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 ...
57 comments:
sir
it means nifty needs to cross 5051
if it has to keep its uptrend positionally
and sideways if closes above 4969
nifty supports are at 4975/4945 nifty spot,
@ Manu,
That is a correct interpretation.
By getting resisted exactly at the last channel yesterday, it has indicated "fatigue".
A close below the "Day ema", suggests exit partly from longs being the first day.
A close below "Day low ema" would indicate "downward momentum".
thanxs ilango sir for the answer,
i'll trade in fut when spot crosses the levels, OK?
sir, what sud i do for taking posns when at close of say hr/day/wk the price has moved quiet far away from levels
Ilango sir, if closes below day ema, can we carry shorts as conservative trades?
Thanks
If you have sold at the higher levels, it is alright to hold the shorts.
So far the fall looks only corrective to the 286 point rise from 4786. Tomorrow and the coming day's price action would confirm any trend reversal.
some good chunk activity in 4300/4400 put in last half hour...must watch..with volumes..
Ilango,
You wrote yesterday:
@ Manu,
Last month ema was 5105. To stay in uptrend, it has to close above that.
So the low ema should also be in relation to the previous day i.e. 4991.
Is this the correct way of interpreting the tech table?
best
+ve div in 5 min chart
Someone posted about RIL:
=========================
RELIANCE & BSE Made lows of 840 & 16318 few Mins back..(no OPEN LOW).. trade in ril of 62519 shares at 840.55 total trade could be of > 1 lac..
Instead of selling icicibank dealer sold reliance (reliance low 840)Qty 5 lacs from india infoline 1.5 cr loss.
Just for our knowledge. Pls don't circulate.
Dear Ilango Sir
I have shorted at 5000 spot level should i carry
for tommorrow .Can we expect a Gap down also om Wed.
Nirav Shah: Instead of selling icicibank dealer sold reliance (reliance low 840 BSE)Qty 5 lacs from india infoline 1.5 cr loss, uncomfirmed sources.
kind regards...
vicky.....
sir
"""""Tomorrow and the coming day's price
action would confirm any trend reversal."""
reversal on which side as dow fut is deep red..
v again heading 4800?
Amit,
The market doesnt seem to care abt +ve divs because bigger selling seems to kill it.
gd
@Raja paji
Someone posted about RIL: .......
"Just for our knowledge. Pls don't circulate."
Raja paji for your kind information and "broadcasting"!! :))
More than 5000 people on Ilango's blog
India infoline has proved that if fat finger trade can happen
in US market, Indian are no less in these skills (skills that kills!!)
@ Manojag,
The close ema always based on the previous day as today's ema would depend on today's close which we would know around 3.25PM (apprx).
However, when you have a low already in place, you can rework your low ema and same goes for High ema too.
Nirav Shah: Instead of selling icicibank dealer sold reliance (reliance low 840 BSE)Qty 5 lacs from india infoline 1.5 cr loss, CONFIRMED NEWS...CHK CNBC
Sethu Sir, what does corrective rally mean, if NF holds at 4940. Do u mean, i will start going up from 4940 ? Thanks..
STBT F&O as per Price movement:
Scrip Name LOW
ABANLOYD 657.21
ASHOKLEY 58.55
DLF 264.14
ESSAROIL 118.15
HDIL 212.73
HICON 105.89
HINDALCO 138.88
IBREALEST 148.95
IDBI 108.34
IDEA 47.61
IDFCLTD 146.76
ISPAT 16.89
JPASSO 114.90
MPHASIS 544.81
NOTOLLCO 27.07
PATNICOMP 535.12
PUNJLLOYD 114.20
RIL 989.22
SAIL 194.62
SESAGOA 332.26
SIEMENS 664.97
STERLITE 612.58
SUZENER 53.80
TATACHEM 306.90
TATAMOTORS 702.65
TCSCONS 712.43
TECHMAH 622.66
TISCO 466.95
UNITECH 67.43
Above data generated with NS at -110.
Dear Anuj - held the info till the public declaration was made. Now it is public.
Ilango,
Thanks.That means 4969 would be the 5 day low ema for today if we dont see a new low from now till 3.30 pm. So what would you advise if spot nifty closes above this level of 4969?
manoj
Anuj
Such mistakes do not happen they are intentional i suppose a very well planned trade
what value of Close EMA we should use to confirm this trend reversal it could be 5 Day EMA on Close price ?
