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...
78 comments:
Ilangoji,
Is there a very small positive divergence seen in the 9 RSI in the hourly chart or is it my wishful thinking?
Hour 2 to 3:
Trend UP(First Up hour for the day!)Towards HEMA?
SPOT.
High 5267 - 5283
Low 5250 - 5265
(Wed - 2.30?)
Dear PRO TRADER
Please don't spam.
Thanks & regards.
Dear Friends - From 9.35 nifty is in range of 5265 to 5250 - normally after such a long consolidation it breaks out - any idea in which direction it should break ? - looking at 2.45 for some break-out - Deepak
@ Fire,
There is no divergence in 9 hour rsi.
Nifty had a +ve div in the 5 minute chart when it made day's low and it has given a 20 point intra rally.
call writing still going on. have we seen last uptick in short term? 5300 Ce is written agressively today.
Ilango, 5267 is Spot level or future level?
Sir on closing basis yt levels to be kept in mind for longs?
As I have to go out for nxt 3 hours so I request U.
Ilangoji,
It WAS my wishful thinking. Now, on the contrary, NF is testing the trendline 25/5 and 8/6 low. Should I exit my long held longs if NF violates this line?
Ilango sir, if we close below day low ema, can conservative shorts be taken??
Thanks
Bizagra,
sir said yesterday
//A daily close below "Day Low ema" (Presently 5233) would be the Signal to reverse the Conservative "Longs" to "Shorts" with a S&R @ 5260//
replace the today's low ema levels and you can act accordingly
Thanks Assortz
Sorry it was said on 05th not yesterday
Sir,
" @ Satheesh,
You seem to be covering Tisco and thereby the market quite well."
It is possible for me only with your guidance!!
@ manu,
I shall mail you the updated tisco file.
Can 5th wave be a zig zag wave.
Hai everyone
The support in 30 minutes chart has broken. But hour chart is showing one more possible support below which a large correction can happen.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-futures-breaks-support-in-30.html
Thank you
thnx satheesh
Economy Recovered?
1. Steel turnover down for June (Chinese import). Expected to be lower in July-Sep,traditionally consumption lower during monsoon. So TISCO,SAIL,... July-Sep Qtr?
2. Real Estate - Mumbai prices up by 15-20%. Good ? No. Price hike due to cost over run. Not due to demand. How? 6000+ housing units of Rs 2Crore + has no takers. Only when Premium/Luxury apartments are in demand can DLF&brothers see money.
3. Inflation - will be controlled? How - fuel raise has fueled raise in Truck hire charges. 70% food articles transported thro trucks.
4. IIP has peaked since May and no growth expected in numbers.
5. Europe situation hitting 20% orders for Software companies.
6. US wants "Outsourced" foreign companies to incorporate in US.
7. More Bank news on due deligence audit report on Euro Banks?
Last time when BJP said "India Shining" - you know what happened.
how is it goin?
Hello GB sir.Plz update now wht??
Thanks
@ Bizagra,
The strategy has always been that "a close below low ema" indicates bearishness as per the time frame.
Presently our attention is on the "Day low ema" which is @ 5235.
ther is no 5400
Ilango sir can we short @ break of day low ema or wait till closing?
Thanks
Hi GB - It is going SOUTH. You know the destination right?
Sir,
There seems to be a H&S pattern in NF 5min chart with past three days data. can you clarify?
Wish some one belived my REL and RPower SHORTS yesterday. One Lot each at those levels cud be good return.
RG - as someone rightly said no one can predict the mkt
what do u think?
Bizagra,
Aggressive one can short immediate on the break of low ema with small stop
Conservatives should wait to see hourly close
Sir, correct me if am wrong ..
sundar, my mail id is ravivrindavan@gmail.com
RG,
lakshwadeep or beyond?
Positive divergence in the 5 or 10 minutes charts is still visible.
It should turn up from here, otherwise 5170.:)
Manoj - Hope So. GB knows the destination and date of arrival.
I don't listen to everyone GB. So leave someone. As always give your most respected honest view.
@RG, Good summation of the "State of the economy".
