to initially the gap area @ 4952-4972.
"Shorts have been traded & position retained
for a likely 1st target of 4900-4920"
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 ...
12 comments:
I completely agree with you for 4900-4920.What I think is last it can slip till 4860(seeing OI data).below 4990 panic may happen for shorter period.
bse announced 1st jan as trading holiday....
Yes..Prosenjit,
If a make EW count in "1,2,3,4,5", then 4th ended @ 5063 @ yeaterday's high. Often the 5th equals 1st. 1st fall was from 5183 to 5089=94 points. based on this , 5th may end @ 5063 - 94 = 4969 which is the gap area.
Alternatively, if it is an "abc-x-abc" kind of fall, then it can go deeper down to 4900 or your level of 4860.
In either case, after this today's fall, it will have a minor rally before going further down.
The "OB" weekly may damage this 15 month rally..
Hii Ilango sir, our positional SL is still 5098??or we can hav 5060 now??
Ilango sir,
Intraday shorts can be held with a stoploss of todays resistance and positionally it can be held for 5098. Am I right sir?
Illango sir.....your guidance plz......when would be the ideal level to take short position.....am thinking of doing it now at 5025-5035 levels...is that fine ?
Positional SL may be kept @ 5064. If 5011 gets breached and lower levels as discussed above 4980-4970-4960, book partial profits.
Intra shorts @ 5035-5045 area with a SL 5060.
Hi..ka,
Watch the Yahoo intra chart. It is in upmode. It is likely to move upto 5040-5050. At that time, intra short may be taken & SL will be just a 10 points.
It is also possible, Nifty goes all the way upto 5065+ & then turn down.(Dollar is presently correcting)
thats what my hunch also said when NS & NF rubbing and trying to push beyond 5028 & 5033...its purely gut feeling...but you ratified it with a credible evidence. I had placed the order 4 times and cancelled b/c of my feeling.
Thanks a lot sir. Will follow your directions
ilango sir
today if close above 5044 then 5week dma above closing >? shorts should not carry?
syamala
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.
Highest Open Interest build up seen on 5100 Call this week.It seem mkt will not able to cross 5100 atleast in current series.
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