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...
89 comments:
5332 - bear flag upper resistance - i will short the rest there and buy some 5300 PE as well - stops are revised to above the neckline (at 5365)
Dear rajiv123!
Ya, stop loss for intraday is 5320 on hourly closing basis & 5375 for short term positional, last hour close is 5318.
Dear All!
Its good opportunity to add shorts in Bank Nifty future between 10550-10650,stop loss is same at 10700 on hourly closing basis & target will be 10300 in coming days:)
Kumar Sir,
One immature doubt...
What if nifty rally 50 points in this hour?
How to tackle in this.
Kumar sir, now trading at 5327, means intraday stop hit?
@rajapvt. i think it has to close above 5320 at 1 o clock
If anybody by mistake long in BN from 475
book profit @575 and
enjoy youtube for rest of the day
entered all positions as mentioned above
Dear Ravi!
In that case its quite safe for people like you to exit at stop loss & re-enter when trades below stop loss:)
Dear rajapvt!
If hourly close is 5318 then how stop loss hit??
shorted nifty again at 5330 and bank nifty at 10535 - (spot) and bought 5300 pe as well
If bears have strength, should start the downmove now else head towards 5347.
when market goes against our trades, all questions
comes, experienced persons please throw some light,,,
I think it is good time to short nifty. short nifty at 5330 SL 5350. Target 5290, 5272, 5250.
I think as kumar sir suggested we hedge position with 5300 CA so no need what happen in bet'n 12.00 to 1.00 pm
@sujatha
as per martin pring, long inside bars at bottom
with volumes,and also longer tails,may be indication of short term bottom,
adding longs since past few days, covered 50% at 5330
spot,holding rest with SL 5290 and daily low EMA...i trade only in options so advantage of eating premiums if any, if nifty holds 5250-80...
Furious behaviour of BN
Bank Nifty very strong resistance at 10570 -
49900 selling of 5300 PE @36, was it ready for huge
upmove?
little time pass
http://220.226.189.131/SSKICMT/Upload/NewsLetterUpload/Highnoon-Jun23_11.pdf
Dear LEARN TO EARN!
You mentioned correctly, for hedgers there is no cause of worry...their auto stop loss is in system. Stop loss is for naked shorts:)
DRji, let your little timepass of high noon be a
regular feature, it helps to so many by reading the
views. :)
Yes Mishara ji
of late today I read seriously and it seems
good analysis :D
if this downmove sustains, then 5298, 5287..
no sign of bearishness seen with Option Open interest as of now.
Fire Sir,
Hopefully v has now started.. what should be the target? 5100 or part booking at 5150?
@Sujatha,
I believe Rajini might be returning today from singapore. Any Jokes to celebrate this?
Namaste Ilango sir and all,
Bearish Butterfly pattern again in 5min NF chart. first target at 5311 and next at 5270 approx
I was unable to post in time due to slow net connectivity!!
@Prabhakar Minnnnnd IT
Satheesh can u post the chart also like u did yesterday? just to learn
Cooldent, due to slow net connectivity the chart is not getting uploaded to picassa. Once it is finished I shall post it
News:--Aishwarya is Pregnant.....
Amithabh fills thrilling to be a grandfather.....
And As usual Abhishek says ------- NO IDEA Sirji..
then get !dea
Anil - thank u very much.. i am very scary if low holds am expecting another +100 but am short with 5360 SL :P pity
SAM - lolz :) :)
Thanks satheesh. and pls bring on the second target also :)
SAM,
Not in a good taste :(
Oh! SAM ..... :)
Thanks Sujatha!
@Ravii Get Idea ...
@sujatha
u need not worry, heavy bears r with u, i am holding
my puts with tight SL,anyway more it spends the time,
its good for me to eat away premiums...rest SL always there...
Kumar Sir,
Actually i did the same, thanks :)
i believe 5308-310 was previous resistance, may now act as support before moving down to 5298
Now below 5310 straight come to 5294
For bears watching for '4'th wave, pullback as off now,
is perfect above zeroline, for MACD, any MACD sell will
b sign of '5'th with breaking of 5250 levels
A typical "iv"th wave "False channel break out".
The Bearish butterfly chart in 5min NF
https://picasaweb.google.com/103973773349621758823/Jun32011?authkey=Gv1sRgCNvKuMOS776KqQE#5621313608379759202
Anil - thanks for onceagain giving me hand :) it's not only my own decision. sir has given LOC to nifty 5340 done 5330 :) DR too alerted BN + no need to tell kumar sir name as it's well known :) shall i hold my puts too??? if at all this wave makes as positional?
Dear all,
NF trying to get into discount mode. Any significance?
