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 ...
5 comments:
Ilango sir,
As leading stocks like reliance, tatasteel, relcap all are on the verge of breakout or fall, what are the parameters to look out for the movement of nifty? Please guide!
Thank you (u must be tired of reading these words). Your reading motivates to face the next session.
What I basically understand is day's close,5-EMA and Low Ema are the lowest for the week - High Ema 2nd lowest - negative flow indicated.
Both Macds are in +ve range - denotes (i don't know). But both D's in 50's denote the cats on the wall ? (to buy or not to buy).
In the hourly chart, the recent lows are deeper than the earlier lows - barring the end-session surge.
Bottom line is the 20DMA - 5220 - which should be breached for a basic down move - repeatedly NIFTY found support there today. Then comes 5180.... looks as distant as the Moon.
Let's enjoy as the mystery unfolds - since we can't nudge the drunkard !!!
Good Night.
Regards,
S Rajagopal
Ilango sir, also you have left with a "<<"mark with tatasteel - if the 4th wave gets over it should move past 660 or <<!! can you please elaborate on it sir. Can you please specify at what levels 4th wave is supposed to get over? Today during the comments you had mentioned that 4thwave has neared completion and 5th wave might have started. Please guide?
oops...Ilango,
As I was compiling my previous query, there was no one to take care of the US Markets. Dow is down 1.86% - will it have a bearing on our opening ? Is such a thought belong to "fundamental traders" only ?
Regards,
S Rajagopal
Good morning
Just for information. Today there is seminar on currency derivatives at NSE chennai nungambakkam evening at 5 to 6pm. Interested people can register it online from nse website.
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