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...
50 comments:
Ilangoji,
Thanks. Learning from you as always. Another question, what would be the invalidation point of the 5th of 5th possibilty? And if any new high gets counted as the "b", then would it be an Irregular correction? If its a B wave or a 5th of 5th, what are the min. and max. expectations for both? Perhaps disturbing you too much but begging your indulgence.
@ fire
Technically, i am also looking for sir, like what could be maximum possibilty for bulls, is there is any. Also, my broker is making hue and cry to everyone of his clients to go short or to sell delv holdings. If it is same scenario at other brokers also??
@ Fire,
I just can not say the maximum as Nifty has been oscillating in a band of 4500-5400 for a while...long long time.
Besides those two bullish scenarios, other possibilities too exist depending on price unfolding.
Similarly the bearish scenario too in contention - the bounce off 5357 lows after a 5 wave dn from 5453 may have got over and a fall to 5310-5330 if 5365 broken.
And deeper correction to 5270 - a weekly channel bottom or lower to the next bottom @ 5200.
Coming to your current question: 5th of 5th, if there is, may go up by 110 points(from the 4th low -yet to confirm) as per the equality to 5th.
Irregular "b" could go higher by 10-30 points more than 5453.
sir,
will buying of aug puts of nifty and bnf will be
a good idea?
"5380-5385" is holding presently for a "Low risk Long" here with a S&R below 5380.
If this upmove stalls @ 5395-5405 again, Sell.
Ilango sir , yr view given for intraday or conservatives also?
Thanks
hi dear sir ,
this nf velue or nf spot?
alpesh
@ PS,
Buying Puts of August is based on certain aggressive readings(breadth, OB, -ve div) and not confirmed by prices yet. If you buy them, You should manage them well with position sizing and Sl.
Ilango Sir, if one wants to keep NF long for tomorrow - what should we think about that 23 hrs NF trading? because, here if the market closes at 5430 (for eg) - by tomorrow morning, it may have gone 100 points up or down....
@ bizagra,
It is for intraday only.
@ alpesh,
All are spot levels.
Some more on the new trading hours - its for a different kind of dollar-valued nifty future: http://economictimes.indiatimes.com/markets/indices/Nifty-futures-to-be-traded-on-Chicago-exchange-from-July-19/articleshow/6173268.cms
And it shouldn't really affect us - its a deal between CME Global and NSE:
http://www.dnaindia.com/money/report_nse-chicago-me-in-cross-list-deal_1357810
yoda, hi,
this info is very supportive and informative
:) ty
thank u sir
Ilangoji,
Thanks a lot. To my understanding, if Nifty breaks 5365, then B got terminated @5409 and C unfolded for tgt of 5312, if A=C? Is it right?
On the other hand, if 4th wave low gets confirmed @ 5360, then we get a tgt of 5470. In case of an irregular B, it may get @ 5460-80. So can we take positional shorts with a SL above 5530 levels if Nifty reaches 5460-5480 levels?
@ Janak,
Trade by your method alone.
"23 Hours trade" or not, things will remain the same. We have had gap downs and ups.
Gold has been traded 24 hours. Oil is traded 24 hours. We have stocks with underlying of gold & oil.
My point is why worry over "things which are beyond our control". Some may manipulate it few times. It may affect the very short term traders a bit. Positional traders will not be affected. If that happens, we will evolve in the new set up.
"Euro" is impulsing up.
@ Fire,
You have got it crystal clear.
About selling @ 5460-5480, "we will cross the bridge when we get there".
@ sir
Your green messages also make market lusture green.
Also, i am long in nifty 4 lots ,from last 3 days , but not able to trade it. For very short term, can you devise a plan.
Ilangoji,
Thanks for the undeserved encouragement.
hi mok,
Good to see your browser is working today as well.:)
there is put writing shifting to 5400 strike after 5300 strike has been fully written (nearing 1 crore on 5300 puts)..higher side 5500 calls still hold max OI (more than a crore)
intermittent here yoda,
in these hiccups i forget to wish
friends and ilango sir,
good afternoon Sir,
and friends
@ Mok,
I have reduced the posts to Two for easy access. If trouble persists loading, will further reduce it to "one".
