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 ...
82 comments:
As Nifty is closer to our target zone, start part booking in the "Shorts".
Hi Ilango sir,
My Short SL hit at 5051, I am waiting for bounce
back as 5050 gave some support. Please suggest me a
level to initiate short again
Mahes
ilango sir can buy nifty now
I booked Full profits in NF conservative short (only one lot) at 5037 initiated at 5300.
Thank you very much for ANALYSIS.
illango sir
this level is it advisable to take a long in jspl
Ilango SIR,
Thanks for replay, booked 1 lot
@ 5041 .
Thanks .
sir,
conservative shorts carried from 5300 levels..100% booked at 5255 now...intra longs entered at 5080, still holding to exit if i get the entry levels..i hope we will see again 5080 today...
+ve div in nifty. Small upside.
gd
sir,
conservative shorts carried from 5300 levels..100% booked at 5055 now...intra longs entered at 5080, still holding to exit if i get the entry levels..i hope we will see again 5080 today...
sie
pos divergence visible in 5 min and hourly
Ilangoji,
As per pre-market chart, we may be completing 3 rd wave around 5020-5040. Then go up in 4th upto 5145-5165.
Is there any possbility that we may be in 5th itself now and may goaround 5000 straight from here and then bounce back from there.
Nifty can still go lower to 4980 to 5000. + ve div is developing. We will wait patiently to initiate a long closer to 5000.
At 5000, we will intiate long for 4th up or C comletion?
Ilango Sir,
Can I resell my Covered NF here, for lower level 500? I covered my Positional short at 5037.
Thank you
ilango sir,
Booked NF 100% @ 5040/- The shorts created @ 5270/-
Now waiting for your signal to go long.
Please suggest the level from which level to go
long for conservative trade.
-arpit
Correction: For lower level 5000?
sir i had buy niftt at 5028.5 can i hold
Hi Mr. Illango,
I'm in knee deep trouble, couldn't get out of my longs in TATASTEEL & TATAMOTORS{due to power failure & then internet problem}. Now when I'm back then market is totally crashed, so I'm sitting on HUGE loss. Plez advice me now what should be my strategy...
Best Regards,
Sirisha
Hyd.
@ Rajvada,
I have often got this confusion in a strongly trending down markets whether 3 rd is over & so on.However, a new low results in quite a lot of +ve div.
A long here still gives us 100 to 125 points.
Will look at the EW possibility later.
Hai everyone
There is clear positive divergence in 30 minutes chart of reliance
industries. I am posting the chart here.
http://niftychartsandpatterns.blogspot.com/2010/05/reliance-industries-positive-divergence.html
thank you
Sir,
finally booked real profits at 5045 NF and 9477 BNG. Thank you very much for helping all of us. Neengha neriya punniyam seyrhaavangha. (Translating to my best possible. You sacrifice a lot for the sake of others. I feel my translatn is not proper at all).
God should and will specially bless you and your family for providing all your humble sacrifices.
Off Topic,
What iundia must do to win vs Sri lanka today in T20 WC?
Only if you are able to monitor closely, sell for 20-30 points.
If you have booked your shorts, then buy either here @ 5035 or lower @ 5000-4980 or on a reversal above 5060 for an initial target of 5125-5150.
@ sirisha,
If it is Cash market, you have less time.. Tisco may move upto 568 to 570.
Hi Mr. Illango,
Actually I've taken positions in Call Options.
Best Regards,
Sirisha,
Hyd
Sir & family..
GA..
ths link ws gvn by GB fr EW..
http://www.marketcalls.in/2010/04/elliot-wave-forecast-nifty-at-6000.html
chck at 2.25sec..imp..
sir plz comment n ths ew analysis
thnx gauti
Ilangoji,
Along with trading , this is for academic interst.
1. We may be in iv of 5 now and this could take NF 5055-5060. Then we may go down in iv of 5 around 5000-5005. That could be the end of this down move either of C or major 3. This may provide trading opportunity for 3-4 days for upside.
You guidance please.
sorry it is v not iv
Thank you Sir. Now NS is above 5060. Can I go Long here?
@ Rajvada,
It looks like a completion of 3rd wave from the high of 5342NS.(It could go make another low before starting the 4th...what kind is the 4th..??)
sir,
closed my shorts fully, cudnt sit tight, taken some longs,
now as u say. if it falls again what shud be sl, days low
or something else
@ Prabhakar,
The levels I mentioned were all for NF.
