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 ...
33 comments:
Dear Ilango,
Nifty hrly close is above 5ema and 5 low ema... but below 5 high ema...
as I understand...
We need to wait until it break 5 low ema (5025) to go short or wait till it breaks 5068 to go Long...
I am with no positions as of now... Can you suggest whats to be done now?? Is my above view right?
regds
mr.Ilango,
In the premarket view table, you have mentioned that SOLD@5140 as conservative trade..pls advise when was it done and on what basis.. as i could not see any views shared intraday yesterday..i just wanted to know if i miss anything
cheers
krish
Dear Ilango,
Intra-day first close above 5EMA as per the update-though marginal. Does it denote +ve possibility or the strong negative divergence overpowers it?
Though not of your taste -
1.there must have been an euphoria on Reliance results which fueled a strong recovery from spot -80 to -30 (blip in the EW !!!) possible.
2.Fridays end normally with a sell-off
3.Europe is also trading in -ve zone.
(old habits of a Fundemental Trader dies hard)
I smell a stronger negative closing - may be negative 70 levels+
For once, is the TA and FA understanding converge ? Please tell us.
Regards,
S Rajagopal
hi..Chanakya,
Stay without any positions right now.
Hi..assortz,
It is based on the premarket View table in which I have posted under "Stop & Reverse" the following < 5140 - 5305 >.
Once the market broke 5140, the sell initiated as per that table.
With so many intra day interactions, the system sell is not mentioned.
However, It was told when NF was trading @ 5194 to exit any longs as a deeper correction is on the anvil..
Ilango sir, plz inform, whenever u feel like, conservatives sud short again, as i hope all conservatives booked today.
Thanks sir for yr wonderful analysis.
Mr.Ilango,
You are right..due to the panic yesterday, i missed the basic thumb rule of referring morning table..
yes you have told to exit longs and i have covered with just 8 points loss..
cheers
krish
Ilango sir I missed yesterdays short and todays also. As you say i shall wait to see if it touches 5100 by monday or can i initialize the short today if it reaches near the weekly low ema of 5100? Please guide.
Thnx Ilango... Till when shld I hold my breath??
:) I mean what wld be the important/critical levels that I shld wait for to enter?
hi..Rajagopal,
"RIL Results" attribution to this intra rally is a fiction. Markets move up or down due to various reasons..It will be like "Kuruvi ukkandhu Panambazham villundha kathai".
Bearishness stays as per a road map given earlier. This intra moves are unlike any earlier sharp rebounds..Now the higher TA is down and so the shorter(Hour) TA should be read accordingly. More weightage to Day & week till they reach the extremes.
Ilango sir, just for confirmation I closed many of my delivery positions today either with little profit or little loss but not with major loss. Is it an okay move? if so then i can pat myself on my back!!!!
Hi Ilango sir, very fantastic table of 5 ema, i have been watching this since a couple of weeks & it has really helped me booking some delivery longs, thanks for sharing, infact i recomend many people your Blog for easy understanding.
All the best,
GG
Dear knowledge members,
I am sighting a rounding top with height of 40 points... in NF 5 min candles... If 5010 breaks then direct 4970 target..
Views Please...
You had said earlier in one of your posts that as there must be a reason for buying there must also be a reason for selling. I sold b'coz the overall trend has weakened! Is it a correct approach or should i be more stock specific in nature? please guide!
Dear Ilango,
Thanks for the response. I noticed a surge in RIL & Infosys during the period. Not to be irritated - if EW, an accepted scientifc TA tool, basically studies mass-human psycology - why won't such blips be recognised as contributing to trend aberrations?
You can respond at leisure.
Warm regards,
S Rajagopal
PS : Still holding the Shorts + added to it.
Hi..
Ilango said...
One view I just discussed with my critic is " a range trading of 5010 to 5070-5080" for the rest of the day and make an attempt at 5100+ on Monday and head lower to 4950-4900 towards settlement.