I have to change myself to be a true student to ilango sir...
until then the mistakes seem to continue.
assortZ, bizagra - how did u guys do it ? :).
http://safegamble.blogspot.com/2010/06/follow-wise.html
-- gd
@ Manu,
The last fall faster retracement has not happened. Hence, such a possibility of new lows exists.
If this correction stops around 4935-4965, it can resume its uptrend.
As a trader we sell when we sense fatigue by way of reading the prices reflected through emas.
@golfdude
I shorted today @ 5034 booked @ 4985, then went long @4982
with sl 4965 and then reversed from 4965, still holding and most probably
carrying shorts.
Thanks.Trying to be improved student.
@raja paji
Who said Aaj tak is "sabse tez channel"
You are number one...I think I should open a zero balance trading
account with indiainfoline...may be some day they will credit a few crores
I think they should be quite happy...at least the trade will generate
double brokerage!!
@ Murugan,
As long as prices close below the previous day's ema, the uptrend continues and vice versa.
There may be some whipsaws when slain bull/ bear try to revive.
Understand this: Just following one indicator/ method can provide you with results if strict discipline is adhered to.
If not, study few methods and make them into a cohesive system to beat the markets most of the time.
sir,
what is the low ema at 3.00p.m.?
should we carry shorts...
-arpit
It seems if low is done, then a bounce can expxected upto 5020 NS, or else another low upto 4945 cannot be ruled out,
@powertrade
hmm...so what's the speculating mind saying?
Ilango sir, in yr last comment i think it sud b "above" instead of "below".
Thanks
thnx sir
@ arpit,
It is 4963.
reliance for everybody's viewing pleasure
Looks exactly like JNJ chart...when s&p fell close to 10 percent
http://in.quote.com/global/stocks/chart.action?s=RIL-BOM&chartUi.period=V&chartUi.bardensity=HIGH&chartUi.bartype=CANDLE&chartUi.size=650x450&chartUi.minutes=1
Doller Index 87.5.
Hi Ilango, if this is a corrective move to the earlier fall
then we have completed 'a', and 'b' is ongoing. This should
be followed by a 'c' to test 5075-5100 levels?
What would be a confirmation that in fact the corrective is done
and this is the start of the new downmove?
Ilango sir, finally last time plz say carry shorts, so that i can
carry with confidence.
Hi Ilango Sir,
My average short price of Nifty is now @5005. Can i hold it for tomorrow or cover it today itself? Please suggest me.
@ illango sir,
Actually how to check that EMA in charts ? and also tell me in which column of Tech Table tells it, Dont mistake me asking silly questions I am just learning the market , All of your support will be helpful.
@ GG,
I have outlined it as "b" to hold around 4965. However, it is difficult to ascertain this. It could go further down too. Under such a situation, it will imply the weak undercurrent.
"Corrective phase" teaches one the true undercurrents - the strength & weaknesses.
A close below low ema(Day) would warn of a down trend resuming.
Ilango, 4963, is Spot or NF?
Hai everyone
Nifty's second attempt in daily chart for a reversal seems to be failing as well. daily chart updated
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-second-reversal-attempt-in-daily.html
thank you
are we carrying short for tommorrow
sir
4963 or 4968
nifty will opende tomorrow at 4920 or 4965/75
all future levels, it seems in 5 minute '3' rd down upto 4920 then '4' th up upto 4985
@San
Good Quote
All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis.
—Jesse Livermore
Thanks to jesse Livermore
Bye friends.
Bye Sir.
@ Hariarani,
You can hold those shorts. Do some part booking.
@ Sethu,
Is there anything not right in what I explained to Murugan.?
It only implies a simple way of understanding close emas and market's strength & weakness if closes above or below it.
@ Murugan,
You need to explore this site first & study TA and then only ask questions.
Thank you Ilango sir. I am holding shorts.
@ilango sir,
Trying to confirm ur statement "As long as prices close below the previous day's ema, the uptrend continues and vice versa.". Did you mean "above" instead of "below" ? Sorry for questioning this statement. Just getting more confused.
-- gd
Net went down..and completely missed to subscribe to comments of this last post :(
... And I thought it was going to be a boring day.:)
@ yoda
that one would say :) yes,,,
@ Sethu, and golfdude,
It is a terrible mistake.
No excuses.
The correct ststement should read as:
As long as prices close above the previous day's ema, the uptrend continues and vice versa.
Thank you for correcting it and saving many.
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