My gratefulness extends to those technical analysis developers- Gerald Appel (Macd), Wells Wilder (Rsi), George Lane (Stochastics), Leonardo Fibonacci (Fibonacci retracements)as well as fundamental analysis expert Peter Lynch (Fundamental analysis).
Truly blessed we would be if we can make the best use of their works and educate a few in our life times.
The 4th wave ended by breaking the channel bottom & reversed sharply, a typical trait of the 5th wave. Note also the 3rd wave (5367) ended by overshooting the channel top, a trait of 3rd waves in general.
A simple calculation gives 5522 as the target for the 5th wave. (5210+312(5098-4786)=5522)
A move above 5325 would confirm a break above the corrective channel from 5367 to 5210. In the end, it turned out to be a shallow one only with a dramatic ending this morning.
The crucial "Monthly TA" turned up firmly after whipsawing for the last two days. This could set up for a very big move provided certain levels are held.
22 comments:
Thanks For Such a Nice Post Sir,
Regards,
Nifty Tips
Hi Ilango,
Kudos to you for the documentation and explanation that you have been putting up.
Would certainly like to meet you in person,maybe for a few minutes.
Sam Cambatta,
MUMBAI
Ilango sir......i doubt it :)!
either you are big time FII or a "underworld" market maker, if not how could you conclude 5260 is the deciding bottom.......
either you teach me all the things or will complain to sebi....
'NO' regards till you spoonfeed me..
@Ilango
The Excel Sheet (trading plan) works...it always works...it doesnt guarantee you profits but then it saves you unnecessary from losses too.....without a trading plan..its like this;
http://2.bp.blogspot.com/_88fjmcdhjs8/TCs19fgbskI/AAAAAAAACUI/tiKNY6WvLyE/s1600/30-06-2010+5-31-25+PM.png
Infact it does not even matter weather one follows EW or simple trendlines or MA's or patterns or anyother form of TA.....what matters is that one follows whatever one follows with CONVICTION!!!
Yesterday I posted an youtube link which many must have missed (my mistake shouldnt have posted OT links during market hours)...but friends should take a few minutes off and see it...this is what self sabotage (what many experts warn against) is all about;
http://www.youtube.com/watch?v=M7Ddmf8VNDQ
Cheers!!!
@illango
so nice of you...every day i seemed to learned something from your blog...its amazing..when i see myself 2 years back and what i am today..thanks to you..i remained a silent observer for 6-8 months to understand your views, initially your charts r aliens for me..now i miss them every now and then...
god bless you..for such a selfless effort, to educate people around your family(Just nifty)....
A nice quote,
Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.
—Charles Dow
its me only above, i just post this mesaage while i am on orkut..sorry for inconvenience in recognising...
Ilango, excellent work although i understand nothing of these charts but being on this blog helps! Wud it be possible for you to also put a simple guideline like "it would be nice to buy at so and so level today...." i mean, you don't have to say "Buy it".....u can put a projection....
Ilango Sir,
You are truely excelling ur excel sheet.
Bravo!!! Just learning how to stick to the system you believe in.
Salute to ur 5EMA system & three Salutes to You who is stictly following it.
Dear Ilango,
Thanks a lot for your timely studious guidance. To day you took me in to flash back by posting the following one “The 4th wave ended by breaking the channel bottom & reversed sharply, a typical trait of the 5th wave”.
I would like to share my personal experience here. Few years ago I lost then my major part of the capital by shorting, due to this 5’Th wave wild move. How can I forget it? At that time too all parameters and conditions were favorable for bears, but the fifth wave started (At that time I was not aware of the said) and that wild move erased my major part of the capital. I waited for market to correct for “proper “exit but market never gave me a chance as per my “wish”. The specialty of this wave, what I understood by my personal experience is that The Trader Never Believe in This Move because He/She never expects this kind of market journey due to market conditions. So he /she keep him/her self mum and stunned.
Here I am not suggesting, predicting or guiding something but at that time I asked seniors traders, why this happened to me and they told me that it was the 5th wave. Today’s post is recollection of the memories for me.Thanks.
hello ilango sir thanks for the chart.
hi mynac
hi anil
Ilango Sir,
I am confused... in ur calculation of 5522.... u have taken
5098-4786.... why 5098???I understood the imp of 5210 n 4786 but 5098???
Sir please clarify.
Thanks n Regards,
Neha
@ Neha
I am learning EW. My attempt on wave count on daily eod chart.
1. 4786 - 5098
2. 5098 - 4976
3. 4976 - 5365
4. 5365 - 5210
5. 5210 - under way
We have sub and sub waves within these waves for which an expert volunteer here may like to narrate in this box format as done above for eod.
Each wave has rules governed by Fibonacci parameters to which extent the 'probability' of the next wave can move.
You can also count the days / time taken for each wave count and project time expected for forthcoming waves.
Do confirm, Neha, if this has been helpful.
@ YODA
TY very much for the excel sheet and simple strategy I request you to share how you count the hourly hourly volatality factor. Please elaborate, I am sorry If you have explained it before and i have missed it ,to bother you
Dear mynac,
Thank you for sharing 'costly' experience.
We are really lucky, getting knowledge from experienced persons - Ilango, mynac, RG, Yoda & more...
@Bhavan,
Just the hourly High minus the hourly Low.:)
It's not the vix, but gives a good indication of how volatile the prices are.
@mynac, I burned my fingers badly on the last one too. It looked highly illogical to me - I still haven't recovered my balance from the last 5th wave experience.
Dear Sir,
i have obseved that in last 6-7 months whenever nifty retraced to 21dema(today level was 5222,yesterday was 5213) it has retraced to 55dema in 4-5 trading sessions and then either more downside or sharp bounce occured,will nifty try to do same of retesting 55dema line (todays level is 5167 may move upto 5180-90 in 3-4 trading days)or is time to go long boldly with sl near 5210
http://blog.afraidtotrade.com/writing-the-obituary-for-the-stock-market/
Trade summary ( for total trades till now )
+
Functioning of a volume price trader ( VPT )
NEW POST DONE
please visit the following link
http://stock2gains.blogspot.com/2010/06/trade-summary-functioning-of-volume.html
also find a SAI baba bhajan as its a SAI vaar today
OM SAI RAM
thanks
regards
There are three kinds of people in the world, the wills, the won'ts and the can'ts. The first accomplish everything; the second oppose everything; the third fail in everything.
Eclectic Magazine
:)
Ilango GM
Please note that your Elliot wave link
Part-i & part-ii has same contents
US Market - BEARS took over in the last hour to make a mockery of positive trend....so asia is trending lower today :-(
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