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 ...
87 comments:
@RG,
:)
Ilango sir, Is it confirmed now that the 5th wave has started?
Anurag
@ Bizagra,
The suggested levels to go long came at the open once surprisingly and later @ 9.10 AM.
wrt to wave sub divisions, you may be right.
wrt to intraday corrections- can take many forms. If more bullish, running upward corrections possible. If not a mild dip to 5290-5300.
Is there a problem in posting comments? only two comments are visible!!!
Sir - 35 - I beg your pardon.
==
aZ : Yes. The one and only... My understanding:
a. Indian markets lack self confidence - looking up to the Globals to clap its run.
b. US markets WEAK - looking up to the Global Markets for Oxygen
c. Euro Markets - Naked Rick man. Even a torn piece of cloth looks great on him.
a and b - unable to sustain +ve moves (Selling happens at peaks). The avalanche cascades on Indian Markets.
So expect the "Pendulam" movement - I don't want Naked Longs or Shorts.
Good Morning to All.
is Nifty facing strong resistance at 5315?
As far as I can make out, 5320 is the weekly resistance.
@ Rajagopal,
You were drilling upto 900..I saw it @ 865..now 868.00
RG,
//Naked Longs or Shorts//..thanks for the punch..me too seriously thinking over it for couple of days..it was good when boarding and dropping from 12/15 buses :)..
should plan such trips again at least till the destination path emerges..
Any Guidance/Directions for Nifty options.
@ manu,
I have uploaded the "9-Hour Rsi" chart.
http://stock2gains.blogspot.com/2010/07/high-risky-trade-grasim.html
please visit
http://stock2gains.blogspot.com/2010/07/high-risky-trade-grasim.html
for a new trade, its a high risky trade, but risk reward ratio favours a trade
Thank u Sir. It will be one of the Apostles in place of the lost jewel-will sell for USD 3.45m a day.
OI Data - additions/reductions:
5200 Put +567800, Call -262250
5300 Put +675700, Call -323450
5400 Put +86800, Call +359450
5400 Call - reduced from +5 lakhs to +3.5 lakhs since morning. 5200 and 5300 Puts both have added OI since morning. So bullishness intact.
I'm wondering if it will go down to 5270 so I can get in again.
Yoda..will send you sweets in bluedart if it comes there :)
Yoda,
Doesn't look like going down.
@Elango Sir
Shall I buy nifty at 5332 FUT now.
hello experts,,
how to chart nifty in 5 min/ 30 min/ hourly in any software, plz guide me..
hello experts,,
which is the best method to chart nifty, in
30 min/ hourly ?? which is the good software for that?
data source ?? any free method/ availble?
sir,
only beacuse of low ema i didnt close my longs
low ema and high ema have guided us very well for last
few days(must have guided earlier too)
somebody plz help me .. i am new here. . :)
Ilango Sir do you track BDI its making new LOW
Yoda said...
I'm wondering if it will go down to 5270 so I can get in again.
I think you were holding long.....long long time ago
Guys .... let me put another system in the mix :-) .. if you are on MT4 then this could be useful
http://www.greattradingsystems.com/Murrey+Math+MT4_VG1.4-metatraderindicator
With Yoda's EMA's , Sir's tech table & advice & the above you will be on your way to be a great +/-20 point trader like me (bleeding to death from a thousand cuts) :-) :-)
@sbk,
Try finance.google.com. Type .NSEI for nifty. There are options for 2 min, 5 min, daily, weekly and some tech indicators are available.
Yoda
chck if blue dart has a service thr
or tell AZ to send me with gcimt4
sir
thanx..asking much can u update the chart of PMV
nifty-hour-spot so that we can mark d waves
@assortZ, that's a deal.:)
@sundar, it's at its weekly R1, shouldn't it do a little fibo step back here to the midpoint between 5240-5320? I think its been resisted for the time being.
Yes, Dinesh Rishi, but I closed it after it hit 5330 NF an hour ago.
@ golfdude ..
Thanks dear .. But i need a software to chart, thats
better i think.. suggest a good one, any free data
source is there??
@sbk,
The link below gives you the Nifty spot chart. You can set your time frame to 30 min, daily etc., by changing the settings option
http://www.google.com/finance?q=NSE:.NSEI
@manu, I'm sure he'll send e-sweets, no need for blue dart.:D
@ manu,
did you get the tisco chart?
"closing below 5200 would be sell for nifty otherwise
buy on dip"
this comment i made 10 days before in this blog.
I am not here to prove myself bcoz nobody can prove
against market. Support and resistance simply gives
direction of market either trend or range or up or down
bcoz it forms in natural, but finding it very difficult
task can possible only with experience and works well.
