First part of the day - the upmove done with an "abc' form but retraced only 50%.
Till 5350-5365 zone - the fall will be termed as correction only.
As per the EOD charts, the TA changes will lead the scenarios unfolding.
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....
-
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...
42 comments:
Market may trade in a band of 5385 to 5415 due to Oversold conditions once a new low is made.
so buying here is good or wait for levels
We have a new visitor in comments section. Welcome friend.This is a nice place.
(Remember school days. On a relaxed day, the Teacher occupies a seat along the student desk. Sir in comments section)
====
PS : Thanks on TG.
Noooooo.........why am I confused?
RG, your calls are amazing - i missed SUNTV call....pl. do share such calls....anything looking HOT to Short?
@Ilangoji,
Feeling very relieved to see you back. Guess haven't been that independent yet. :)
It looks like to me that your "Truncated 5th" scenario is playing to the hilt. A 5 wave down from the high of 5466 (A), a 3 wave upmove to 5451 (B) and now a 5 wave downmove has unfolded, where 3rd or maybe 4th is going on (C). Could it be the case?
PS : Telecom has lead this rally so far. Has the goat.... enough? Priority is RCOM,Bharti.
Next in line will be the Reality - DLF,Unitec(news of stake sale in Unitec).
Then the Cement - Gujarat Ambuja and old friend ACC.
Just check whenever you feel like.
Any problem with the blog? Can't see any comments after 2.07
Is Mr 2.30 Wed'day in the Team?
5375 possible if he plays well.
As per me real down fall will trigger when TISCO starts trading below 518
Covered 50% shorts here with this new low.
There is a prob... cant post to the blog in evenings,...
I cud nt yesterday
This downmove from the high of 5477 is moving in a perfect channel so far. But, according to EW, a correction can never end in a channeled way. So, some more way to go.
Again, can't see any comments.
Yoda 2.30 factor playing in BN
Not Bears or Bulls,it's our (options writers territory) week. The maximum pain days.
Dear Ilango Sir,
That POSTCARD FROM HALLMARK is a HOAX.
Just type POSTCARD FROM HALLMARK hoax in GOOGLE...
Hey,
I just came to know that R.N. Elliott.... the father of EW
was born on 28th of July!!!!
@ Neha,
Thank you for that information.
I am so happy that you walked this earth & left many waves behind.
http://urbanlegends.about.com/library/bl_postcard_virus.htm ...> this site says it is a hoax. also a few googling confirms the same.Ilangoji and other friends to take note.
U r Welcome SIR:)
5386
Sir & Family..
Ga..
any views on Reliance..
IF NIFTY CLOSE ABOVE 5500 AND SENSEX ABOVE 18250 ON
WEEKLY CLOSING BASIS THEN WE EXPECT BIG BULL RUN TILL
SHORTTERM TIME ZONE 28 AUGUST TO 24 SEP 2010
NIFTY TARGET 6000 AND SENSEX 20000
Thanks Nilesh
looks like a positive divergence on 5d yahoo charts... is there an expiry surprise in store?
I am extremely sorry for a wrong information on gas allocation meeting it has been postosned to 9th april under EC's directives and is important from RIL NTPC RPOWER perspectiv
e
Positive divergence seen in 30 minutes chart.
yes this is option writrs play what OI addition?or profit booking?
we r about to finish a 5 wave down... so at least an a-b-c up is due
@Neha
What is your begining of 5 down count?
5440.80
spot on, i think the tgt for a b c shud be arround 5410 to 5415.
Ilangoji,
Shorts carry forward? Carrying 1/3rd only. Should Positional traders add here as NS is closing firmly below Day low EMA?
closing below 5 d lowema
Bye Sir. Bye Friends.
As nifty has closed below DLEMA, ATLEAST 2/3RD IF NOT 100% SHORT should have been taken as conservative position.Tomorrow being expiry could see a lot of roller coaster ride.
@Manojag,
You are right. So added some shorts again at the closing moment. Now at 50%. Will wait for any upmove or a firm move below 5350 for going my usual 125% position. :D
M/R manoag and Fire
is it posible that nifty
could slide till 5350
@Rahul,
Definitely its a possibility. I would be very happy if it takes place as a gap down opening. On the other hand Nifty can bounce a bit before resuming its downmove. Better wait for Ilangoji's EOD analysis.
Rahul,
markets are full of suprises. The obvious never happens.Trade with the EMA'S as you will be safe and lots of guess work and anticipating the market can be best avoided.
"Don’t let that small voice of ego tell you that you have special talents."
The above quote applies to all and one needs to be reminded of this dayin day out.
"Just trade the system that you are comfortable with."
Post a Comment