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 ...
61 comments:
OMG! Towards 5344NS during the hour. Mr 2.30 will fuel it?
sir,
Can we consider close above 5321 high EMA - will support positional longs?
I believe there will be another “good fight ” within Wednesday..to test the 5280/60 levels to conquer the monthly closing levels..
@Rajagopal
Can we expect Tuesday correction upto 5262/5220 levels.
sryasdmurali : NIFTY's mobile switched off. Cudn't speak to him. What do I know? I am one lame goat in the crowd of goats who are gleefully walking to the slaughter...
Hi Ilango,
Both a fast rise setup as well as at trendline resistance.
Short below 5305 and long above 5330.
@RG,
Request you to make a conference call once mobile is on..:)
@RG
many midcap scrips given range breakout, still now it seems some steam still left first upto 5340 then may be 5360...this midcap is holding throughout the day..now they come out of range..lets see if it works...
Noted Anil. I remember one sane man warning "the bubble is ready to burst when penny stocks peak". Just keep looking over the shoulder.(If u can c Europe fine).
res. ilango sir,
nifty futures hour link not working. when i try to open site says - incorrect contract name: invalid quote status nifty fo-nsf. please help
@ Sanju,
Thank you. I will check the link this evening.
Sir NS comes to 5328
Should shorts still hold or exit?
VIX Equity:
Thank you Mr Market for obliging. Kick the bike please.
Scrip Name Target CMP Status
BPCL 644.22 654.20 Done
CIPLA 351.67 352.00 Done
HEROHONDA 2084.90 2057.75 Fuel Problem
IDEA 57.93 59.25 Done
ONGC 1293.57 1331.40 Done
RELCAP 788.76 787.70 Done
RELICOMM 198.91 207.80 Done
RIL 1080.02 1090.00 Done
http://www.brameshtechanalysis.com/index.php/2010/06/technical-analysis-for-tata-motorshbl-powersasken-and-finolex-cables/
Few short term trading calls
@ musti,
"5332" is the channel resistance.
14-Hour rsi has given an advance break out indication. These are not abosolute ones but indicative.
The second wave correction took 7 days. This one has already taken only 6 days.
A shallow correction is quite bullish for the uptrend.
Act accordingly.
@Ilango and Sanju
I hold a Phd wrt quote.com operation!!
In the symbol box use this code
NIFTY 1!-NSF
instead of NIFTY F0-NSF
Cheers
F&O-Longs
Scrip Name Target CMP Status
ABANLOYD 785.36 779.75 Waiting?
ESSAROIL 141.75 144.85 Done
IBREALEST 158.19 158.70 Done
IDEA 58.18 59.10 Done
NOTOLLCO 31.95 32.25 Done
RELINATU 70.29 67.90 Waiting?
RIL 1090.23 1094.85 Done
thank you ilango sir
@all
5300 call writers mainly intraday who seems to be holding OI 12-13% since midday,,,are covering their positions...on other side 5300 put shown good buildup sign..a good follow up required till closing for further action...
Another point I want to add:
If you have been noticing the day sma and ema posted at the bottom of the tech table every evening, only the 55 ema was below 55 sma for a long time and today it will move above 55 sma giving the final push upwards.
The Child is blowing the balloon to the hilt. Mr Rao is walking towards the child with a needle in hand.
@ Anuj,
I told ya., you are a cracked pot.
Thank you for these flowers.
@rajgopal
i agree
i assume tomorrow is a day to book out our nifty & stock specific longs
thanks anuj, your idea is working, great
Ilango
sir 5332 crossed in spot can i exit from nifty fut short or carry for tomorrow
@Rajagopal
Finally Ilango messed up with something... English!!
@Ilango
you mean "crackpot" right?
:))
Hi Ilango,
Is this a valid assumption that since the gapup has been from
below Day Low EMA, this rally will be a weak one and it must revist
the 5270 levels atleast before the actual upmove?
This current move above 5330 could be more of a fakeout than a breakout?
A close above 5327 will bring back the daily upward momentum.
@ Anuj,
Noooooooo., It is "Cracked".
@ GG,
It could be the "b" wave within the 4th wave - the fake up or, it is the start of the 5th wave.
No clues yet.
Sir,
Then today’s close will be exactly at 5327 :)..to leave us keep guessing and carry both shorts and longs home..
