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 ...
72 comments:
5110 and 5090 were discussed earlier as possible immediate targets.
One should go long here with a 10-15 points as SL.
Sir, 5180/5190 is a strong support zone for nifty as it
made highs in this area in octber and december 2009.
Bought nifty @ 5115 Sl 5080
For some clarity, I have uploaded a chart.
The support seems to be around 5090(+/-10).
@ manu,
You see the "b" wave - see its characteristics - whenever you sense too much confusion, simply label it as "b'.
I think nifty may remain stuck in the range 5100-5200
for some time and it is more likely to breakout on the
upside rather than the down.
The lower levels will invite buying because we have
recently witnessed a sudden steep counter upmove. The
short will therefore remain guarded and therefor no sudden
breakdown seems probable
nifty not sticking below 5100... cover shorts..
HMMM, when retail starts buying on dips , videshi start press sell button hard.
its all greed and fear. period.
@rochak,
Pls clarify your comment about AIRTEL..not able to make out ..
Bear in mind that Nifty is trading below 5128(VAL).
The suggestion to initiate long was basically because it is near the channel support(See chart above) and at 5 sma support & day low ema.
Watch 5125 - 5130, if weakness is visible, it will be one more round of fall.
sir
yeh "B" waves( RG will thnk else if i dnt put waves in it)
are very complex..it goes abv my head..
I m long nw..
@sir,
My watch point is 5135 (EMA)..if we close above this price during day, I will close my shorts at cost price..otherwise wait for lows either intraday or will carry over..i hope this is fine
Nifty has taken support @ 5110.
The asian markets are also coming off the lows.
In the daily, if this is an abc correction, then
the c down may have completed and we should move upwards
now.
If this is a five-wave downtrend, then we should soon
break below 5090 and then the recent lows.
I favour the first scenario, but confirmation
will come only after we move out of the range
assortz
trai appointed committee yesterday recommended that
2 G alloted earlier to all telecome operators were cheap and shud hav given a lot costlier
and
it also recommended either to take back the extra 2 g from them or ask them to pay the difference @ 3 g for the extra spectrum they hold
these are recommendations only
not approved
so telecom stocks falling big
also , yesterday some court in delhi had ordered all illegal towers to be sealed immediately
only news, dont react and trade on them
thanks
@ assortz,
Perfect.
nifty future is however trading at 10-point discount
Tested 5125 NS, selling off again.
Anybody facing problems with Reliance Money super trader. My orders go into inprocess status. or it disappears. gets traded without knowledeg becasuse trade screen does not tell it was traded.
2nd day it is happenning
“perfect” – made my day :) thanks
Ilango sir, its becoming very confusing.i booked my shorts
now waiting for break of 5080 to start conservative shorts today.
plz clear, suggest..
@KGovind,
Some times it will happens, if sufficient funds are not there in our account( don't think otherwise). It is happening to me some times (Not Reliance Money super trader)
@Rg
some news n Sugar..
sugar daddy nt able 2 find..search fr me..
cvr ur shrts..
One Number worth remembering is 5084 - the weekly pivot.
This week started with a gap up @ 5096 with a low of 5080. So moving below it would be "continuation of downtrend".
If not, confusion continues..Scalpers & nimble traders make merry.
Ilango sir,
apologies for this question. been in meeting all the while and i missed the fall. Would you be kind to tell the levels to trade now ? kindly plz.
regards
dear ilango sir can u give view on infy
Ilango Sir,
Is there any change in SL& R 5075NS for conservative longs
Thank you
Bharti is down%, idea and Rcom 3% each.They r bringing the
market down. Advance decline ratio is 1:1
Dear Manu - Lot of news in Sugar. But Sugar seems to have diabetics !!! Not moving. Covered Bajhi @ 107.
Renuka and balrampur chini both n ban..oi has reachd 95%..
cvr ur shrts..
@ Prabhakar,
By doing intraday trades, the Long price has been reduced to more than the day's low :)
If NS trades below 5084-5080, initiate shorts.
If holding shorts, Keep 5146 as S & R.
THANKS MANU SIR
Thank you Sir. understood.
Is this the famous Dead Cat Bounce? Europe is in Red? Is the Goat being garlanded?
DOW and DAX has shot up sharply now. Nifty reacting equally :)
bokked long taken @ 5115 ns @ 5137 nf
@rG
Fisrt time i hv traded gold seeing u & shrtd @18199
wht 2 do?
no knwldg abt gold..
Sold @ 5137NF Sl 5150NF
5000 put OI highest 10.5 lacs..
smart writers,
now, idea also down 8%
If any one is following the 21 hr & 5-day High/ Low system, the sell trigger for 21 hr low will be 5080 for tomorrow first hour.
@Manu: 18400 - Have it as your S&R for gold short. If gold breaches it, it will zoom to 18900 in 4-5 sessions :-o
market is making lower highs and lower lows and the
range is moving downwards for now. yesterday's high
5080 not breached. Today failed to cross 5168.