Need a lot of patience with sit tight.
@ satheesh
thanks .. i need a good software, i wann to draw lines
& all. .. which is the best method ??
thanx satheesh..
i got it..i thought it was sirs as same color combi..
great home work u do..i will mail u
@Krish, I'll definitely check it out thanks.:)
All of us have bled in the market at some time or the other, even if we find it hard to speak about it. As Bansara said, "Back-to-back trades are independent events." Take your courage in hand and go on, you're bound to get better.:)
@sbk,
For daily, use ChartNexus. For hourly etc, take screenshots from Google and then draw lines with a paint program.
Yoda :-) actually its not that bad .. this is the longest period that i am still solvent
hi sundarji, today i traded ongc and now looking for tcs
@ golfdude .. u mean taking photo of google charts?
with camera.. thats not possible very time na?
any good software is ther??
Bharti announced $900m spend budget for its African Safari. Normally our market is like the good Wife. Doesn't like outflow. Stock is up with the high wind. Worthy to bank a Short - may get a scorn when the drunkard gets sober.
manu,
I just maintain what sir has provided us that's all.
5300 CE/PE at open was 65/51. Now 61/59. But no change in 5400. So again 5350-70 range and done.
@ golfdude .. u mean taking photo of google charts?
with camera.. thats not possible very time na?
any good software is ther??
***********************************
funniest thing I have ever heard on this bog... :))
@ sbk
thrz a prnt scrn button on ur keyborad pls use it ...:)
@ sbk & all
try this link may be of any help to u for all scripts
http://www.bazaartrend.com/nsecharts/intraday_free.php
kk
@SBK,
you can use "Chartnexus" for EOD of all BSE, NSE stocks and indexes.
for Intraday Nifty Future - "GCI MT4" (google it, you will get the link)
for intraday nifty spot and major stocks - http://www.bazaartrend.com/nsecharts/intraday_free.php
in all of above three you can draw trendlines and use technical tools.
thanks
Cost guard be ready for shoot take out ur camera
I have held longs for the last few days despite the manic depressive market expressing its mood swing in its maximum glory. It made a manic depressive out of me. But I could hold it keeping in mind a few things.
1) Nifty didn't close below the day low ema even in the most down days. (The importance of the low ema , I came to know only from the tutorials of Ilangoji.)
2) The 4th wave correction and the possibility of the 5th wave were never discarded by Ilangoji, even in the most bearish situations in the last 11 days.
3) Channel break isn't the end of the world. It could signify the beginning of a new impulsive wave. (Again, learnt this from Ilangoji)
4) The whole correction looked like a flag pattern and a downward consolidation has bullish implications most of the time.
So, out of 4, 3 reasons were due to Ilangoji,which saved me from taking a huge loss which could potentially wipe me out. A lot of times I disturbed him in these last few days for which I must apologize.
P.S. For the doubters, Ilangoji posted yesterday at 6.10 pm -- " A decisive move should unfold beyond 5230 to 5260 & 5290...Below is Nifty futures chart - broke below the trendline finally(Is this the final confirmation of the end of 4th wave for the 5th to show itself..!!)."
Note the time of the post. Who had thought about a DIRECTIONAL move after these 11 days' rangebound market, let alone the beginning of the 5th wave?
One request to Ilangoji - Don't try to prove EW or yourself to ANYbody. You already proved that a lot of times and are continuing to do so. This blog, your creation, is a goldmine. I am still searching for more nuggets. Thanks once again.
Thanks Fire, very well written.
Sundar.
@ teejay
hhaaa. .. Dear, i am not expert, thats why i called u exper..
taking snapshot, means taking photo for me..
now understood .. thanks. .. hahhaa
Leaving TA aside (in which he is superb) the other big takeway for me from ilango sir was moving out of options & stepping into futures ... trade & risk management is so much easier
i think NF will touch 5350 till EUR. markets open - anyone pl.? also, it should continue its bull-run and close around 5380-85
Hi Friends,
Here is today's file for Bank Nifty and Nifty for MySAR_A.
You can see from the files that for today MySAR_A is 5239 for Nifty and 9384 for Bank Nifty. (This are for positional traders only)Of course, one can book profit partially and again trade accordingly.
http://www.4shared.com/document/-DPmY3I3/NF_BNF_MySAR_A.html
Due to lack of time I cannot calculate MySAR_A levels for other Nifty 50 stocks. Sorry for the trouble caused, but will arrange from the next week to give MySAR_A levels for Nifty 50 regularly.
Asian markets are consistenly trading higher today..except SC which -6
@ teejay
donn feel bad , i am of 16 yrs old..
not knowing many things, i trade with my brothers account..
thank you guysss. ..
