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 ...
70 comments:
My ODIN shows 5278.70 as day high for Nifty spot.. Does this mean that the open gap has already been filled??
:-o
...Test...
@ tClick,
With NSE data, it is difficult or impossible to spot gaps as they take the previous day's close as open on most occasions.
Today's actual open is 5240.65. The gap exists.
However, there are no gaps in Nifty future.
A Big gap at the top is quite bearish. Today's gap comes in one segment of the down move & not at the top..Nevertheless, it has bearish implications if not filled immediately but with lesser intensity.
Ilango sir sud i enter conservative short again at the break of
5200 or below 5221 NF according to ORB??
Thanks
Thanks Ilango anna for explaining it.. Seems like index is falling fast to test the support
Like i said retest of 5220..
we may go sub 5200 today / tomm
one should lok at covering shorts at 5120 levels.
after that we will see 5500
@ bizagra,
After the gap down, Nifty was expected to trade sideways in a small range of 5225-5255. After which it has resumed downtrend again.
The above suggestion was for initial trade only. Our Positional shorts remain.
amazing trade.. :)
To the T - 5218 day low?
All major European Indices open in red
Got busy at off..but anyway no diff as mkt is freezing at same levels.
Above msg typed some minutes ago..and he started coming down..part bookings done :)
@tclick - anna ?!..first time hearing in this forum :)
@RG - great applauds from friends here for you VXI chart..congrats for your hardwork..downloaded it but hv to go through it..request you to keep me in loop in any explanatory kind of discussions.. am at rrkrsn@xxxx.com..
@assortZ: anna is the Tamil word for big bro ;)
Sub 5200 today? tomm?
sir,
i didnt understand todays gap not at the top
aZ: Thanks. "Pottruvar Pottral pogattum Kannanukkae. Kannan today Annan?"
Please check on the new-Futures TA and find FAULTS to be corrected.
Dear Ilango sir..
Is it now sell on rise.. i missed ur 5225-5255 NF range this morning as i logged in late..
what is the range today for now to look for to SHORT NF?
Many thanks
Sreeram
**** TEST *****
Dear Ilango,
Good Afternoon.
At last another just -11 points from the previous NF low brought up the smile on traders like us.Still I should take care of my shorts if I am, because the timing of FALL is inappropriate for me.( Around 1.00PM?)Looks odd to me. For greater fall as Dear Gautam Bajaj is mentioning if there shall be any should be after 3.00PM.Otherwise I shall be cautious if NF shall start to trade above 5220 after 3.00PM considering the present low 5210 in convincing manner. Then I shall consider this downward movement for just on public Demand, A consolation.
@RG,
“FINDING FAULTS” ?? Me ? am a pure “production” person and not “QC”..i know how to accept “faults” and it is very difficult for me to find “faults” :)
For sure..will check the table in the coming days
piush chawla
I think ***gapp not at the top*** means, correction started from 5294.80 on friday. On friday when nifty closed, it had already fallen 16 pt from top. So today's gap created only after a fall, not from the top but from 1 segment of the down move.
Sir, if I am wrong, please make corrections.
@ PS & KGovind,
An Island reversal is appropriate at the tops (5400) or at the bottom(4675) of the major moves.
The current fall(5292) is a subdivision of the fall from 5400. Hence, it loses its intensity to impact.
thanks sir and govind
sir as per premarket plan will it be appropriate to take
intra long here
ilango sir.
Can Bank nifty be shorted at this level positionally?
-arpit
hi
dear sir ilango,
in bank nifty created double top formation on daily chart
so what do u consider in our trade in sell side plz give me suggestion plz
regards,
alpesh
nice question piyush sharda..
same doubt here..
@ PS,
That was meant to trade the "Bounce that generally comes after a gap down".
Now it could go either way.
thanks sir ,
a range was developing at tl with positive divergence, hourly oversold
so i asked.
Another 1200000 + added in 5300 CE,500000 + in 5200 PE and 1500000 + in NF O.I.up to 2.10PM. Tussle is going on.
Yes..PS,
There is a minor +ve div in 5-minute chart.
Nifty has taken support at 5215 on the Trendline connecting 5160 & 5202 lows.
chart posted here:
http://tradingontechnicals.blogspot.com/2010/05/nifty-view.html
seems to be, C in hourly is going on..it is difficult to play..
sharp turn occur in C waves, whether its down or up...