Will watch closely whether Mkt. does so..
January 22, 2010 1:21 PM
And I am still watching it unfold in a similar fashion.
Hi..Rajagopal,
The above view was possible because of EW study. It is better suited for larger time frame like day, week, month, etc.
It works even in lower time frame but I have not that much time .. I must not blame EW because of any errors on my part in reading it.
Na na na....
Just thinking
kodi asainthatal kattru vandada illai
kattru vandadal kodi asainthata
No arguments with you. Just trying to figure out whether fundamental traders are also TA traders in the raw-form !!!
Regards,
S Rajagopal
hi..Chanakya,
mmm..What to do..?? you can explore the advertisements in this blog and put a system sell order @ 5095. If it goes thru' , carry the shorts home. If not, sell on Monday around 5100-5125. Will review it EOD.
dear what is your fresh view on sbi
Ilango,
Urgent please ...
If the techs indicate 5100 topping on Monday, do we quit our shorts today - and initiate again afresh?
Please respond.
Regards,
S Rajagopal
Just a query... Does google consider > 1-3 hits per ad by a single IP address- as invalid...
I mean ...
Can I click on a single Ad > 5-10 times... Wld it be valid??
If yes, I will be happy to use my Keyboard, rigorously :)!!
@ Rajagopal,
You could say that. For fundamental traders, reading balance sheet is their technique. So they are also Technicians..TA..raw..mmm
I was a fundamental analyst for nearly 5 years and nothing happened. You need " a very long period of patience" to benefit as a fundamental guy.
BTW..that is one of the loveliest songs to sing..."Parthaal Pasi theerum"..
All I see is charts..
Ilango,
Unnai kanatha kannum kannalla...
Regards,
S Rajagopal
@ Rajagopal,
Nenjam Marappathillai.
I will carry these fond memories for the day.
When you win, you have a spring on your feet.
looks like today Ilango and Raj are enjoying the waves and hence exchange songs :)
Cheers
Akhil
Nothing related to Nifty.
Just an observation, see HCLTECH, it is at fresh year highs. These IT stocks are quite puzzling. I am simply going to buy 100 shares of this each morning on a dip, and hopefully at the end of the day i can quit with profits.
I stop this as soon as I make 3 consecutive day of losses.
My reading is follows.
We are into corrective c of ABC from 4954. The C can go upto 5160 (61.8% ). This 5160 was the support area after we breached 5200 on upside. This will complete wave 2. Then the real fun on Monday in wave 3 down towards 4750.
Ilango,
The upmove from today's low of 4955 is approx. 38% of the fall from the top. Could we now proceed down again to 4750 odd and not 5100 on monday?
GK
hi ilango,
What is system sell.pl expline.
thanks
T srini
Ilango,
Engirunthalum vazhga...
Lovely day for swing trading. Nifty went like a point to point bus 5020 - 5068 (FEB). Could make to and fro rides four times. Could cover my short positions. First time, enjoying a falling market.(my 80-20 status quo remains).
"Neruppillamal pogayathu" -Fundamental Trader (can't be smoke without fire)
"Yepporul yaar yaar vai ketpinum,apporum meiporul kanbatharivu (TA Trader)- whatever anyone says, intelligence must be able to identify the truth.
Have a nice weekend.
Warm regards,
S Rajagopal
hi all
SAR will now be at 5100 for short nifty futures position
regards
hello sir, we are following you for so many day's and we accept you are our guru. with your tech table, atleast we can analyse the market. we haven't seen you. is it possible for you to put your photograph on this blog.
some body in the last week pointed out about VIX Reversal Signal in us market. which is very reliable signal. guy's check it out ,it happend. http://evilspeculator.com/?p=14149 is the link.
rajnish kumar!
I think you want to abduct ilango
Like in Incredibles movies
" Your greatest asset is your identity"
kidding
It was wonderful to the exchange of songs! keep it up
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