BREAKING NEWS
ABAN CAUGHT FIRE
this time the stock price, not the RIG
grrrr 'b' waves are really chinese torture :)
ilango, can we go long if nifty spot close above 5327??
yeah assortz - this is really frustrating.
i think the best way to play 'b' waves is to go against what the
tech table tells you to :)
Price indicate UP move tomorrow.
Scrip Name HIGH-Rs
ACC 883.57
AXISBANK 1282.75
BHARTI 272.41
BHEL 2509.56
BPCL 665.55
DLF 298.62
GRASIM 1871.31
GUJAMBUJA 119.89
HDFC 3016.11
HEROHONDA 2077.95
HINDALCO 155.38
IDEA 60.23
INFOSYS 2844.54
L&T 1829.03
M&M 637.54
MARUTIUD 1414.45
NALCO 440.96
NTPC 201.08
ONGC 1335.04
POWERGRID 103.95
RANBAXY 463.10
REL 1241.16
RELCAP 805.63
RIL 1107.25
RPOWER 176.69
SAIL 202.56
SIEMENS 750.90
SUNPHARM 1819.37
SUZENER 59.21
TATAMOTORS 804.36
TATAPOW 1341.16
TISCO 513.46
UNITECH 76.81
dear jay sir, do you see NS closing below 5325.?
regards
(nice blogging)
Ilango - Anuj let's reach a compromise. You are a Jackpot to us.(cracked or not).
@ Ravi,
Yes, You can. But remember, if it turns out to be the "b" wave within the correction, then another round of selling is possible. So keep that in mind.
ok
Rajagopal said...
OMG! Towards 5344NS during the hour. Mr 2.30 will fuel it?
June 28, 2010 2:13 PM
===
Dear PS Monday worked.
Rochak,
Have a look PIPAVAV,made low 93.50 which is 50% retrace from 104.95 % again bounced smartly with good volume & still roaring like tiger.......
my tgt was the same as before as 100.10 first then 102.50 which are very crucial.
It's just for your information as i have bought & average some qty at exact 93.55 level & hold till my tgts minimum
Thanks & regards,
Pradhan
Very Tricky : In a 60 point upmove, SBI lost 60 paise !!! During the last 5 sessions, it has lost >Rs 100(saw it at 5402). Does it mean market has "built in" the rate revision -ve effect into the banking sector?
Oot compensation trading idea!!
Positional trade
Short bank nifty future at CMP
Stop loss 9620
target 9420
....but what if tomorrow is a gap up?
Ilangoji,
Just came and took longs @ 5338 NF levels. everything points out to a bullish scenerio as you have already stated. But this b wave business is scaring me a bit. What could be the SL here protecting us from such a scenerio?
Also, the total premium of NF got eaten from Rs. 10-12 to nothing.
mr pradhan
happy for you
that s what a good trade, or rather successful trade based on our disciplined approach does for us, i.e. boost confidence in us.
i hhope u keep booking profits also if not then partially & trailing the rest b coz we should always respect what markets offer us.
regards
@ Fire,
5300 should be the SL.
Ilangoji,
Thanks.The premium is again about Rs. 10. A closing above 5327 is also assured.
VAH : 5340
POC : 5337
VAL : 5313
@ Pawan,
VAH closer to POC is likely to be a gap up..??
Yes sir
@all,
all price oscillator and ROC setup tells, momentum is up...it seems '4' th got over...a breakout above channel will confirm it...
ilango..will u give a short explain here whats vah and poc..if no time then give the full form..
Hai everyone
Nifty futures 5 minutes chart.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-futures-5-minutes-chart.html
Thank you
Bye Sir. Bye Friends.
@ ravi,
Type market Profile in the "Search this blog" - you will get all the previous discussions on this subject as well as a detailed write up by "Viren", a market profile exponent.
Thanks Rochak for your advise as i will sure book out maximum in next swings.
And re enter in deep around 88 & some odd level
Let's see for better.
Regards,
Pradhan
ok ilango will do..and alos i have a plan to printout the sar signals and techtable reading. and will do a serious walk on that. thank u verymuch ilango ...verymuch
Hai everyone
Those who followed the hour chart of nifty would have made some low risk entries in the past few days. The below chart was posted today morning and updated now. See how the channel gives the easiest of entries.
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-hourly-chart-in-channel.html
Thank you
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