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 ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
71 comments:
Ilango Sir, there is lot of unrest visible in NF today - refusing to go above 5390.....it is heavy buying in stocks like INFY, TATA MOTORS, FORTIS, SBIN etc. that is keeping the market up......quen dit vous?
Sir & Family..
Gm..
labelling that day made the difference..
liquidity too flowing..
sir"The week of RIL" means ?
also asia is slowly growing down.....any concerns?
GM to Ilango Sir and All.
"gowing down"
"RIL" looks set for a big move. Initially towards 1090 after breaking past 1070.
Once it moves past 1090, it amount to big break out.
NEW HIGHs made unlike any other world market.
Ha Ha Ha- In this blog four days before one person said that
5400 won't come but today has came and also challenge
market and others which shows his inexperience. Please
dont do that again this kind of childish activity which
create panic among traders.
Sir
Part book done
A SALUTE TO THE MASTER.
@ KKay,
That is a very good & correct guess.
@ S (S.Nagarajan),
Thank you. How are you doing..? Coimbatore has been fought for by DMK/ AIDMK with such determination.. Good people to fight for.
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Guess who commented first in my blog..??
You must answer without verifying - honestly.
A clue: That person has commented today too.
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@AM,
Enough has been talked abt that person. So let us leave it behind.
KKay ??!!
May be its you only sir :)
its YODA????
Yoda?
@ Manoj(Tryin2Trade),
Correct. Lady Luck smiled on this blog.
@AM,
This site is for those who understand Prof. Ilango's language & academics; AND people like AM are pure touts who find this site as a hurdle to their gimmicks.
SB from Calcutta
Hi Everybody!
I was out of town since 3 days but today when Nifty is 5400, then missing those challenging voices who were damn sure on basis of some dates theory that "No 5400 FOR NIFTY". I request them to come forward & pls tell something upon their own wonderful analysis. I hope Market have shut their mouth this time again so its better for them to take a lesson & try to be a follower next time instead of a great predictor.
Rgrds,
KUMAR
@A.M. I believe he said that he will quit trading if it
happens. So we had 5400 today.
Ilango Sir - Nikkei in red zone - anything to be cautious? pl. advise.
5400 ce/pe - 76/21 at open, 75/26 now.
5300 ce/pe - 57/71 at open, 56/76 now.
Intraday OI changes sometimes doesnt stick sometime at EOD. But last week, it stuck everyday. So this runup might go on if they work 5400 to even this week.
Mr Vix indicates another 20 point upside?
Scrip Name Target CMP STATUS
AXISBANK 1294.03 1285.00 Pending
BHARTI 316.49 312.70 Pending
BHEL 2426.72 2426.60 Done
BPCL 732.20 715.40 Doubt-OB
DLF 302.28 304.30 Done
GRASIM 1937.51 1913.80 Doubt-OB
HDFCBANK 2039.01 2049.00 Done
HINDALCO 152.50 151.50 Pending
ICICIBANK 894.86 887.75 Pending
IDEA 69.38 69.55 Done
INFOSYS 2913.24 2910.00 Done
M&M 650.09 648.00 Done
MARUTIUD 1449.28 1435.00 Pending
ONGC 1320.70 1304.00 Pending
RANBAXY 468.59 465.00 Pending
RELICOMM 198.56 195.00 Pending
SAIL 198.25 200.00 Done
SBI 2402.97 2392.90 Pending
TATAMOTORS 786.79 792.25 Done
TATAPOW 1331.69 1320.15 Pending
TISCO 507.26 506.00 Done
WIPRO 406.90 408.40 Done
@ Janak,
We haven't seen any price weakness in our markets though the minimum requirement for a 5-waves has been met with.
I suggested "ONLY Part booking". If it falls below 5375 today, that is "intra weakness". A close below "Day High ema"- one can sell.
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Let us not have any negative thoughts both while trading and otherwise too.
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Hi Everybody!
As of now i m looking one short term trade to go short in Nifty between 5405-5385 with stop loss of 5415 & target will be 5335 in 2-3 days. The advantage of this trade is mainly risk-reward ratio.
Rgrds,
KUMAR
@illango
Yups I remember when I also started blogging...it was you/lee/yoda and SS... as regulars...
Lady Luck.....LUCK BE A LADY ToNITE!!!!
Cheers!!!!
Sir,
Wish you and “JUST NIFTY” a happy never ending long life :)
thnx ilango-san. I agree. Let us think positive only.
Hai everyone
I am posting the Nifty sport chart with break outs from hourly consolidation. Look how the break outs happen most of them are gap ups. The clues from price was not there during intraday.
Those brave hearts who carried their positions overnight would have benefited a lot.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-consolidation-and-break-outs.html
Thank you
@ Sir - Guess.. Who request you to post "week end" technical lessons and morals? that too a "LADY LUCK"
regards
This is victory for our master
this is victory for our T.A.
This is victory for our Trader
This is victory for our Trend follower
This is victory for given lesson to predictors
O.k. boss i now leave this matter bye bye
@San,
Good point. Myself and a friend have been discussing this point - doesnt that mean that we are not having new money coming in ? So we feel that we might crash also fast. 5200s by expiry. Our reasoning is also based on fact that FIIs ( although they covered 3000Cr last week ) are still 3000Cr short.
Good morning sir & friends !!
