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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
88 comments:
Kumar sir- 5350 just 15 points away... u shud not be called a technical analsyt sir..but Technical King!!! have u appraoched any TV channel to provide ur insights there?
U will create a wider fan base sir..
Dear Cooldent! SAM was busy yesterday in handling chrome etc.
Dear FIRE! Pls do not do any basket selling today, either market will faint.
Dear DR sir! Ur time coming very near, not for long term but for trading:)
@Kumar Sir .... that was one... but No Power for full day yesterday... due to some work going on here..
@Kumar Sir,
Ye Dil mange More --- I am just fine Had may issues at Work place majority solved --Few Remains :)
@Fire
As of now Looks like we stop pat 5260 - 5225
Nifty OI at 10 am : Click Here
@kumar sir. As far as i know DR is long on BN already ;)
Sujatha's 5354-5360 is protected, a chance for bounce??
Dear all!
5360-5330 is fighting area so i will reduce my 5500 june puts there, already in profit of 70-80% but below 5330 i will sell aggressively.
Dear Ram charan!
Thanx for ur kind words, but credit goes ILango sir who trained us & discipline i learned only in this temple. Once a TV guy approached me, whatever money they give for hours that market reward us in minutes. Secondly a trader have to change coat very fast as per weather, but in TV they catch ur levels only but forget stop loss so useless for me.
covered shorts...
lets see if we move above the range given by ilango,
would be fun and good short covering above 5410! ;)
@Kumar Sir is it time to short BN now?
Hi guys,
buy nifty for medium term target of 5900+. with sl 5170
Nifty looks a buy on every dip towards 5300. sl should be
the recent low of 5170.
till that low is not broken there is every possibility that
markets may attempt to change the trend.
Risk low. Reward high.
Well said Kumar sir,,,
aniktsaloanki: My option writer friend says next
month trading range going to be 5100/5600. So 5900
is not easy.
anyone tracking silver?
any calls?
Dear SAM!
I m holding old shorts, covers it near support & sell again in rally so happy in this. For trading one can buy BN as per stop loss of 10355 spot on hourly closing basis & sell again in rally of 100-150 points.
@kumar sir, Thanks for giving confidence on that long call. already long after covering my short since morning ;)
Thanks Kumar Sir
Dear Cooldent!
U r smartest trader, when Bank Nifty rallies then u ask me for right level to go short & when It goes down then u ask DR to buy for bottom fishing, i like this:)
Kumar sir, Today i took guidance from both of you. DR's Magic number was 10350 bnf and yours was 10355 spot :)
@Sujatha
Thanks a Lot --- Waiting for fall now :)
@rajapvt
time frame for target 45days or a little more.
@Sujatha
Tata Steel Result will play spoil sport today and we may fall till 5225 - 5130
Dear Sujatha!
How is ur daughter now?
@rajapvt
break of 5170 only will change the whole gambit. till that holds
one may witness an attempt to break the 5900-5920 resistance.
sujataji- False breakdown upto 5285 is perfectly acceptable to us :)
then whatever coat u want us to wear we will wear :P..
Kumar sir- we all say dont watch those blue channels..time has come to clean the rot there...i hope someone brings a business proposal for a news channel and ILango sir and you getting involved there.
Kumar sir - sorry forgot 2 add that one in hurry. Yes my dr. gave that medicine. now she is OK. I am running behind her now :)
PTTTTTTTTTT - pls. take care of ur profit as for that target sensex has to cooperate. Will it??
@Sujatha
Thanks A lot --- This time no mistake As per Sir strategy Part booked at every level and now just playing with 30% of Profit of May for Expiry.
@Kumarji/PT,
What is frustrating me most is the lack of momentum. I expect more from the iii of the 3rd of C. Actually some straight fall! But now I am having a suspicion, if the ii is taking form of a Running Correction. That would also imply a lot of weakness. But waiting for Master's words, as usual. :D
Seniors please look at BSE's ADV and DEC data
Same (unchanged) are higher than Advances and Declines
any suggestions?
@Fire
Me too waiting for the Final Verdict By Sir .. As Below 5380 we are in the Dreaded 3rd Wave
june series is in more discount than the current series
@Fire
till Now it has been a break down on on Monday -- Side ways move from tue to Wed -- then rally on Friday
Sorry, I should have written iii of (3) of 3 of C. This long nomenclature means a straight fall. Where is ittttt?????? }:-<
GM,Everybody...
