When a stock indicates an uptrend, trades above the gap which occurs, then gaps back down and trades below the initial price, an island reversal has occurred.
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 ...
48 comments:
Hai ilango sir and others
CNX IT has broken the weekly triangle. has immediate
support 5850 region.
i am posting the charts here.
http://www.niftychartsandpatterns.blogspot.com/
thank you
GM All!
Incidentally my blog was deleted by google bots! wondering if any of you faced the same problem?
Ilango,
is there any uncovered gap between open of 29th April and the day action of 30th April. If yes than probably we may have an Island reversal if today's down gap isn't covered.Could you please verify.Thanks
@GautamB
i have faced the same problem before. But they resolved
it when i sent a mail to them. try mailing them they
may release it within 24 hours.
thank you
Dear GautamB,
I are correct.I wonder how it is possible?
@gautam, i was trying to access your blog yesterday, did not find
Dear Ilango,
If FN shall break 5221 then the second last hope for Bulls shall be 5213-14,and then the last one 5200.you are requested to guide.Thanks.On the other hand Nifty future is reluctant to trade below 5227-5230,but there is selling in spot,which has minimized the discount.
@ Manojag,
Yes. There is an uncovered gap @ 5263 to 5266 and it is an island reversal if it is not filled today.
Yep was deleted - Google thought it was spam? Maybe it was :)
following a 4 step process to restore it. They said till wednesday
after that it needs an escalation?
Manojag - nice logo :)
this week will bring out all sorts of mixed news - more
likely bad news!
Lets watch dates - 5th & 7th May for Nifty to hit 5050
My minimum target is 5121 by Friday
Ilango,
thanks
manoj
Gautam,
My son,s name is Anant meaning infinite. Thanks
Doctor Saurabh,
ABB - I had it for "Short" (with caution on trend reversal) - expected only 781 on lower side. But it has gone much below. There are bad report on the future business and "recovery not easy" verdict.
One of my favourites - Keeping my short open with S&R @ 760.
==========
GB - Logo ? You have not seen mine. How the market treats us is defined.
Sir & Family..
GM..
what are island and their rvrsl?
@raja ji..
sorry ws away ths weeknd..so no inputs frm my side..
nywys a new method 2 get information for Vix calc
or any thing related to data fr technicals
is to put simple RTI to NSE it dept..
as NSE is in prvw of RTI frm last month..
Rajgopal lol :) very very apt logo for how we all are treated
@RG..
pataka work always:)
one query off blog frm lrnd CA..
trading in F&o is non-speculative and
comes under business income for audit..
and trading in intraday fr stocks in cash market
is speculative ..plz comment if true!
further which of them r eligible fr
short term capital gain tax and %?
and whthr shrt term capital loss cn b carried
if tradng done n F&0
Buy gold and oil stocks - bpcl / hoec
from reports..just updating the fellow members...
Get set for a weak beginning on the bourses as the key indices are set to fall due to weak global cues. Overall, the trend will remain sideways and rangebound. China has yet again raised the CRR to soften record lending and prevent asset bubbles. But the market in China, along with a few others like Japan are shut today.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
manu
i am not a ca, but some thoughts
stcg is only when u buy and sell stocks next day to 364 day.
set off of stcg loss can be carried forward but set of i can let u know tomm only
Manu - Refer http://in.answers.yahoo.com/question/index?qid=20090305232856AAMFtbf
Explained.
I don't want the AO to poke too much - I treat it as business (not claiming CG) - at the same time avail deduction for other costs.
BB contracting in 5 minutes
highest OI 5200 put 72.3 lacs
highest OI chg call 5300 7.37 lacs
PCR 1.31
short century tex stoploss 526
target 478
worse result
Mkts will be rangebound this week with ups n downs.. more likely down than up
watch for new lows
If you trade freqently in your own name than the ITO can treat the entire income whether long term or short term as business income so pl be careful have two seperate individual assesses one for trading and other for investment purposes.Its better to trade in your HUF'S file and keep investments in individual name.
Dear Anil,
Thanks for your updates.Now "Overall, the trend will remain sideways and rangebound." do you see any possibility of THIS period might convert and shall be discussed on channels as a consolidation zone later on?
@RG
tks..hw deductions r taken fr othr
costs(brokerage+st +stt+stmp duty+trnsctn chrgs)
under wht section..
and
wht is d prblm n filing itr 4
( is it dead ine 31.7.evry yr)
@ mynac
if todays gap down at the opening prove resistance for the mkt it vl b negative as per my view,
and as illango sir already told holding 5220 vl b near term positive and mkt may reamin rangebound
the more it trades downwards all channela r shifting downward..this is negative
i may b biased
my positions
written
5000 put @ 56
5100 put @ 65
5400 call @49
no nifty futures right now..
yeh it may possible...mkt may see consolidation zone afterwards
dont know, but when everyone is negative , i am concerned then..
lot of negative newscoming in, but as always mkt give us surprises!
Manu - Honestly I am a "naam kae vasthe" CA, since running BPO. You must send a mail to Sri,Moh for advise. I think Manojag is also equipped.
Reach Moh thro mail if you need urgent response.
Dear Anil ,
Thanks.Why I asked this because now a day the global clues are negative and a very small market player like me,everyone might be thinking and will try to take the opportunity of the downward movement if any,but my brain is telling me that the big players wont allow to take a free ride here so easily.
@raja ji..
oh..thnx anywys..
y a BPO person ws trvllng in remote Maharshtra..
business:)
Ilango sir, trade table says S&R 5315. Now can we have 2 days
high ie 5295 as SL to save those 20 points??
Manu - Yes. Very much business. (n mah collxn+some tie ups).
RIL-papa
Rajgopal you in a BPO? which one?
you can send me a PM..
or add me on gtalk
Hai everyone
If nifty trades and closes above 5249 the GAP at 5263-5266 may get filled
soon. Shorts should trade with caution if nifty trades
above 5249.
hourly chart:
http://niftychartsandpatterns.blogspot.com/2010/05/nifty-hourly-chart-shows-island.html
thank you
BB Contracting
GB will do (small timer only)
retest of 5220 later in the day
Bye Everyone shall try to join in latter half.Thanks everyone.
NEW POST DONE
Island reversal is best explained in this link.
http://www.trending123.com/patterns/island_reversal.html
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