...There are 2 possibilities
1. 70 EMA touches 1030 EMA and goes up
2. 70 EMA crosses 1030 EMA on the downside
For Option followers,
Option pain is still @ 5100...expecting Nifty to trade around 5120 atleast for a brief period...
Good morning sir
Can you explain what is option pain? and what is the significance?
Hi avinash,
i'll tell how to do that 2day evening around 9pm..visit this blog....sorry i cant explain now..
Hi satheesh,
Plz visit this blog 2day evening @ 9pm. i'll tell u the possible way to trade option pain...
Yes..Rajvada,
That is one preferred possibility.
The other is:
Yesterday's high as the end of a 5 wave move and the present low @ 5160 as wave "a" and a wave "b" is on and then a "c" down to 5140 or lower.
Is 1st January a Trading Holiday..??
1st jan is not a trading holiday
regards
justin
Dear Sir,
Yes, 1st jan 2010 is trading holida.
Dear Mr.Ilango,
Thanks for your explanation. As per the information available from the blog Turning point and one more sourse, the 1st Jan is NSE holiday.
Hi Ilango
I was out of the town for a week so couldn't update my file.Can u please send me the excel file once again at akhil20@gmail.com
Thanks in advance.
Cheers
Akhil
hi,
check on this link for trading holiday
http://www.bseindia.com/about/listholi_2010.asp
Hi..Akhli,
I will send you the file now.
Hi..Rajvada, dare,
Thanks. Yes, it is a holiday as per BSE Circular.
Hi..Justin,
Take note of the holiday in the link given by "dare".
Hi Ilango
Just to confirm market is following the Blue lines posted by you in the morning premarket view chart.?
Cheers
Akhil
1. New Year - 1 January 2010 - Friday
2 Republic Day - 26 January 2010 - Tuesday
3 Mahashivratri - 12 February 2010 Friday
4 Holi (2nd Day) - 1 March 2010 - Monday
5 Ram Navmi - 24 March 2010 - Wednesday
6 Good Friday - 2 April 2010 - Friday
7 Ambedkar Jay 14 April 2010 - Wednesday
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Sir I think market is following the red lines marked. It went to a low of 5160 then now it is around 5190 levels
Trading above 5171, it can attempt 5190-5195+.
Break of 5171 may lead to break of day's low.
dear avinash; i think this is low hour ema . which is giving support at 5171.
Hi..Avinash,
As "b" waves correct the "a", it generally takes a complex form. So what we have seen from the low 5160 to 5193 is "(a)" of that "b". If it plays out in this way, 5160 may not be broken today but a sideways move will be on between 5175-5180 to 5195-5200.
Sir,
Can todays NF 1min graph be considered as cup with handle formation?
Hi..Avinash,
All kinds of "B" waves are complex and most of the trades go wrong in them.
Hi..Satheesh,
It is a possibility.
illago sir;
didnot get much about EW theory with the link you have provided.if we take today nifty charts than how to count the wave in 5 min charts. can you please explain us.???? is it necessary for all impulse and corrective wave to occure for single day time frame of 5 min ?
waiting for your tutorial on EW in nice and simple way.
Sir is it safe to carry the longs taken today at 5180 levels to tommorrow?
Hi..Satheesh,
The possibility of a drop to 5140 or lower still exists. I repeat..corrections are complex. Know your SL limit.
The correction range is 5100-5130 to 5200-5215(NS). You are long closer to the top but you are with the trend. Can you sit through a drop upto 5100, if it happens?
Hi..Satheesh,
Keep a SL of 5170NS for this long.
Dear Sir,
today i tried out my trading strategy as per the explanation given in your blog for trading by using pivot,support and resistance.
Today's daily pivot was 5195 and it was trading below after opening range.. So i shorted every time nifty close to 5190-5195 and bought near 5170-5175.
For my short i kept stoploss at R1 level i.e.5208. This was for intraday.
Sir, I kept my short open created yesterday at 5205 level and waiting for tgt 5145..
Will it ok if i keep my short open for tomorrow?
