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 ...
70 comments:
Sir - reposting - we crossed
Good morning sir and all :)
Sir, - in hrly charts STOCH COMBO is completely bottomed out and "crawing on the floor" :) 6036 levels grinding at the same place is gathering strength here to move up?? CCI showing +ve div?? thanks in advance.
GM Sujatha...what is CCI?...
If RIL moves today it might take nifty up today
Dear Sujatha,GM
I too feel so.But just feeling because on the up side there are resistance even up to 6160 so tough for bulls to move immediate from here but whether it is consolidation or not will come to know later
Good Morning Sujatha.
Highest volume bar @ 6031spot.
If Breaks than fall up to 6020,6000
SIR TOLD SOMEWHERE PREVIOUSLY THAT BULL WILL TAKE OVER FROM 10TH WHICH LOOKS RIGHT NOW.
Sujatha,
Though Hour Stochastics is crawling, Day Stochastics is yet to bottom out.
It could happen today or by Monday.
Hour will, ofcourse, lead it. As I said earlier, "patience".
suj,
which tf u are checking cci
good morning prabhakar :)
mynac - looks like nifty will touch last week low. mm. dehydrated bulls somebody should give something to eat :P out with cost price. no shorts too
nifty sensex - commodity channel index
Highest volume bar is at 6000 from 4th jan
thanks Sujatha
@sujatha
cci showing div in hourly, nut i feel if its a severe downtrend,then it may just spent there with more falls. hope not so.
a first indication may be hourly close of cci above -100
whats ur say.
sir - thank you..sollamuditha allavukku porumai sir eppo nann. as per P&F charts short term -ve is below 6K. but upside target is very high :P funny.
piyush - hourly timeframe. MID BB for one month is coming around 6014 - 2 month - 6041 touched this 2nd one and falling again. have a kitkat and watch this level for downside and upside. newly following. :)
Dear RG Sir,
Tatamotors down almost 3%, is it advisable to go long now?
@ Sujatha,
Nifty @ the last support of 20SMA here.
If fails to rally from here, it could lead to more downsides.
suj , where do
u look for cci, any paid charting software
Good 11 lac addition in NF in first 1.5 HRs.Considering the addition now bears have no option left but shall have to press Nifty below 6000.Let us see.whether there any reversal/bounce back is there or not?
Good morning Ilango sir and all,
Sir, 38.2% retracement for the upmove from 5721 to 6181 comes to 6006. Attempting an intraday ;long with SL 5982NS
@ps
GCI MT4. It is free demo software.
Also banknifty futures has almost formed a double bottom with 11095 as todays low. Previous low was 11041. With oversold charts expecting a bounce!!
Sir and freinds , I was privilged to participate in the old BSE ring trading system and the badla trading system. Prashant Shah's Hawala System is similar to what was practised in those days , the only differnce being that now because of expiry its monthly hawala while in those days it was weekly hawala. Thank u Prashantbhai . The logic being if hawala rate is broken on downside its down as operator or big trader is loosing money and opposite in uptrend.Thanks Prashantbhai.Just sharing my limited knowledge with Sir and freinds .
thanks uk raj
Sir - thanks. u hv given the "deadline for nifty" 5998 right?? coincidence that is intra cam short breakout :) 6002 weekly 10 sma . sensex previous good supp. 20K-20050K to watch all coincidence. kokku mathiri kathiruken.
@ anil - yes. and the 0 line is cmng around 6035-40. nifty grinded well there and falling any upmove starts it will give sure protection i think .
@ piyush - paid service also giving and free charts also giving.
Most traders having ridden the previous trend(Up), keep looking for supports not relising or conscious of the current trend.
This tendency to stay in the past makes them miss many a current trades.
It is easier said than done. But that precisely is the factor to be conquered to make effortless money.
Ilango Sir,
====
Can I wait for 5975NS to cover my yesterday's short @6071NF
=====
when badla was there f&o was not there.
badla was banned then f&o came.
now all settlement occurs in f&o prices.
what is the logic of hawala and who
uses it?
suj, ukraj told abt mt4. heard its slightly complicated.
anything simpler?
Trend of Nifty futures: CLICK HERE
@ Prabhakar,
It is possible for 5980-85. Trend is on your side.
