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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
8 comments:
Good Morning Ilango and blogmates. I am holding short at 5150 - any advise ?
Regards,
S Rajagopal
Hi..Rajagopal,
As suggested in the trading range for the day, you might get closer to 5150-5160 level to exit the shorts. There is also a possibility of a deeper fall to 5100-5120. As correctives are difficult to figure out, take the safer method of staying light or in the direction of the short term trend.
GM Ilango sir, S& R is still 5048 on closing basis? Today u gave move below 5080 will end this upmove, so can we have 5080 as S & R.
GM..Avinash.
Hi..Bizagra,
I trade my longs and earn some extra points while holding my longs.(OR Shorts)This requires some experience as well as a knowledge of EW + TA.
I said.." Correction below 5080 would put a big ? mark on this upmove. That is all. A 61.82%(Golden ratio) retracement can have a correction upto 5047 and still maintain an uptrend. But seeing the "irregular nature" of this ongoing correction suugests strenth. Hence, a fall to 5080 is unacceptable.
Hi,
Nifty have strong support at 5160/5150.. Depends on US Dow futures & Europan market opening, our market will move... keep watch.. fall expected but when fall Buying oppounity.. Anandan.R
Thanx Ilango. Good Day.
Regards,
S Rajagopal
Thanks Ilango sir for clearing my doubt.I m a slow learner, but catching up slowly.
Tech. Table updated
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