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 ...
10 comments:
Sir,
Do we read it as "Nifty breaks out of the Channel"-on the Upper Side?.
Need your advise : Mr Sethu says ignore the ones below 200DMA-they may be inactive. But NIFTY itself is coming out of 200DMA !!! Will it rob us of an opportunity for value buys if I ignore <200DMA stocks, which may show inclination to move up?
Since the N50 table is very dear to me, would request you to validate Mr Sethu's suggestion. It will for sure reduce the size, but,Will it rob us ...
Hi..Rajagopal,
Yes..Nifty has broken out on the upside. Now it has to withstand any short term selling pressure.
You have made a file based on certain criteria and you are doing it consistently and the results are satisfactory and often amazing. Should we change the ones that are doing well?
I would say - Your "own" experience should give you enough confidence to stick to the ones that are working.
Yes..200sma is followed by most. As you said, if one has ignored Nifty below 5000, it was bought by many near 4800 and it is now 5125. 325 points +. There are all kinds of traders/ investors...some to go long, some to go short. As it was discussed earlier, one could choose the scrips of their choice and make use of the file.
Traders/ investors will do well to go deeper into your file and exploit it to its true potential.
I do not wish to add to any more as this one reminds me of a "Mulla Nasruddin's story".
Dear Rajagopal,
Though I do not trade except Nifty,I would like to suggest regarding this.
Few days ago Nifty was trading convincingly below 200 DMA but at present it has come up above it,so like this if you shall mention those stocks in special category without increasing the file size,at least for few days, which are trading now below it's 200 DMA,and now likely to come up above or near to it's 200 DMA due to Nifty reversal, then it might be helpful for stock traders.
The stock traders might get an excellent opportunity to trade from both sides.Long as well as Short.
It's my just suggestion,because you are the best judge regarding this subject.
hi RG,
plz keep the table as it is and add a Conditional Format Red flash to show which stocks are below their 200dma.
Dear Mr.Elango / Mr. Rajagopal
DOW trading negative now. How DOW will react at the closing hours.
Will Nifty takes signal from DOW or on its own it will go upward tommorrow.
Kindly reply.
hi
Hi all,
I've been beset with computer problems, though I manage to read comments now and again.
@RG,
I have been going through your N50 table every now and again and it is terrific. But one thing I realised I'd have liked to see were confirming lagging signals - maybe the 200 dma would be a valuable addition for that.
Sir,
I am very suspicious of this Last hour (well may last 1.5 hrs) rally on Wednesday & GAP up rise yesterday. My reasons for suspicion are purely based on two things:
1. Nifty/Banknifty Open Interest change in the last 3 trading sessions.
2. Turnover in FnO in last 5 trading sessions compared to the monthly average for May
I couldn't attach the image here so I put something up in my poor man's blog:
http://amateurtrader77.blogspot.com/
Please go through and see if anything makes sense. Even if you ignore my options analysis - you could comment on the Open Interest Analysis.
Regards,
Girish
Girish,
Agree. If we close below 5070 ( trend line of down channel ), we could retrace back the original downtrend. But we are now 40 pts from 5070. Until then the new uptrend looks good.
-- gd
http://safegamble.blogspot.com
Unrelated but if you want to see God in action in the markets,
http://safegamble.blogspot.com/2010/06/god-at-work.html
GS - Goldman Sachs
-- gd
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