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 ...
43 comments:
Friends,
Though the "down" ones identified did not surprise, HCL which stood out as an "Up" counter has remained true to its TA. Please note that it is crossing its 20Day High and poised for more up side under normal conditions.
Rajgopal - yes you can cover ur short.
better to remain on sidelines now
If you want, cover 50% and hold the rest with a SL of 5125 (3 ema low) closing
Risky in my opinion.
Profit booking is advised.
Sir & family..
GM
thnx sir and gauti..
cn i long n Bn with wht trgt positionlly
be advised that hangseng now down 441 points, sti 43, taiwan 220
Seeking for another low to unload the part positions..part booked in the morning :) ..will catch you all soon here..
ilango sir by looking chart what u think of tata steel and nifty plz advice us
Hi aZ - need a test mail.
Ilango sir,
Can you please tell me whether tata steel can be bought now with a horizon of 10 to 15 days.
regards
aZ - got and done.
If you could go through the "PreMarket Chart", you will realise that more lows to come. I have only given a bullish corrective scenario to 4980+/-.
If this correction turns to downtrend, it could go further down.
We will get to an "Inflection point" around 4980.
Have your trades with an expiry tag and exit at appropriate time..Market has a way to surprise us.
For eg: Yesterday, the bounce ended at the opening hour itself @ 5250.
Ride this downmove by selling into every "3 waves up" till a +ve div.
@ Market, (This is funny..! I am advising the Market)
Tata steel may be bought around 530-540 zone.It should be done with Nifty TA at that time.
Thank you for your reply.
Yes, that makes even more obvious that Ilango sir is on par or above the 'market'...I mean, Market !!!!!
your words on gratitude has stimulated new centres in brain...! Thank you sir.
regards
Sir,
Can You please clarify the nifty spot
or future level, when you say
- Ride this downmove by selling into
every "3 waves up" till a +ve div.
@ s,
For the day, I gave NF ORB level and followed it with the "Selling levels too for futures". Normally I give NS.
From the lows, Nifty has done 1 wave and doing a sideways 2nd and once it moves past that high and go higher..the 3rd will be done - called an "abc" correction. Sell there. There are no +ve div now in the 5 minute chart.
A +ve div in Hour would give more confidence to go positionally long.
Hai everyone
Reliance industries is trading near support area and the
chart also shows positive divergence developing.
May get a long trade near 990-1000 region. I am posting the
chart here.
http://niftychartsandpatterns.blogspot.com/2010/05/reliance-industries-technical-analysis.html
thank you
GM Illango ji and lovely Blogmates
Love you all
regards
vikram
Ilango Sir,
If levels does not come to 5095/5105 for resell, can I short below 5050?
Thank you.
5053 to 5084 NF is 31 points.
From the 2nd wave , add 31, you should get the next selling level..
So far the 2nd low is 5071. hence 5071+36 = 5107NF
sir can u plz give chart also for abc, so that we can learn.
I think it is 1 min chart.
Thanks
@ Prabhakar,
Instead of selling @ 5050 break, sell closer to the 5105NF mentioned. say @ 5090+.
It is always better to trade with a plan.
And if the above plan does not work, Sell at the break of 5050.
This is a repeat of yesterday.. (Selling below 5200)
Thank you Ilango Sir
@Ilango sir
Benifitted hugely from ur EW count posted sometime in April ,Thanks again
@RG
Dear friend ,
In this cacaphony of predictions and analysis U have conveniently forgotten your friendly neighbourhood.
Hope u remember the Market prophecy posted in April start(Near to 5400 levels) ,based on Ilango sir’s ‘truncated wave’,GB’s ‘Gann charts’,Sri’s ‘astrology’,series trading below last settlement price etc that we will trade sub/near 5000 levels in May first week.There were continous pointers to wear ‘shorts’ this summer.
@ Sri
Hope u remember my wrong calculation sheet
@ Mok
Hope u booked your positional longs above 5260 and were short below it as discussed.
@GB
I took your date of May’7 in my analysis after April’15 turned good.
@Manu
Hope u remember my mentioning GB in the blog.
illango sir,
where i can check hour/5 minut chart with +/- div.
ilango sir what would be stop loss for nifty future if we short at 5105 and what is ur view for tata steel for intraday
@ Sanju,
In the sidebar of this blog, you will find "Live Market to watch" and you click on Nifty spot Hour, you will get the site showing intra TA. You can change to 5 min or whatever you like. It may be delayed by a minute.
@San
Looks like I am not the only one suggesting this(Reliance) to RG.Hope he does the needful
@Amit
Looks like I have another company in u for TA.
Pl. both of u go through my posting yesterday EOD(night show). Will like to learn from u both too.
@ mojib,
Tata steel may be sold around 570-575 area.
For Nifty short, keep 5135NF as a SL.
Till Europe opens, I think the range is intact..
in auto sector maruti look berish
build short again at 1270-1290 level
for target below 1200
@RG
cnbc..
spain,portugal also need 2 contribute in
bailout fund due to voting rights..
strange
"""""nanga kya nahaega kya neechodega"""""
AAR VEE : I have given my undertaking yesterday itself. (First counter traded and sentimental about shorting). Just an OoT post only. Very convinced about San's levels.
@ GB
an alternative possibility seems, if mkt rest a day or two here, and then again moving downside.
what say?
just a query, is there any possibility?
Ilango sir, i hope the SL 5135 NF is for intraday?
Thanks
Ilango Sir,
Resold NF at 5097
Dear AARVEE : You mean the astotech reading? No. I have not. In fact you were the first person to give that level.
Salutes.Salutes.
Sir
Bank Nifty has taken off and recovered about 100 points. Book profits now?
Regards
@aarvee
ur new avtar wrkd:)
NEW POST DONE
Is it a real charge or a fake charge before a weak Euro opening? (Anyone knows the euro trend?) Buy calls are flying on NIFTY.
GM illango sir,
how do you analyse FII's data, say in options bought 700crs,as per that data i assume they bought call or put, usually institutions sell the options(both call and put), so how do you take that data..... please explain me sir
@RG,
I think we should have one European and one American in our forum to have real trends :)
Hats off to master…it has exactly given the expected entry level for shorts..whoever sticking to plan should have benefitted now..its time for sitting tight to reap another 50+ points…
Can anybody post comments?
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