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....
-
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
29 comments:
GM sir Today as SGX sugest we r open near 5100 levels. CAn we hope today NF can broke 5080 levels?
Sir,
Test or Break out?
Answer is very simple.i.e. If it will fly then it is a Bird, and if it will sink then it was a Frog, because it is too tough to predict today.
Hi..GM to all,
Let us just remember few numbers for the day as Nifty is in a corrective mode.
The weekly Pivot is 5117(So is weekly close& 5 DMA)
The daily Pivot is 5129(the high made on Fri after a sharp fall =5132)
Ideal selling zone continues to be 5135-5150(week high & Day High ema)
On the support side -5080-5085(Day low ema), break of which 5045-5050(weekly ema) & last support @ 4970-week low ema)
Nifty, most likely, to move up in the first session from 5100 to 5135-5145.
sudden upmove across asia...dow futures up 80
c.m
Thank you for the Excel sheet sir. I am deleting my comment earlier since it contains my mail id and do not want spam in my mail.
Dubai govt to pay US4.1trillion $ for nakheel bond...what is nakheel bond friends?
thanks for both options!
Pankaj
Looking a little iffy to go short.Staying on the sidelines will keep an eye out for a break of 5180 or 5082-5085.
Also seems to me like the Markets have taken a positive view of the Dubai govt bailing out the nakheel bonds today.
Hi..CKR,
Nakheel is a Dubai developer who owes a huge debt to various creditors/ banks which is now being paid by Dubai govt as Dubai govt is a co-owner of this "Dubai world".
ilango sir how could u guess that market would move to 5135-45 lvls(that too considering week globals)???
Markets now trading well abv weekly pivot as u said..
How could u make such a great analysis sir, i really love your work..
thx ilango sir :)
Hi..Mano,
It is an EW possibility that on Friday Nifty fell sharp..treating it as 1st wave dn or "A" wave dn;
The correction to the 1/A had completed an "a & b was on" at the close of Friday.
Today the "b" was over and a sharp "c" to 5135-5145 was anticipated. Besides "Hangseng Live" showed a sharp reversal of 200+ from the lows just as our mkt was opening. If one is alert, this could be well anticipated.
Sir,
I am thankful to you regarding excel sheet. I know it will definitely help me. Thanks again
thank you sir
sir which has to be given more prior weekly pivot or daily pivot???
How to trade when nifty is struggling b/w weekly n daily pivot??
As a day trader, we are concerned with daily Pivot. Into the middle of the week, weekly pivot will get significance.
Hi ilango, thanks a lot for mailing me the excel sheet. i just wanted to know from where do u take high,low, close for hourly data.as its require to update ur excel sheet.
Sir, In your pre market view you have talked about Irregular bullish B, which is bullish post a correction. How much is the correction or to what level is the B still valid. If i am not mistaken 5050 should hold for this iregular B to play out.?Am i correct in this assumption.
hi llango,
could u mail me the updated excel sheet too at ankitsolanki@in.com.
could u also update chart of tata comm in stock wealth. the stock has been hammered out of shape and might provide a good trading opportunity.
regards,
ankit.
Hi..Prem,
If you have "IndiaBulls" broking a/c, you can get the data. Or from Nse Home page graph - click & you need to note down the high, low , close manually.
Hi..Kingpin,
If it is really bullish, it may not fall even below 5080. However, one needs to be aware of certain external events which can temporarily trigger such a down move.
Sir holding shorts after this news could be reasonable?
Nf still can go below 5080 levels?
hi..musti,
Corrections are the difficult part in trading.
Nifty is not trending down.But in a sideways trading range. So trade..
Only if this friday, it closes below 5040, the trend may turn down. Intra week, it can fall either to 5080-5045 or even 4980..
So trade your positions.. Or wait for a breakout or buy near the supports or sell near the resistances. This way, your SL will be small. Never take a position in the middle of the range unless you are playing a micro trade.
Thanks a lot ilango sir.
Dear Illango,
Pls send the updated excel sheet to sunilsehgal2002@yahoo.co.in
Thx for doing such a wonderful work.
Sunil
hi ilangoji,
what`s the status of conservative short should we wait till 5183 or close @cmp
there is a huge unwinding in calls and addition of puts
regards
rajamani
Hi..Rajamani,
Use any dips to reduce shorts as there cannot be a Conservative short when the trend remains up. Trade within the range.
hi ilango,
does it make any sense selling 4900 call at 300.?
cm
Post a Comment