My critic, Shivaprasad, keeps telling me to "avoid wishing" & get straight to the point.
I tell him, "most of them do it also to let everyone know their presence".
The set up today seems not that much encouraging ......... the hourly charts are no showing any buying momentum ......
conflence of 5hour lowema 5384 5dayema 5382 supporting and the 5hourema 5394 5hour higema 5403 3day highema 5404
making the limits :)
@all
HOurly BB squeezing, a large move ahead..watch it closely...
http://www.cmegroup.com/market-data/delayed-quotes/equities.html
Dear ILango sir!
I have a Nifty put, what i shud do? I bought Nifty but unable to trade, can u help me? What is ur view on Reliance etc. Sir if u will not give a bitter dose, nobody will try to take help of ur precious table. kindly give a strong msg to everyone including me to avoid these kind of childish questions? Sorry for my msg if i m wrong?
Rgrds,
KUMAR
http://www.cmegroup.com/trading/equity-index/international-index/emini-sandp-cnx-nifty-50-futures_quotes_globex.html
Sir,
i think blogger plays a role in these intermittent access also.
some problem at google level, sometimes the loadings very lengthy.
greetings, :) point taken sir, among family one can rush in and get on with doing what one needs to, with the greetings always an understood undercurrent :)
HELLO FRIENDS
RAJESH EXPORTS & REL CAPITAL tgts also met
. 6 calls in 24 hours time, all hit tgts.
this is the power of volume to price , analysis
Bull reading the intra chart:
Correction to the upmove from 5363 to 5409 ended at 5380 and a new upmove is on.
Bear reading the intra chart:
A 5-wave down is over from 5409 to 5380 and a corrective "abc" in 3 wave form over @ 5399 and a next down move is on.
Both are right so far. Now in the next move, one of them will disappear.
"5385 - 5405" would decide that.
:)
this is the kind of presentation [sir's green box above] that RV will be happy to snatch on at a future date and compile for a future presentation of a future cake :)
Kumar,
Not everyone here is a matured traders and lot of new people visit here every day..they can start with those kind of conversation only. In due course, they will for sure understand that this place is not for what they meant but it offers something new.. they will also understand what kind of questions deserve answers.. it will all happen slowly..so, pls be calm :)
Above statement is my personal experience..:)
Thanks a lot sir ..................
@ sir
thanks a lot for your last message, to make things crystal clear. As of now, as i holding longs on weekly basis, market is not enough margin for exits.
Your last message made things crystal clear. Thanks
fresh buy suggested, please visit my blog
stock2gains.blogspot.com
Just a thought...
The market uses the majority of the traders as a contrarion indicator.
Market should shoot up now.
I've got one surefire indicator for a move up - though it sounds a bit weird.:)
When the BB collapses but forms a bird-head-like formation, it's going to go up. If it looks like a reversed nike-whoosh, it goes down. How's that for TA?:p
while Infy is supporting the markets, RIl is dragging it down.
Yoda, BB compressions do say a lot, the direction when expansion comes depends.
Definitely wont say weird :)
@ yoda
if it rises its good.
Sir; it is perplexing to know that with such significant buying volumes from the tick charts of pib the NF is not showing any corresponding rise. Could you please explain?
@Bhavan,
High volume with no price response denotes Distribution at the top and Accumulation at the bottom. Now you decise yourself if we are at the top or bottom of any move! :)
My 2 cents...
To me, the 5400 calls whoever is holding seem hell bent on not closing. I still think they are mostly held by smart money. But unless there is some closing there, 5420 and above seems tough. Ofcourse, we went to 5450 without any changes there. Ofcourse runups from gapups can happen even if OI doesnt support, but usually intraday runs seems to require OI changes.
NEW POST DONE.
"Stagnating prices" - a cause for concern.
@ All
NF three times buying opportunities at 5385 and
for selling at 5400.
Good to see.
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