OI DATA:
11.00
5200 Put +567800, Call -262250
5300 Put +675700, Call -323450
5400 Put +86800, Call +359450
12.00
5200 Put +684000, Call -278000
5300 Put +914600, Call -314200
5400 Put +116300, Call +349800
See the increase in Put OI, compared to Call OI.
More bullish.
Sir,Sundar,aZ,Satheesh,
Kindly keep posting hourly values please. Due to net problem, Sir's table/charts do not open properly. What is 11 am values Spot?
Hai everyone
Three important resistance points for nifty futures
http://niftychartsandpatterns.blogspot.com/2010/07/three-important-resistance-points-for.html
Thank you
hi ilango
pls open price
@ sbk
its ok thts how we learn new things ...
even I realise today only tht google intraday charts are just 1 min delayed , compared to yahoo charts which is 15 min delayed for stocks :)
@ gauresh59
Thnx for spreadsheet
reguest to update & POST BEFORE market
NIFTY & Bank Nifty
thnx again
kk
Sir,
if i look back past 1.5 to 2 months trade, Your BN views ( may be its your critic ) given more profit than Nifty for me. BN Swing happened both the sides around 500 to 600 points.
FIRE,
Nicely put..appreciate it..
@sbk ... 16 & trading ... when i was 16 mom used to escort me to school :-) :-) (just joking)
11.00 - O-5311.65, H-5318.7, L-5310.80, C-5320.40
12.00 - O-5314.30, H-5320.50, L-5308.70, C--5320.40
Dear @ All!
Fire's interpretation is really encouraging for all new comers & existing traders. Thats why i requested everbody to learn & implement, instead of asking every time & trade. By learning & executing only, one may be independent, comfortable & profitable. One more advise that dont listen too much analysts either u wl b confuse all d times, bcoz who is advising u on basis of his intution or date basis theory, they disappear totally when Market goes against them.
Rgrds,
KUMAR
Have you noted this?
From 15.07.10 the margin requirement for Stock Futures is reduced to 5% from current 10%. Kindly check with your Brokers. (Most will say "we don't know").
Avail it. Exploit it.
Sorry, 11.00 Close 5314.80
Dear Ilangoji,
kindly look at USDOLLAR index chart and we r very close to critical support zone near 83.34 as 61.8% retracement of last upmove and trendline support also.indicators in short time frame and long time frame are in diff direction.will u please analyse and give yr comments on it and its impact on equity markets.
Pankaj Shah
thanks, gauresh, looks terrific.:) Please post regularly what yourSAR is saying.
@sbk, good for you. Does your brother know?:)
@teejay, thanks for mentioning abt google stocks - I'll definitely switch from yahoo's 15min delayed ones, grrr.
@ teejay hmm.. thanks. . but i am not able to use that
print scan button.. something wrong..
@ Krish :)
I have noticed mini down to 40 from 60 for IB, RG. I haven't paid much attn to the NF brokerage.
@ Yoda yes he knows, i usually donn make losses ..
so he is happy :)
RG sir,
8/7/2010 11:00 5,311.65 5,318.70 5,310.80 5,314.80
8/7/2010 12:00 5,314.30 5,320.50 5,308.70 5,320.35
rajgopal, do you have any link mentioning that it is so "OFFICIAL" then I can send that to my broker...
Ilango sir,
Is it a -ve divergence in 9 hr rsi charts? or is it just due to the huge gap up opening? Do divergences work in the 5th wave?
dow futures has broken low and europe futures too has given up mornings gains maybe profit booking may set in
NEW POST DONE.
Hi Guys
Would you advice going long positionally at this point or should we wait for a dip ?
@sbk,
download Greenshot software - it is a free screen capture software.
Please stop referring atleast me as "dear". Very creapy to me.
Thanks
@Fire,
Good one on ilango sir's analysis.
@ilango sir,
I had asked a question yesterday on how to interpret 5EMA and Day High EMA relationship. So if Close is above 5EMA and below HEMA and viceversa ?
Thanks
I did another paper trade on Yoda's spreadsheet - profitable even after the gap up opening. Closed it because of 5320 resistance although spreadsheet still has a "Long" status.
hi
ilango sir,
plz update abt us dollar ?
regards,
alpesh
@ yoda
you can see the charm of MySAR_A levels from Column H wherein green and orange colour specify how you can get benefits by trading positionally applying these levels even on closing basis. And if you can apply them during the market hours, you can have more benefits, only thing is to stick to these levels perfectly.
5300 CE?PE 61/61 but 4L puts unwound in 5200. Is this how they keep it at 5320.
Optical illusions to invite shorts?
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