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 ...
16 comments:
FII buy 20 cr
Dii buy 22 cr
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12th May MP values(Nifty future price)
VAH- 5168
POC- 5146
VAL- 5128
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Dear Amit, could you please abbreviate/explain VAH, POC and VAL?
hi manu, amit
much needed data, regularly put by you.
with regards,
@ tclikc
Value Area High
Point of Control
Value Area Low
Dear Ilango,
Good Eve. Missed today’s action and just looked the FNO Bhavcopy and posting my personal thoughts only.
Considering the intraday Nifty movement along with the FNO data though I don’t see any significant down side (below 5090 as Dear Gautam mentioned) for tomorrow’s trading, I don’t see any immediate reliable up move beyond even 5230 either. Any hurried up move even up to 5200 in the morning trading session might lead to down fall only in the second session. In spite of selling pressure if there shall be any, Nifty will have to consolidate here between 5100 & 5200 if it wants to go further up from here.
P.S.
I personally do not give much importance to SGX Nifty due to only lack of volume.
thanks mynac for the input
I would suggest exiting long tomm & reverse for 4950 / 4850 by 18th
i cud be wrong
Dear Gautam Bajaj,
Don't you think so,that it might result in a "decision taken in a hurry" to exit long tomorrow it self? Bulls will pray for your last sentence.:)Because after 7th May everybody is cautious regarding your predictions.
IMPORTANT OBSERVATIONS:
1.The upmove got past easily (!!!) the 5125-50 mark yesterday,but the 2D Volume profile shows that this rally was on lower volumes and should be a cause of worry for the Bulls.
2.In the 10D Volume profile(since the start of the series),the highest volume still remains 5245-50 area which is the start of downmove below April series settlement price(5254)and now the 61.8% retrace area of the total downmove from 5399-4984 ,
though 5095 area remains second highest in volume,which also indicates that there was some buying in this area during the downmove,(which is also indicated by long tails in candles during the downmove).
3.Any upmove of consequence to positional traders will take place only above 5250 closing and sustaining above it.
Dear wormwood34,
Forgot to ask you "HOW R U?"
isn't it that 1 day bull of 180 points have been not supporetd by todays market is this just a correction coming in or its just the begining for nifty @ 5450 by 7 th july.....
@ illango sir,
Sir what will be entery level for consevative longs in nifty...
Mynac - I just saw your message - Look at the SGN Nifty Futures
It has held to my SL of 5120.
Below this we may just fall!
I've suggested to exit on the rallies around 5250 / 70 which is where the major
resistance is. If we take this out we move up to 5500 / 5600
But I dont think this will happen - We need to break towards the downside
head up post that for 10 weeks and then correct finally in a 5 wave fall which will complete
by October or so
@ Gautam
Sir what you think to remain in short or conservative longs
Short but at higher leavels.
Play with strict SL's
This mkt will be very vollatile & rangebound. It will confuse most people
leading to losses
Thanks Gautam sir for your views
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