Ilango Sir,
There is a possible ending diagonal wave structure (3-3-3-3-3)unfolding. I urge all boarders here who practice elliott wave to please check the clear formation of the ending diagonal which happens in wave 5.
This looks like wave (v) of wave 1.
Sentiment is way too bearish and this has no momentum of a wave 3 down - I think we are headed for a big move up to 5800 after touching 5300/5280
good morning! @ Fire! It will come unexpectedly(iii wave). When confusion prevails, it punches. :)
1-Inflation reaching double digit.
2-Another possible interest rate hike .50% coming soon in June.
3-IIP data worsening.
4-Govt worried due to heavy income tax refund.
5-Europe financial problems increasing again.
6-Govt stability reduced due to DMK.
7-Nifty weekly 21 EMA breached 55EMA & sustaining below that.
8- No sign of bottom formation so what attracting people to see dreams of 5900. If Mungeri Lal ke hasin sapne then i m dreaming 7000:)
@Mishraji,
Good morning sir. Please be Muhammad Ali here and give the market the knockout punch!
@Vanquish,
can you please show a chart with your labels?
Falling Bullish Wedges forming across all heavy weights - Tata Steel , Infosys - There is one final move down after which I am going to square off my puts and pick up calls.
Kumar - No.6) Amma is ready to give support if they ask she declared
No. 8) yes, no sign for bottom formation. Bottom formation depends on "sensex"??
and in OS mkts a small +ve news s enough for a "Dead cat bounce" but will it come??
i m dreaming 7501:)
@vanquish
that can be a possiblity.
only negative sentiments are there we reached
5443 on 5th may . from then only cry of puli no puli
if this is ending diagonal of 5th then no puli for many
days
@Kumar Sir,
NF is replicating the last May Last year we took support at 5440 and rallied from may end and this time 5440 as the resistance and will fall fall and fall after may end
@fire,
consider 5605 as a of the wedge u'll get.
((if u have not got till now :-)))
Hi all,
i have started my own blog, please visit & give your views
Regards
Charttells
@Fire
NIFTY Daily - http://i.imgur.com/MLUlQ.png
NIFTY 5 min - http://imgur.com/ewbhY.png
Your thoughts please ?
@Kumar Sir: You have summarised the points quite well. Also, there are concerns that the 2G scam list might just get bigger. ADAG stocks are all bearish. Also, big brother RIL is showing weakness..
Increasing the rates would bring the GDP further down which may be a cause of concern for FIIs. If in case the $ strengthens then God save Indian mkts.
@Sujatha,
Your Sensex levels are (black?) magical. On counts, Master hasn't modified or changed any of his counts. So I am practicing patience. Meditating on the deep deep fall to come as it came in May 2008, last week.
P.S. Meditating on it making me too relaxed. Got nearly asleep.
Dear Sujatha!
SP, BSP or AMMA....centre stability is reduced. Mamta did not participate in their 2 yrs celebration bcoz Congress told that its victory of UPA in Kolkotta. Secondly bears are not simply hungry, looking in revenge mood of last two months so just close below 5340 & see the downward sail upto 5150-4800 and below 4750...election gap may be on radar:)
if the scenario is for 5th wave ending diagonal
then this is place to turn and cross 5470 in fast upmove
else better to stick with sir's count of 3rd(preferred)
I am very bearish on RCOM & have bought a truck load of June 70 put.
kumar sir, App kay moonh main Ghee Shakar
who did basket selling yesterday? dinesh bhai aap?
@ piyush sharda, for ending diagonal it must hold 5360
Click Here
@ps
Dont you think it would be better for the markets to break the long term trendline support at 5330 - break the neckline at 5324 and fall to around 5280 attract all the short sellers in the market - make all the longs exit and then rally up ?
@ps - I meant in the final wave of the ending diagonal when there is a thrust outside the supporting rendline
@ Vanquish,
Each fall looks impulsive - from 5605; from 5517NS.
However, if an ending diagonal is playing out, today';s fall should halt around 5340-5350 and rally for its "d" wave. Ending diagonals resemble "falling wedge" in classic TA patterns. It is not showing in that fashion.
In few hours, this dilemma too will be resolved. In any case, downward pressure remains till settlement as a minimum case.
"Patience" is the key.