This is a golden opportunity to add ur positional shorts so best to add with hedging of 5300 call, no need of any stop loss. Intradayer may enhance stop loss to 5330 on hourly closing basis to avoid any whipsaw, target is 5250-60 intraday. I added 25% more Bank Nifty future shorts between 10550-60 & i will add more in rally near 10600:)
hahah! Good One Sujatha!
haha Rajini
Shivajirao Gaikwad Can Do anything. (Rajni)
looks like BN needs tp touch 10570 before taking nifty down --
Dear Vanquish!
Bank Nifty future may touch 10580-90 & even 10600 too bcoz so many stop loss are there:)
@kumar sir. and so many short sell orders :))
today we may close around 5150.
@ Kumar Sir,
For exit of calls and puts do you follow nifty only or any
other valuation of option premium.
Reason I am asking is 5200ce entered on 20-6, seem to be not gaining much
Regards,
BNS
@kumar sir - absolutely right but am already in fully - something tells me a big move is coming in BN downwards !!
ilango sir's preferred wave count done .. today 2.30 will see bloodbath ?
Ohhh Sujatha is also at bear side.. Then no prob..
Looks like all are in SHORTS.. hw market go down then :)
Nifty and BN waiting for signal
http://pakistaniat.com/images/donkeys-red-light.jpg
Ilango sir, SAR for conservatives still 5405 or we can revise somewhere??
Thanks
one lower circuit would be so good :)
Ravii, I have just typed similar sentence. And saw your
message. Bif bears are already, so now bulls have to
close their posn for 5th wave. :D
Dear BNS!
I never follow open Intt, just follow my system. Which activated sell signal:)
Vanquish,
What could be possible news for LC?
I am hearing some events about FED & QE3...
Thanks Kumar Sir :)
Sir,
Hangseng effect on us??!! as per your theory
@Vanquish: Thanks, I have closed my puts, holding only
shorts,,,
@ravii - it was just my desire - i dont think it will happen - if we were in wave 3 in primary wave down maybe it was possible - but we are in a wave 3 down in a corrective wave (2250 - 6330) - so i personally feel its unlikely but if it comes will take it with open arms :)
NS spent almost 40mins to come down from 5310 to 5297 levels. Let's see how much time it take to come below 5290..
Those who sold near 5320, sit tightly if its positional or hedged. Even who sold for intrday, may hedge by 5300 call & convert it into positional. It may give some unexpected reward to all of u before expiry:)
Kumar sir
I exited nifty shorts above 5320 and when it came down I bought puts. Thanks for your advise to short again below SL
Vanquish Good consistency and conviction from you. keep going
@Vanquish,
3rd of C is not to underestimated. :)
Most of the Sectoral indices are on the verge of breakdown. If they give a weekly/monthly close below those levels, your wish may well come true.
On the Monthly timeframe, I am a great fan of 5 & 13 EMA. This monthly closing may bring the Bearish crossover. And that would be the final nail on the coffin to me.
On the other hand, if bulls somehow manage to get 5 EMA bounce off 13 EMA, then an unbelievable Bull market may come in the coming years, as that would be a Fast Rise on the MONTHLY scale! But the last 6 months behavior has an uncanny similarity to 2008 first half, relative to these two EMAs.
The sane minds of this group would naturally ignore this comment. :)
Praba - Varummmmmm ana varathuuu range-kku imsai :P may be waiting for 2.30-40 factor??
trading below 5 sma but trying to hold intra cam H4 is the worry
@Ilango Sir,
Is there a possible fast rise at 5 min chart with same ma as yesterday, if the price dont come down now?
@Kumarji,
I deserted your camp few days back, but for a short while as EW (for me) was keeping some bullish options open. Traded the pullback and when it came below my negation point of 5435 (modified from 5455) as you may well remember, I came back to your camp. You were following the larger trend, and that is what drives the market. Late converts are always the fiercest believers. So I am. Till 5450 is not breached conclusively. So Guruji, please bring lower levels fast. Tired of this rangebound moves now. :(
@natti - thank you !
@fire - always a pleasure to read your comments - i need the lower circuit next week though before june expiry :) is it possible ? on a serious note can you write down your expiry expectations in a couple of lines. what scares me the most is the bank nifty - it so close to 10,400-10,420 once it breaks that it has no support - it will nosedive to 9700 and then to 8800
@Suajtha.. :)
ennakillai ennakillai, avvan varamattan, ayyo 200 pointache 200 pointacche(Thiruvilayadal tharumi style)
@Shreyunik,
My target remains 5152-5162 for now.
New post Done.
Is this really (iv) of wave 3 or a wave 4 ? Is it
somehow possible that wave 3 has already ended and that we are in a wave 4?
It seems like this wave (iv) is taking an unusually long time....I am waiting to cover all my Shorts at 51XX, but it makes me wonder if 5400 comes first before 51XX?
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