Part book. Remaining trail SL 6025
hey mynac thnx for the views..
nifty always confused me.. was xpecting a bounce yet or by today morning... but no
so now going to sit out n look at the drama :)
Ilango,
I am looking to part book some of my Nifty Shorts. Can I wait for 5950 levels ?
BTW, Does anybody know how Rochak P is doing now ? Being the sole bread winner for his family, I really hope that he gets very well soon
true sir I was also trading like that previously and always use to lose money.
this time I was following ur analysis and this time I m on right side of the trade. thanx a lot sir once again
@ Suj I want to tell u if u dont mind sir y'day itself gave possibility of falling nifty below 6000 by showing hrly 35D and daily 5D why r u ignoring these hints and buying .
Pls don't mind but just asking is there any specific reason/logic .
Regards
5982 spot last weeks low.
Om JNSARaya namaha
;)
Invaluable words Ilango! You teach us so many imposrtant Tips!
sir can we go long in bank or wait for 11k
Dear Friends,
As said yesterday as per profile 6012 done next 5998
Thanks & Regards
Sanjay Kr Jaiswal
14 hr Rsi has developed a clear divergence in Nifty Ilango.
In fact there is a +ve divergence in all hrly osc's
Dear Ilango Sir,
Golden words to be remembered always. I am able to follow JNsar always on buy side but never able to take proper profits on sell side. When so many traders in your blog mentioned that they have bought nifty yesterday, I could not sit tight and I booked out my shorts with a small profit.
Sir,
If NS goes below last week low of 5982 and closes near it then a bearish engulfing pattern will be formed in week chart. Am I right sir?
sir,
one set of 5 waves done it looks like
hi dear sir Ilango,
plz which level bank nifty sell cover or here to give
buy signal?
regards,
Alpesh
Booked my 50% shorts @6007 Thank you Ilango Sir for your Analysis
5960 has supported many times last week - last support!
covered my shorts...gone long
how 6105 as hawala rate is arrived
One could part book here and go long aggressively with a SL of 5975.
I booked my profit 5980 spot level...created short at 6166 level ns...now on long from 5980 ns level with sl of 5970...let's see what happens...
in 5 minutes bank nifty makes higher lows, nifty made lower lows
@ PS,
It looks like a minor 5 waves done.
@ Satheesh,
A close below 6017 would confirm a weekly sell.
@ alpesh,
BN's part booking zone for the shorts is 10980 to 11145.
A close below 6013 would be a bearish engulfing pattern in weekly with OB readings.
@ Anil,
BN has often forerun Nifty.
6000 CE being writen aggresively nearly 1 Million.
Conviction has to come from within even when the whole world opposes.
Should not blame, but should be thankfull to instill convition in us
thank u sir
Was about to ask sir whether we can go long as 5975 is channel support :)
sir..another round of selling still left..it seems upto 5950.
@illango sir,
Rightly said sir..
will keep it watching.
spot levels
Doller Index 81.25 and India Vix 19.55.
@ gsingh,
It is possible. Can not be ruled out. Hence a very tight SL for those seeking "aggressive Long".
For sustaining this reversal, while holding 5976, it should close above Hour Low ema(6006) soon.
Sir,
Bought 60K PUT yesterday when Nifty Spot was around 6080-6075. One third quantity liquidated now around nifty 5980 spot. Now want to keep TSL at 6009(S1) to ride further downtrend target below 5969(s2).
Is it right approach , sir.
Silver break all short term mooving avg and supports.
"Most traders having ridden the previous trend(Up), keep looking for supports not relising or conscious of the current trend.
This tendency to stay in the past makes them miss many a current trades."
Kya kaha hai sirji
These golden words are noted in my trading diary.
@ all look at banking.. for a short covering
sbi goin good,,,also yes looks good.. tho a H&S pattern i had pointed earlier.
can look at icici n axis.
Arpit
@ Illango sir
Really your timely view on shorts Exiting and taking a long was also being supported by a closing above 6006 i think now we are @ 6001.15 just 7 min left when i am writing this
Sir,
Sorry,
YOu have already replied same question to Prabhakar.
ONly thing is TSL u said 6025, i was telling 6009(s1)
@ MDK,
You have made yourself a good plan. Stick to it.
Just a guesswork..
Is this sell off is done to allow big players to enter at the lower levels which they have missed due to Christmas holidays??
5935 is the key level to watch for.
NEW POST DONE.
what is your stop loss for positional longs illango sir?
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