Sir
Since nifty made a new high we can now say a -ve divergence is visible on daily charts ?
So Sir - The Lionesses came early. No wonder your kingdom is well protected. Long Live - spreading Joy and Knowledge.
Thank you Yoda and Sujatha for your lucky charms.
Ilango Sir,
The correction of wave 1 of 5 was a zig zag..... so by rule
of alternation shudnt wave 4 be a flat??... whats happening rite now looks like a
zig zag tho???
Does that mean wave 3 of 5 is not over yet??
gm sir and friends,
sir congratulations. u have made a difference
to lives of many.may the show never end.
rgsir bpcl and tmf doing as u told
@ Manni,
Most of the TA is calculated with close price except for Stochastics. Hence, a close above 5353 is a minimum requirement to develop a -ve divergence. Better would be a close near 5400.
@ Sujatha,
Refresh my memory...reg the weekend lessons.
By the way if you believe in waves ...
Apr 07 - May 25 = 49 days(move broken up in 4+3 weeks)
May 25 - Jul 11 = 49 days (move broken up in 3+4 weeks)
Jul 12~14 would be make or break (at least for me)
Got it....Thanks for d clarification sir :)
Hi Everybody!
Those who have gone short between 5405-5385, may add more shorts in rally bcoz stop loss 5415 is providing very much favourable risk-reward ratio this time.
Rgrds,
KUMAR
@golfdude
The short trade may just work out. The dow and s&p is making its way back to the 200 day moving average. So if those markets find resistance there the shorts will start building up.
Thank you
Good morning folks. Thanks Ilango for part booking call. I booked profits on my 5300 call.
San you are right about holding for overnight. I traded this 5300 calls many times from the 5200 lows and intra day profits were very poor.
PS : Hi. It is just "Market listens to everybody at times and Nobody at times". Be happy when it does. (Yes Bank is also in the list for + from 270).
Could we get a spinning top candlestick today???
sir,
your undertone seem bullish and since HEMA is holding, can we initiate longs again here ? Plz advise.
regards
BEWARE - CAUTION:
May IIP at 11.5% vs expectation of 16.2%
@ Neha,
The "a" wave of that zigzag was from 5297 to 5253 = 44 points.
The flat correction too can have its "a" falling upto 5358 approximately and continue into a flat or triangle.
There are other alternatives too. Such minor wave monitoring need to be done in a "balanced way".
THANK YOU SIR :)
I sold partially some of my stocks and futures based on the IIP news. Was this expected ( priced in ) ?
@ Ka,
If you enter at these levels, the risk/reward is not that favourable. Around 5360(Hour low ema)- you can attempt with a SL @ 5335.(Week High ema)
yes sir....at present am contemplating that...you replied...thank you.
Volumes on the downside are huge.
Hai everyone
Nifty spot 5 minutes chart. The price is trying to fill the gap.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-5-minutes-chart.html
Thank you
Interesting how news break out in important timeframes.
On a lighter note .. take a couple of gravestone doji add a dash of harami as per taste and stir with a spinning top to make a perfect brew ;-).
S
A close near 5375 @ 12.00 would give "Evening star" formation (Candle stick analysis) which is a reversal pattern for "Hour time frame.
9.00 to 11.00 am 54 lacs nifty
11.00 to 11.30 am 29.77 lacs nifty
hi dear sir at this level we can sell bank nifty ?
buz it is touch rounding bottom of high
so can i sell at this level?
plz give me suggestion /
regards,
alpesh
Sir appearance of "The stars" confirm the trend if it is preceded by the Doji. Have u spotted the Doji ?
Folks, sorry if I seemed to imply more than 20 - 30 pts - I meant just that. The uptrend is *very much on*! Don't go selling now. lol.
Yes, I think I was first, but in all fairness though I knew about the blog first because Jay told me.:)
Ilango sir, reversal pattern in hour time frame means? for conservative traders.
Sud we go short?
Thanks
@ alpesh,
That was our plan that "Near 9800, BN might face resistance & may correct upto 9650". The high made was 9800+.
You can with a small SL @ 9825.
The other view is that "Above 9730, it is a break out for higher levels."
Till a decisiveness does not show, stay with the trend, part book, part sell in small qty with small SL.
@ Rajagopal,
"Doji" was spotted at 11.00AM candle. Now if the 12.00Noon candle is one long down one with a close near 5375, that would be a reversal pattern.
If the 1.00PM candle goes back up, that would negate this reversal.
Generally such a reversal pattern developing near the top with OB readings give good trading ops. (All these are in Hour time frame only)
My 2 cents...
Too many gaps ( gap ups ) without real volume fill.
Sir Noted. Just started lighting these candles. Very interesting. Thank you.
@ Bizagra,
You sell first aggressively and then if the prices persist downwards, Hold the same as positional.
Evening start formed in hourly and there is no big news going to come in till 1 pm or even till day close. With bad IIP numbers, markets will sink to lower levels with Dow also in negative.
sir can i short nifty at 5365 as spot nifty is below high ema if i am wrong please correct me
NEW POST DONE.
"because Jay told me"
Sir - then the credit is unfair. It is based on "inside information" - it was an "insider trading".
reliance instead of giving breakout is looking weak. nifty cannot sustain without reliance performing well
lol, RG, true, but I've declared it.:D
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