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 ...
52 comments:
Yes..photo finish hourly close..but I feel aggressive ones can take clues from oversold 9-RSI which has been guiding well for near term trades..its my experience..
Hai everyone
Nifty triangle formation. I am expecting this to break on the upside. I may be wrong so take a trade after the break out from this consolidation.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-triangle-formation-in-yahoo-5.html
thank you
nifty in a traingle 5 min connecting yesterday close
San and PS in negative divergence ? Just seeking clarification.
Sir,
Could a bearish flag be in the making in the 5 minutes NF chart?
Thanks,
@raja sir and bimon
This consolidation can also be a continuation pattern like bimon is saying. A break down of 4960 will confirm this.
thank you
Ilango sir i covered my remaining shorts and went long at NF 4964.
Now wht should be sl?
Broken the above trend line. If this is not a false break out this will take nifty to 5030.
thank you
San - PS says "5 mins" - I take that your's is a larger time frame. Bimon's view supplements it. Net net, an OB down move and over all upmove is what I understand from your exchanges. Sethu's inputs support it.
@san
All in all looks like a false break out cz volumes are not supporting
@POWERTRADE
It is one of those false moves by the nifty gods. now they will take it to the other side.
i am sure we would visit 4848 today
More down side only after a break down of 4960 convincingly
The flag is being maintained beautifully till now. The straight fall took support exactly at the lower boundary.
Ilango sir,
We need your input now badly..movement frustrates :)
Current scenario favors longs or shorts—for intra ?
sir,
short term long attempted on o/s hour, if prices break
yesterday's low we convert to shorts, if it goes and closes above 5000
we carry longh,(itll close above 5 ema then too)
is this right strategy
If longs are taken, I hope close above 5000 by 1pm will give some support..
PS,
There you are my partner :)..you sounds my mind..
@San
true will have to wait for the confirmation
@AssortZ
Its for both :) Like me people can short again which i have booked profit. some people can take long and exit
Nifty near Hourly Hema & Pivot.
Dear Mr. Elango
Euro mkt opened in negative -69
Shall I short nifty at this level 4967
another upmove upto 5000 NF and then final fall, it seems so, volumes are so small on rallies, and highest at the peak..
This market is killing... market is trying to keep out weak hands or forcing them take trade in wrong side.. is it a Bear trap??? or something else..
@az
yes just trying few points.
@babu
so much to learn frm u and ur trading
If nifty future get pass 5015, which is marked as'1'st in 5 minute chart, then only longs are safe seems so.
Ideal is to go short near 5000-15 NF and SL 5020-25.
nifty not able to hold todays pivot
Dear Ilango,
Taking longs at 4080 is advisable?
Flag breakdown level seems at 4952 NF.
@az & @ps
Observe BN also. From Sir's inputs you can trade there also.
But a fall below 4940 NF would be the confirmation for resumption of downtrends. Sir, Please tell if I am wrong.
Thanks,
Thanks babu..but I trade only with NF as I cannot track BNF with peace due to its rapid movements..
test
@ babu
a mistake in nifty trading style
u lose x
a mistake in bank nifty trading style
u lose 3x
a mistake in stock future trading style
u lose maybe 6x
better to take 1 step at a time
@piysush,
Again..sounds same..:)
You are true..am completely allergic to BN..
If Spot breaks "4960-4965", another round of falls will be there.
If not, the bounce may continue.
Hai everyone
Bimon has mentioned the nifty's bearish flag
Here it is in 15 minutes chart NIFTY SPOT.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-bearish-flag-continuation-pattern.html
THANK YOU
San
seems we are heading for the avalance euro also in red
@POWERTRADE
Yes if we break 4960 spot as elango sir told. We are in for a big correction.
thank you
@Sethu
you are right, Mr. Ilango has given powerful tool of EMA's.
the irony is that i am still not able to interpret it correctly despite being on this blog for more than 1 year.
I will try to understand it in this weekend.
Thanks
hello everybody
please explain
can suzlon 's low today @ 53.55 can be considered as a double bottom to the low made of 53.80 few months ago, if yes
then there wud be huge upside targets ahead
if no
then there is definitely a problem in suzlon
please suggest
thanks
regards
Please share your trading results today....
Worst mkt today.
There is no clear movement either side.
God(operator) only knows..
@rochak,
it will become a valid double bottom only when
it takes out the intermediate peak in between
EU cutting fast...
thanks piyush
that means, if it takes out 61 the recent high made, without a break of todays low, it wud be a valid double bottom and reason to buy
is my understanding correct, thanks replying
Flag lower boundary broken for the first time today. Lets see if it sustains below 4959.
"4980" is the break down level.
Gods are waving the bearish flag. Lets see to which side it flies
get ready for the action, this hour...
not clear sir..
NEW POST DONE.
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