Hi..dare,
Though Market is in a corrective mode and a possibility of a gap down is there, the daily trend as well as weekly are in "UP" mode. These are only for intraday.
sir;
in the blog sheet with the excell file . how we get weekly, daily pivots , avgs. is it getting updated automatically with entering data in hour , daily and weekly sheet ????
The europe market was in sell off in lat 20-30 minutes. The sell-off is significant. The gap down possibility tomorow not ruled out!!
NS likely close 5170, just above hourly 4LEMA.
Dear Sir and rajvada,
What is the base of your guessing the possiblity of gap down tomorow?
I mean what data or indicator you check for this possiblity..
DARE the assumption of a gap down may be because of the S&P Futures going down drastically and the entire european market is in red.
Thank you San
Hi,
As expected, 5170 strong support for today.. Due to Europan market / US Dow futures down, today ending at lower bottom.. Expect market tomarrow will open on negative side, but after noon recovery to positive side possible.. due to F&O last day of the current contracts..
When you go long on Nifty futures at the same time Buy one Nifty Put in the money.. so that you will be protacted both side moves..
Our aim this forum to make money.. not to trade on wrong side and altimately loss due to F&O Trade...
F&O Trading is very much painfull and hope every one will follow Mr.Illangoji's suggestions / guidance,
Thanks, Anandan.R
Hi, Mr. Anandan,
F&O Trading is very much painfull only when we want to take money from the market every day. We must control our greed. :-)
Dear Dare,
The logic applied for guessing tomorrow's gap down were two.
1. The time we were closing, there was sudden down fall in Europe live market, but we did not go down to that tune.
2. We have either completed wave B or 4th wave and stil the corretive wave c/5 is yet to be done.The target could be support line around 5100.
the other logic is that the stochatics was coming down from 93 to 89 (5/3 days)....this was supported by the fact that today's high and low were lower than yesterday's. This is sign of temperory reversal.....who knows this could be intermidiate reversal of indexes. Yesterday we made double top in Sensex (17486) comparing with the top of 17th Oct (17494). I follow sensex for some of the technicals since it is the oldest index.
hi, Rajvda,
I want to add something with ur view sensex is the oldest index.
I remember long ago here was a debate,
which is the cleaner index sensex or nifty? According to ilango sir it was sensex.
According to TA on charts sensex is more cleaner than nifty (though we trade in nifty f&o). There is another reason, many of us may not know, the real reason..
It is,
(1) Sensex is an Baromater index of Bombay Stock Exchange (BSE) and it's comprise 30 top listed companies and
(2) Nifty is baromater index of National Stock Exchange (NSE)it's comprise 50 top listed companies.
Logically, Sensex is cleaner than nifty as it contains top 30 and nifty contains top 50.
Decision is yours.
Regards.
@ Indian,
Hi, you need to define what is "cleaner" in the first place.
According to your statement
Quote
Logically, Sensex is cleaner than nifty as it contains top 30 and nifty contains top 50.
Unquote
so if an index comes up in the future of say top 20 stocks, will it be cleaner than the Sensex?
Thank you. I'm not sure what makes an index "cleaner" than any other index.
Anyway, whatever
ss :)
Hi, ss,
u said
so if an index comes up in the future of say top 20 stocks, will it be cleaner than the Sensex?
Answer is a Big NO.
Just see the Nifty Stock Watch in
nse-india.com
Observe the Turnover in Lakhs of top 50 stocks for atleast 30/60/90 days.
U can easily identify that there is atleast 15 to 20 stocks (most of times positioned below of that list) which has very less turnover compared to top 30 (or 35).
So, logically and mathematically they are much like 'noisy data'. So out of less noisy data sensex is cleaner.
And if u want proof, read the chart patterns of nifty and sensex, draw trend line, calculate emas. U'll get better result with sensex (tested).
Another important reason from TA is NSE never take the actual opening price like sensex.
For nse data (nifty)
previous day close price = next day open price always. nifty chart never shows a gapup/gapdown like sensex. SO SENSEX IS CLEANER.
That's why ilango sir takes manual opening price.
Best Regards.
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