Initial low today 5135 then 5110, next?
ecxited short @ 5140 nf and long again
sir
because of reliance money site errors i am completely short...it does not even give correct net position. what should i do to my shorts now. pls help me.
i am so worried why i have to pay for super trade and still get problems.
nifty future goes into premium
Ilango Sir:
what shd be the SL for the LONGS taken at 5146 S&R?
sreeram
Dear Manu,
Gold is above day,week and monthly 5EMA,having bullish trend. Further upside is seen and the spurt could be sudden. Intra day lows possible on hourly O/B. Please be cautious with short with a strict TSL. Watch Crude closely for Short opportunities.
(Using Ilango's TA Table to get McNas's Gold).
sir
c hw much complex"b" is
i always need help here :(
A: from 4987 to 5205
B: from 5205 to 5098(the testing & confusing part)
C: from 5098 to ..??? (may give 5245..aarvee's)
I just hope that the "c" is not truncated..(ending lower than "A" top-5205)
i am completely confused, made 3 trades, just break-even with brokerage loss. Now prefer to watch till a clear guideline. -mishra
If it sustains above 5160, newer highs may be possible..
@ RG,
One of our most fasvourite movie - MacKenna's GOLD...and you are finding it right at home..
Directed by J. Lee Thompson. With Gregory Peck, Omar Sharif, Telly Savalas.
dow in a plus +3 point and ftse +15
@sir,
From your last comment, should we consider that “B” is done at 5098 ? or still the confusion goes on..
ilango sir as per your s&r of 5146 i had buy nifty at 4189 pls give me tgt and sl
from 5098 to 5245 then shall I buy bank nifty now
Ilango - just the opening scene and the song with the Eagle as focus...I don't have count of the number of times I have watched this along with God Father,Guns of Nav,Ben Hur,10 Commands,Beautiful Mind, ....,(to be frank I had to watch so many times since I don't understand the language quickly as a Tamil Medium student) Ayirathil Oruvan, Adimai pen...
Life is so beautiful. (in past tense in God Father-Marlon Brando)
===
Honestly, it gives great confidence to have the Table and the plan. Thank you so much.
Sir is it Possible that if nifty not making new high or not breaking 5166 then negative divergence going to take place in h.s macd?
@KGovind,
I had an account with RelMoney but didn't like how slow it was. Although it was supposed to be 1 paisa per trade, there were additional costs that made it more expensive than Indiabulls. They won't reply to requests to close it either, like most broker firms. So I stopped using it.
The small channel for "b" wave got broken @ 5150 and the "c' up is confirmed..
sir,
i am paper trading 20 day system, monitoring 20 hr system was not possible.
i do it for n-50. why bother abt nifty?
but mine is selling 20 bar high and buying 20 bar low
it is a 30 year old system frm a foreign author book.
lets see it it works will write more is something positive
emerges.
Rajagopal Ji
You have kindled the sweet memories of seeing the pictures with my father. I am very fond of seeing the Guns of .. . I am searching it in Richee street too but could be able to get a good quality copy. I am too tamil medum student having the same problems @ that time. Honestly still I am not able to grasp the pron.. If you are having old classic movies , I will come for "IT" raid
Thanks
Bala
illango sir,
is this a bullish undercurrent upbreak seen @ VAH 5168
will it last till 5300+
i'm really confused pls guide me
@ risktaker,
Last week fall was from 5250 to 4987 and this week, an attempt is being made to counter that..
So far going well in that direction with one & a half days of correction done.
Longs may keep a SL @ either 5146 or 5128.
PS : Just tell me whether values beyond 100 both +/- is NOT ABNORMAL/WRONG in 5 and 10 Macd ? I am getting such values for commodities. Please advise.
===
Bala : Wife's favourites (she does the translation part also). All gone since our princess is in +2. No TV/Music at home.
I have a friend who is fond of these. Will send a mail on where it is available if he knows.
Manu :
Alert: Spain announces a series of measures to reduce budget deficit. Euro continues to rise. Oil/metals rise. Gold/Silver corrects lower
Last message received on 12-05-2010 at 1:48 PM
smurali: General Trend >>> Reduce Longs in Gold/Silver. Cautious longs in Base Metals. Oil > Turning +ve, but forecasts point to a rise in today in Crude Inventory data
Sir, 5174 (high ema) could not be taken out as of now and a cooling off is seen. now will nifty try to touch day ema/ low ema? if it may try, one need to watch to buy at lower as indicators are not in sell mode?
so kind of you sir
NEW POST DONE.
Illango Ji.....can we also remain long in banknifty for higher targets...what is next resistance in this sir??
regards
vikram
rg sir,
with so many pundits around u asked me.
there shud be nothing abnormal as macd depends on asset price
gold must be 18000 so macd higher.
its just difference of 2 ema (close prices)
sir
if it s confirmed "C" then 5128 mst b d sl fr longs
hw 5146?
@RG
whn2 cvr gold mini.. gv nm alvl..
i ws under the impression shrtd 1kg
:(
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