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:
Hi, Ilango Sir,
If you don't mind please use only one direction for your EW chart.
New comers like me is totally confused for intraday trade by your 2 or 3 direction (red, blue & deep blue).
In the above Nifty Day Chart,
The blue signal indicates that nifty is heading for 5400 whereas red signal indicates nifty is heading for 5130-50.
For today's morning post there was 3 signal in hourly chart in different direction.
I am totally confused.
Please consider my request; please use only one direction for your EW chart.
Dear Sir,
Which correction is going on in day and hour chart? Is it zig zag correction for hour chart in your excel sheet?
Hi..arunima,
The different arrows are for different possibilities that exist as EW.
However, the preferred view is generally mentioned as down or up. We have been calling for a correction from 5310 based on a sub-wave 5 completion, confirmed later by a close below hour high ema, day high ema as well as the likely target zone of 5225-5240.
Whenever we discuss hourly corrective moves which are unpredictable, we have different scenarios with a preferred view. based on the initial price unfoldment, we pick the right arrow and follow it on.
I have not put any downside beyond 5225-5240 zone in my premarket view. Once market has not cleared the 5288 mark in the first session, it was evident that it is doing the other scenario which is moving towards 5240 & lower. Hence, you take that down trade and reverse it at the lows.
There are days things are this much clear. Other days could be more murkier that I do not venture out to place any scenarios at all.
I will reduce the possibilities as you have suggested but to two views only. In those rare occasions, i will keep just one view.
Yes..dare,
It is a zigzag correction.
hello
some body asked about reliance
RIL Said to Sweeten Lyondell Bid
As per reports, RIL has bolstered its offer to take a controlling stake in LyondellBasell
Industries when the chemical maker exits bankruptcy. However, Lyondell seemed
unwilling to accept the new terms and has instead gone ahead with a previous deal to
turn itself over to its senior lenders. It is said that Lyondell’s board has rejected RIL’s
latest offer. However, RIL’s latest offer has pushed its valuation of Lyondell to about
US$ 13.5bn, up from a US$ 12.0bn initial offer. Under the terms of a proposal made
just before Christmas, RIL would buy some US$ 2.25bn in stock and support a
separate US$ 2.8bn stock sale to take Lyondell out of bankruptcy. A deal between RIL
and Lyondell would create a global energy and chemicals giant, with nearly US$ 80bn
in combined revenue. We maintain a Buy on RIL, with a target price of Rs1,260
syamala
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