"Moving past 5460" is the early indication of a reversal holding above 5310-25.
yes prashant, thats why i told we shud turn here +/-10
points
if the scenario is for 5th wave ending diagonal
then this is place to turn and cross 5470 in fast upmove
else better to stick with sir's count of 3rd(preferred)
@vanquish
i dont think that much :-)
the shape of ending diagonal shud be like wedge
if it breaks down it wont remain ending diagonal.
@PS,
You know very well that I am actually ignorant about EW (but can drop a few terms here & there to cover it to the newbies). I actually follow Master's count and your and others' discussions. So should have kept mum. :P
@Vanquish,
As far as I remember, sometimes the 1st wave also takes the form of wedge. Leaving the EW aside, you can find a lot wedges in the charts, where it broke on the opposite side (down for bullish/up for bearish). So lets wait. Obviously, you can be absolutely right. I am just a fool blabbering habitually. :)
wah kumar sir - now sir declared 5310 :)
@ps - :) fair enough - i guess even I will stick to the wedge shaped diagonal :)
@Ilango Sir - Thank you - Will patiently watch and wait for the action to unload
I am buying the 5400 CE for intraday - at 5348 NS spot for bounce of wave iv of wave v
@Sujatha,
My pending orders are wide awake. :D
@Fire - I can be right but happens very rarely :)
@fire
u r being too humble. u r well versed with waves
in fact u shud open a blogger account and post ur analysis
so ppl can refer it time to time. a blog doesnt
mean u shud update it everyday/ give calls views everyday.
it cud just be a collection of ur homework that u want to
show
@ fire - Quote - Leaving the EW aside, you can find a lot wedges in the charts
leaving TA, i know only "bridges" and road "diagonal" :D
Dear Sujatha!
What i can do If Sir is on ur side, i have to take some Kali phos to avoid depression. Too much counts so i am confused, now looking forward to my stop loss count of 5465 which may help me in immediate short term:)
Sustenance and trading below 5357-5350 a severe downfall is expected to continue till 5232-5175 in the coming sessions.
Addition started in 5300 calls... OI experts pls check n throw light.
Jai baba PTnath!
@Kumarji,
Followed you regarding SL.
@Sujatha,
:D
@PS,
You are talking about my absolute nightmare friend! What harm I did to you? My homework consists of following... and following...and following. :|
Today Dollar will show us the real blood bath in Market --- After long time Dollar index is Going very strong
Alert: vix above 21..currently at 21.24
@Fire
:)
A misconception about EW is that it has many possibilities and hence "HOW TO TRADE BASED ON IT..??" Isn't it..?
It's a great loss to the individual if he/she has such a misconception.
Let me give you my experience with EW.
I take the "most obvious looking EW route" to trading and it has worked well.
To avoid complacency, I keep the alternative EW map to spot when things aren't going my way.
The multiple choices within the "unfolding prices" keep me relaxed in my chair giving me confidence while observing the prices unfolding in one of the ways but within the larger moves.
EW tells me to part book; it tells me to "Rebuy/ Resell".
Unfortunately, half-baked knowledge leads people to comment about it when they should be avoiding the subjects that are unfamiliar to them.
You are good in your study. Keep it that way.
@Ramcharan,
Very very important alert. Thanks a lot.
Good for option buyers as it is countering the time-decay. 50 DMA is @ 21.54. Above that breakout.
@fire,
when there is a obligation to update it can be a
nightmare. what u show in picassa if we want to refer
again wont it be easier. ur ratio analysis which will be
relevant can be ready reckoner,
no force dear. just give it a thought. ask the opinion of sir
what he advises.
Fire bhai- may 5500 puts has almost no time value(only 4) now :(..was expecting at 5355 that it will hit 155 but still waiting...
@PS,
Will think about it, definitely.
@Ramcharan,
then you have got a future contract damn cheap. :)
The game begins now
What else you want from 'GURU'? Keep a LEARNER & TRADER
on TRACK, ALWAYS,,,
Fire- i want to close the exisiting future contract now bought at 55:)
Nifty June in 15 point discount
New Post Done.
Kumar Sir
We break 5448 so is it a short now agressively
Good morning Ilango sir and all!!
A very nice explanation about EW - asusual:)!!
"The multiple choices within the "unfolding prices" keep me relaxed in my chair giving me confidence while observing the prices unfolding in one of the ways but within the larger moves."
Sir this would be the ultimate aim of any trader - hoping to move towards it!!
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