I have suggested there to buy @ 5035 or on a crossing of 5060NF.
Next, watch out for 5082 pivot, mentioned in the morning.
i advised to close shorts at 5050
reverse from here.. or wait till eod .
above 5080 we've completed our fall.. and we will move up
for 5500
ilango sir,
BN also covered @ 9460 which was shorted @ 9660
Can I again short at hight level of 9600/-
for conservative trade?
-arpit
Sirisha,
I hope you are a lot less "Tense"...
May I suggest you to key in your SL when you enter a trade. OR Phone up your broking house incase of power failure. Keep the tel. nos ready.
Always give less & take more from market.
Ilango Sir,
As per your advise 1 minifty kept trail SL
@5070, its just hit.
Thanks a lot.
A move past 5086.5NF in the next 20 minutes is a faster retracement of the fall & would suggest of a short term bottom in place.
Thank Ilango Sir
Rahul hold ur longs with SL of 5050 spot
Hi Mr. Illango,
Thanx for your kind advice...
Sirisha,
Hyd
ILLANGO SIR
SORRY WHAT IS THE MEANING"of a short term bottom in place".
@ abhishek,
The trailing SL is only till a target zone reaches. We have shown a target of 5020-5040 wherein you could have booked your shorts.
Besides you could have also brought down your trailing SL as the time passed by as I was not updating any trailing SL. I hope you note this point to maximise your gains..
Shorts closed @ 5066..it went upto 5025… tense # 1 for missing 40 points..
Intra longs @5080..tense # 2 when saw NF cracking to 5025
Both “tense” are gone when seeing NF again at 5070… “sitting tight“ rally matters and I learnt that only from master here..
would suggest of a short term bottom in place.
@Ilango Sir - what do u exactly mean by this..and whats the variation of timelines?? faster retracement or what if its slower..
sir i hv longs from 5040 NF levels..plz suggest some target..
@ Small trader,
"Short term bottom" is made as there is a possibility of a resistance around 5150-5180 zone and if resisted in the coming days, it could reverse from there and make another low.
Besides we can never be sure of this "bottoms & tops" till after it has occured and in hindsight. This observation is based on short term TA. I am waiting for a conf bu a move past 5086.5NF by 1.35PM.
dear gautam bajaj
yaar 6 th ko yeh haal hai to 7 th tak to jane kya hoga
still u r in views of a low on 7 TH
kindly clarify for our betterment
thanking u
r parekh r
Sir,
This seems to be a repeat of yesterday..Markets may recover all losses till close..All technicals applicable yesterday must also be applicable today..
hatts off Illingo sir... 5086.5 is done :)
Reposting.......
ilango sir,
BN also covered @ 9460 which was shorted @ 9660
Can I again short at hight level of 9600/-
for conservative trade?
-arpit
ilango sir nifty fut trading adove your 5086.5 can i take long home or book
Have we done 5086.5 ? I can see only 5082 as max..pls confirm
@ assortz it went upto 5089.95
yes assortZ nifty had made a high of 5092
i see 5087 thru my eyes on NF itself that too within 1.30 pm, but it did not went past 5088
what a levels I LANGO SIR
kindly guide
what shud be our strategy now
as it has passed 5086 as u mentioned before 1.35 pm
but only went till 5088-89
kindly suggest sir
Rochak - we may have completed downmove as 5050 offers
good support. We cannot be rigid with dates.
Close above 5080 we can expect upmove.. Buy with SL
of 5050
RIL judegement maybe favourable for upmove?
On the downside 4950 will hold. Below that we will test
4650
Next week i guess all bad things come to an end?
Hai everyone
ABB in strong down trend. I have mentioned possible
support areas.
http://niftychartsandpatterns.blogspot.com/2010/05/abb-strong-down-trend.html
thank you
gautam bajaj sir
i stilll wud want ur views about a bottom to be placed around 7 th may
, if ur views are the same
we may see a panic selling alll around today eod or tomorrow
kindly guide
please pardon me to trouble u
but we havent been provided by ur kind answer, since yesterday i hav been asking u the same
kindly reply for our betterment
thanks
Ilango Sir,
Please advise if i can go long in Bank Nifty and Nifty.