Hai Ilango sir and others
NIFTY 15 minutes chart shows head and shoulders
pattern. breaking the neckline can give 5130.
http://niftychartsandpatterns.blogspot.com/2010/05/nifty-15-minutes-head-and-shoulders.html
thank you
hi
dear sir ilango,
in bank nifty created double top formation on daily chart
so what do u consider in our trade in sell side plz give me suggestion plz
regards,
alpesh
nifty has also broken hs visible in hourly neckling 5220
5230
if long @5236 can wait for a better exit or ?what should be sl or should exit now?
@iLango sir..
I have sold sail at 220 based on -ve divergence posted at stock wealth.. pls confirm the same based on todays sail price so far.
thanks, narasing
@san,
I could not see a perfect h&s in the chart posted, as the head/shoulder marks are not sharp. I may be wrong. Can anybody enlighten please.
@pisreport
There are many instances of complex H&S occuring in the charts. This one
is in the 15 minutes chart. and breaking of 5200 is
necessary for this one to be effective. Let's see
how this one goes.
@alpesh,
If you have sold near the highs, think about booking part profits around 9600. I will update tonight.
@ narasing,
A sell was generated in SAIL long ago. Remember you are selling it near the lower range of 200-220. If Nifty breaks 5200 and move towards 5160, -----, you will get either 200 or lower.
Time to sleep?
Thankx San
5200 dey dooo!!
thanks iLango for your reply...
@san, pisreport
u can also raise nl to 5230, left shoulder will be small
can any one tell how to upload any indicator by downloading from website to software like amibroker or metastock
@pisreport
ucn chk ths also fr 5200 support & HS
http://www.niftyforum.com/niftyintraday.php
JSW Steel Q4 profit at Rs.717(up 45%)and sales at Rs.5167 Cr.(Up 55%)
in hourly lower BB @ 5207
Last week low 17344 and today's 17345.9.
Bye all
Thanks Manu, good one!
@ manojag
Thats interesting observation!
i too noticed earlier sensex reacts to such levels at top and bottom faster..
@ chartists,
If we do not close below 5200 today, can we get double bottom pattern at EOD?
@Bizagra!
Are we carrying our conservative shorts in NF(regular doubt)
Sir
an exprncd stock broker told me father once
that positional
outlook fr equities long must be seen whn 20ema is always
above 100ema on a chart of minimum 1yr..
the trend can be established of a
bull market or bear market frm thr..
plz look Nifty spot 5day chart with Moving averages.
on link http://www.niftyforum.com/niftyintraday.php
and mark the years to maximum..
jst tried and saw the truth..
plz guide and comment for those like me who need 2 knw
whn 2 clear portfolio and hw much %:)
Yes.prabhakar 100%
Hai everyone
i am posting nifty hourly chart here. this one shows
a triangle. we have island reversal, head and shoulders
in 15 minutes, and now a triangle close to break down
not yet completed. But break of 5200 will only save
the bears.
http://niftychartsandpatterns.blogspot.com/2010/05/nifty-hour-triangle-about-to-break-on.html
thank you
@ Manu,
There are many Moving average combo one can experiment to see its viability for medium term investments.
We are trading the market by the hour & days here.
A better strategy would be to see if the market is making lower bottoms & lower tops as per your chosen time cycle.
For eg: Nifty's last low in daily time cycle is 4675. So this fall is considered a correction. We fine tune into "Hour cycle" and trading this correction. Around 5100, this should end.
Dear San,
Now 5213-14 looks me important for tomorrows trading.Am I correct?
Hi San,
Posted the same chart... sometimes we are work on same patterns.
:-)
Look at just last trade just .15 Paise Nifty Future in premium for last trade.What a day.Thanks and BYE everyone.
sir
i understood the 1st part that we r in bull market till
4675.
how to get target on lower time cycle chart of a
correction
@mynac
you are right
5203 and 5215 to be exact. this is not based on from
were nifty reversed in the line chart(day)
@Amit
may be i should become a follower of your blog so that
i don't duplicate your work
thank you
thnx sir..
tht s a better strategy..
but hw will ve decide that on 9th march
things bottomed out..
and 10jan 2008 was topped out..
if u remeber 4675 was a intraday call taken into
positional as sl didint hit..
one of my frnd s still carrying frn tht lvl evn n ths
range bound market..
he religiously follows u..will square at 5505
buy LIC HOUSING
buy LIC HOUSING it go 10% to 15% from current level
BUY UNION BANK FROM CURRENTLEVEL
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