No worries! The Govt has a Knight in Shining Armour. Walmart. The king of low prices. It will need all the real estate, all the steel and cement that's supposedly going abegging.
But there's enough volume at this to think its may go up.
ur next dates r aug 9 - 28 and oct 17-28
GB,
Aug 28 more appropriate.
@ Assortz,
Aggressive trader would have sold at the open today and seeing the weak intra bounce would be holding still.
Conservative would have lightened positions once 5250 was broken.And would have hedged the remaining longs.
As for EW, a 5th wave do not retrace so much...5233 to 5297 and back to 5234...!!!
So the stalemate continues with a bias to the "Shorters" as it is always in a corrective phase.
Not closing above 5 day ema is a big weakness especially after such a rally yesterday.
CNX IT straight rise!!!
Thanks GB noted. More than enough.
manoj - all dates r of importance just as todays is
OI data
5200 Call - 282700, Put - 93000
5300 Call - 907700, Put - (396200)
5400 Call - 472900, Put - 39750.
So Nify going towards 5400 is a distant dream. Looks bearish at this point.
All OI Data - Additions/reductions today.
sundarji, my mail id is ravivrindavan@gmail.com
3 pm close @ 5235.90. Just a notch above day low ema.
Gb Sir Plz remind again
7th July after we reverse or corection over?
GB,
Taken notes of the dates.
Thanks
@illango, have taken a short on the break of 9450 on BNF. let me know wht sl should be kept for the same.
rgds
rishav
Sir,
Thanks for “ knocking at my head” :).. will improve myself on reading the table
Hai everyone
Nifty 15 minutes chart showing a possible head and shoulders break down targeting 5200 levels. The pattern is not a perfect H&S But still the chart is looking bearish.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-futures-15-minutes-hs-break-down.html
Thank you
@ Rishav,
9495 should be OK.
san - since u like patterns - what about a 5 min 5 day chart? ur views?
GB sir, can we take short here??
Thanks
@ Assortz,
One more point from the TT: Week High ema is 5289. And the prices have closed below it last week. So one should sell above 5289 as per week TA and it coincided with the "OB" hour TA.
im on mobile.. looking at the.chart.
do u see a hns and whats the tgt ?
btw u remember my comment on rcom?
@Nifty + Equity
I saw satheesh asking about H&S in 5 minutes chart but for me it looked better in 15 minutes.
Thank you
hns tgt for 5min 5day chart
hi ilango, can we hold longs if nifty spot keeps 5235
Ilangoji,
Should I keep my longs if close is above day low ema or should reverse it?
ok tx
sir
shld we carry hedged conservative longs if closes abv
5233
Sir,
I carry shorts since two weeks with some hedging longs..last week close gave me confidence to carry them this week two..and three days consolidation gave me further confidence to hold shorts..but yesterday’s rally was unexpected but still I carried my shorts as I considered yesterday’s rally would not sustain if DOW cheers less ..today’s action and likely close below 5EMA still push me to carry the shorts,..
DOW suddenly positive 55 pts?????????
again minus 55
Manoj. I see just 10 points swing only at dow..currently at 9626
manoj - don't c a single green.Where +ve?
http://www.cfdspros.com/indices/futures-indices
high 9755 low 9670 current 9685 base 9743
a positive div in 5 minute charts
cdfs may have blundered as I also follow it.
nifty forming a hammer and a harami as last candle on hourly chart, formation says the previous downtrend may go sideways or up.
DJIA INDEX 9,617.00 -65.00 9,684.00 9,687.00 9,615.00 05:33
Bloomberg futures data
CMP change open high low time
Discard yesterday's session and we are back to monday's closing values.
Bye Sir. Bye Friends.
@manojag
Cfd ticker fr index at front shows immediate up/down..
the fig. +/- is with d price..
earlier i also used to get confused
Sir
i m with Jay mam ..still carrying hedged longs
i don't read too much here....it is just because of European market - our market has gone down but still NF has closed above 5240 - tom., it should be fine - Ilango Sir?
check now, European markets have recovered almost 50%....
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