Thanks,
Pragati
thanks teejay and rahul and rochak for confirmation on 5086.5...
am carrying longs till eod..
@ arpit,
I am not watching the TA of BN as I do Nifty.
Price obs: Earlier low of 9455 is more or less held. And it is "OS" and a rally is on.Stay long for the short term or stay back to watch EOD analysis.
Ilango sir,
ok, next time i will keep in mind your point
of trl. SL & maximise the gains.
Thanks.
rochak - our low today could be the bottom.
7th need not be a low day
Dear Rochak,
Key word is around 7th may. So 1-2 days here and there are acceptable,
Sunil
@ arpit,
Let me add: The broader range is 9600-9650 to 9450 as of now. Any longs should be closely watched and closed. Reshort near the higher end with a SL.as short term trend is "OS".
Dear All,
My intuition says formation of inverted Head & Shoulder in 5 min chart. 50 points from 5080- it will go (expected) till 5130.
Veer
ilango you
Thanks for your guidance. Benefitted with the levels
given by you in conservative trades.
-arpit
Thank you Ilango. Closed the balance.
Now will worry about the next mischief.
===
Thank you GB. Your second opinion gave great confidence. First opinion was from Saint RV.
@ Pragati,
You can Buy Nifty @ 5060-5070NF with a SL 5050.
Hai everyone
I am posting nifty one minute chart. this one shows todays reversal of nifty from day's low
http://niftychartsandpatterns.blogspot.com/2010/05/nifty-one-minute-chart-inverse-head-and.html
thank you
above 5087 again :)...
Dear Illango Sir
I have been reading your blog. It is immensely informative and a good guide for new persons like me.
I wanted to take your advise, I had got into ITC May fut for Rs 268. and have been holding it thinking this being a defensive stock. May I request your advise what I should do.
Thanking you
Regards
San,
its a long due..i really appreciate all your charts..its like studying a fresh page of TA book everyday with live examples..great work...
Veer - good observation :)
RG - thank you!
Dear Ilango sir..
Are the following which you mentioned in one of ur msgs earlier are the resistances to watch??
"(5094-38%; 5101-50%; 5108-61.8%)"
Sreeram
A consolidation may be on @ 5070 to 5095NF
Thank God Nf retrace back
I couldnot put Sl in my morning trade as per
Illango Sir says trade on ur intiution.
Now sitting tight for a bigger target.
THX Alot sir for intiution.
Thank You assort7
San,
Another IHS on bifgger scale. Shoulder at 5070 and neck at 5089
NEW POST DONE.
well,
gautam
thanks answering
so prompt and early
sorry to bother
u were so helping
I LANGO SIR
hatttttttttts off to ur levels
u said 5087 , it hit 5089
u said 1.35 pm, it hit 1.28 pm
WHAT A LEVEL
come on board
let us all say
KYA BAAT KYA BAAT KYA BAAT
for i lango sir
dear san
i hav been following ur blog
since day u wrote about ashok ley land and then andhra bank
i hav been judging ur calls,
i feel attached to them
u said ashok leyland 65 this week
it touched 65 this week
is there any way , i may know exactly the time u update ur blog
thanks answering
r parekh r
Dear Illango Sir
I have been reading your blog. It is immensely informative and a good guide for new persons like me.
I wanted to take your advise, I had got into ITC May fut for Rs 268. and have been holding it thinking this being a defensive stock. May I request your advise what I should do.
Thanking you
Regards
@ illango & Gautam, Rajvada
This seems to b completion of 3rd, and 4th up is seems to be restricted upto 5160-5180 max
all setup including macd, price oscillator points a high possibility of 5th down.
so is it advisable to trade long in the mean time, or remain out, and wait for 5th down to initiate,
huge call OI outstanding seems to b supporting this view, v shld look at eod basis thats ok..but as of now, what?
today almost as of now on an avg 7 lac positions got added in 5000/5100/5200 calls
plz reply..
San,
aZ and rpr are late. I conveyed my appreciations first at y'day's eod post with a request. Also in your blog. Hope you will consider.
Thanks once again for the inputs.
Incidentally ALwas in my radar since it accumulated heavy OI with +ve price movement.
Is it time to exit AL - I go by the TA and holding it from lower levels.
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