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 ...
52 comments:
if nifty trades and sustains abv 5396 may tgt 5410-5428 on intraday short covering,dow futures is back in green
The birthday boy's father is on fire today :-) ... congrats to the dad for conceiving & nurturing this lovely child ... & dear child 'Happy Brithday' from a uncle
Reposting
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From Mok
"Where the telescope ends,
the microscope begins.
Which of the two has the grander view?"
-from Les Miserables (1862) by Victor Hugo
at JN, ilango sir keeps both Tele & Microscopes together on the Long & ShortTerm trends
:)
Thanks sir, I get posting problem, not getting beyond the comment box.
regards
mok
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hi dear sir .
in nifty may be fast fall set up near 5396?
regards,
alpesh
5100 put 15% OI at ATP 11....
@SAN,
is it looking like H&S in 30min nifty future?
Euro hits 1.28 mark
Yeah there seems to be a H&S pattern in the making.
And Congrats Ilango - your baby is growing up really well :)
Ilango Sir,
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Booked profit in NF Long at 5396. Thank you for your analysis
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Sir, If NS closes below 5397 todays low ema then is it agressive shorts?
Hai everyone
Nifty 30 minutes line chart.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-30-minutes-line-chart.html
Thank you
@rahul,
Maybe. Height - 90. From 5360 to 5270 possible.
@Rahul K.
The line chart i posted above is showing a possible H&S
If we go by orthodox ElLiot - we seem to have completed the upmove
and this is the start of the downward movement.
Per Vivek Patil's view, we might have completed the 'c' of the extracting
triangle. Now 'd' ongoing or will start soon which should be more than 160 points (5368 to 5210).
Planning to close out longs at EOD.
// As the sub waves are of 5, it could be a zigzag and hence it should not retrace more than 75% of this fall//
You have given 5430 based on the 75% retracement of 5450-5360 fall..pls correct me?
Ilango sir can we start conservative shorts here??
Thanks
Ilango Sir
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I have no positions in NF. Please advice me what to do
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Thanks golfdude & san, another big H&S neck line at 5330 aprrox.
@SAN,GOLFDUDE,RAHUL
SUPPORT LINE JOINING 5210&5230 ALSO COME @5270
The 3L puts added at 5400 was a trap for longs ?
@ golf
looks like it was a trap to longs.
Requesting sir to throw more light on trend. Is it retraced upmove over?
== Test ==
not only 5400 saw more OI addition, but 5300 Ce also saw unwinding.
But still market moved sharply downwards by 20+ points.
What's cooking.
@ assortz,
You are right.
This "abc" correction may move higher by tomorrow provided it does not close below 5370.
Trade light or wait.
@Golf Not only puts are adding OI calls are shedding OI..(5300 call has lost 4%,)
We may have completed corrective "a" and now in "b". A move upto 5415-5430 is expected in "c". That will provide good opprtunity for shrting, if not today then coming day/s.
looking at OI data of calls and Puts , it persuades one that, bulls have climbed one more step in supports for nifty.
Maybe it is a trap. Sir will guide us through confusion for sure.
Sir can you post the chart of probable abc move?
hi
dear sir ilango,
keep i on sell side at this price sell on bank nifty ?
regards,
alpesh
sir
did u thought of nifty making highs in 2010 (till date)
after 9th march 2009 low..so fast
or for that sake anyone..
4 L OI in 5400 PE fading away to 2L
No significant change in OI today....so not worthy to predict movement based on OI data. Better to follow the path suggested by sir & trade light.
A likely 5380 close.
On second thoughts will carry the Longs.
@Bizagra!
I have no position in NF. Do you have?
Thanks in advance
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@wealth,
My friend calls it KcK ( karthick calling karthick - the movie ). This is FIIs or MMs adding puts, moving market up, getting longs in, and then unwinding fast. So they write and buy themselves :). Just a theory. But how many times have I seen few lakhs of puts ( or calls ) being created intraday, and at EOD, puff - gone. We are ants among the HFT comps.
@Prabhakar
I again shorted 1/3 @5400 as still below day high ema.
Carrying.
Sir, what is the significance of 5370? I did not get it as you have said a close below that would restrict tommorrow's upmovement?
5 day avg will rise today to 5380.
If we close below 5380 it is possible we get a bad news tonight.
we will close below 5 day avg after a long time.
I have seen many times if we close below 5 day avg after long it gives bad news and possible gap down opening. so thought to share here. Generally i am able to read this blog after market hours when I am home but today some how i am early home and would like to share my views.
this could be considered as warning signal if we close below 5380.
This is spot level and it is likely we will close below it.
Kind Regards,
Nirav Shah
Satheesh,
it was supposed to be the 5 dema for today based on the price at that point of time. actual would depend on the closing price
Thanks manojag, Now i got the point. I was just looking into the High and Low ema's and any trendline break, but missed to see the 5dema!!
Cabinet approves new symbol for Indian Rupee:
http://ibnlive.in.com/news/cabinet-approves-new-symbol-for-indian-rupee/126728-3.html?from=trending
Dear Just Nifty,
Once again wishing you a very very prosperous future - thereby providing all your followers also a bright future. Bye all
Again a good turnover of Rs.95651 Cr.
Thanks and Bye.
Bye Sir. Bye Friends.
===
Sri - mok's msg very nice. So now only Anuj has to bake the cake.
How nice!!! Birthday of "JUST NIFTY" and our Rupee symbol is on the same day!!!
Another feather in the cap of just nifty!!!!
Hi,
Maruti future hits MySAR_A level of 1381/75. Price went below this level to initiate positional shorts.
-gauresh59.
Bye Sir and Friends,
@RG
ha ha...!!!
Looks like am returning home from a party or festival … so much enthusiasm shown by everyone since morning on this day..almost class was full today..lot of visiting professors ..a great day..
Ilango sir, you are very lucky to have such nice atmosphere but its all becoz of your hardwork :).. of course we are also lucky to discover JN.. :)
Bye for the day..
Thanks For Sharing,
Regards,
Free Nifty Tips
Dear Ilango,
Wishing your blog a very Happy Anniversary and many many more to come.
With lots of warm regards,
Amit
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Trend of AUTO Sector
HERO HONDA
Technical View
ONE CAN CONTINUE TO GO FOR SELL ON HIGHER LEVELS UNTILL IT CLOSES ABOVE 2025 ITS NEXT SUPPORT IS AT 1963. IN DOWNSIDE THE STOCK MAY SLIP TILL THE LEVELS OF 1900
MAHINDRA & MAHINDRA
Technical View
THE STOCK HAS CROSSED OUR PREVIOUSLY SAID SUPPORT LEVEL, IN DOWNSIDE IT MAY SLIP TILL THE LEVELS OF 598-595, WITH IMMEDIATE SUPPORT AT 609.5 WHILE RESISTENCE AT 640.
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My Analysts Says -
Nifty witnessed an overall volatile session after the flat opening in the morning. Overall it is holding the higher levels & maintaining the short term support of 5350 to 5355. Closing below this support zone may drag it till the lower levels of 5290 to 5300 in near term. We still recommended that traders may go for long in nifty future with the Stop Loss around 5345 for the targets of 5450, 5500 in near term.
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