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...
62 comments:
@ Kumar Sir,
You you are true, i missed original call, but now shorted at 10535 that why i asked you about SL.
Reposting ---
Master,
What is your critic saying at this juncture? Bulls are to face maximum pain by this expiry?
Update :
Nifty s.loss 5250
Bharti s.loss intra 385 & Positional 377
Hindalco s.loss intra 164
Last year , 4 July 2010, Nifty traded 5260-70, after that , today Nifty again around 5260 (Almost one year), so today is 52 week low ??
@ Fire,
Needless to say, the pain is with Bulls.
Highest OI addition is seen in 5300CE & 5100PE. Presently these should be taken as resistance & supports.
A major trendline has been broken decisively. Stay in that direction.
Part booking has never hurt any trader but remember to re-initiate those trades with retracement strategy till "One trade goes wrong"
resistance now at 5284 - i think we may see market drifting downwards after 2.30 - atleast a test of 5258 is likely
Dear shabsaif!
52 week low is 5177.70, made on 11.02.2011.
Ilango,
According to your charts,
wave i for this wave 3 is 5570 - 5457 = 113 pts
Already wave iii of this wave 3 is 5520 - 5196 = 324 pts.
Already wave iii of 3 is almost 3 times wave i of 3.
How much further can this wave iii extend? or is there
no limit at all?
Bouncing off 5260 again?
Master,
As usual, most valuable guidance in potentially most emotional moments.
@Nifty,
Sometimes 3 can extend up to 423.6% of 1.
a promising start to the day ending in complete disaster :)
only 40 point range bound movement over the last 4 hours --
@Vanquish: I only remember asking on Friday about entering
5200 puts wherein you mentioned to wait till 5350 broke
so that we could enter 5100 put itself.
Now what is your view? Enter 5100 put even now, since
premium is much higher? Or can we expect a brief 80-100
pt relied rally for a bigger fall ahead.
To be laconic: Enter 5100 put or 5400 call?
intraday shorts target met - covering positions initiated at 5284 - at 5258
@Suajatha: Thanks, this time, I got the view in right
time.
@Sujatha,
26 Monthly EMA.
@prabhat - i am still holding my 5300 put - wave 3's can be ferocious and i am not going to time small intra moves and miss out maybe a 200 point cut on the nifty very soon - needless to say i have bought some 5400 calls only to lock in some profit - but from a trading angle i cant see anything on the charts which can give bulls any confidence. stay short !
Sujata mam,, if ur 5232 wll come then my s.loss hit 5250..
Only for 5250- 5232= 18 ,, for 18 points my s.loss will hit,,, ohh
Mam ,, don't break 5250
@sujatha you study BB method? Today nifty exactly bounced from weekly BBBOTTOM. banknifty from daily BBBOTTOM.
Sir -5128 is 34 month (fibo) ema. Fire saying "26 monthly ema" who's right?? please confirm.
Thanks in advance..
regds
resistance at 5280 - support at 5249 .. breakout on either sides will lead to a larger move
Dear Kumar Technical,
I counted 52 week means 19 June 2010 to 20 June 2011, any way...its OK
@Sujatha,
My silly mistake. I thought you were asking about 5232. :P
@ilangosir ur view on banknifty please
jiggs - yes. BB is very helpful instead following some chart method. am allergic of that :P
work out for 3 months..very nice to trade. Will try my hand in weekly. thanks a lot.
Fire - Stand up on the chair and monitor ur trade :) (punishment on behalf of sir) :D
@sujatha
34 EMA - 5056
26 eMA - 5232
@Anil,
You are my savior. I just checked myself and 5056 is the right value. So who is going to cook standing on the chair now?
LOL
@ Jigs,
Unlike Nifty, BN seem to be holding its recent lows. More weakness below 10300.
Trend remains down. That is the simplest I could say.
I'll update more if any in the excel file as well in
http://wealthinnifty.blogspot.com/
My system also showing the same levels as Anil's showing...why difference with Sujatha & FIRE's levels?
Bharti can book intra 390,, positinal can carry...
want today intra 393,,, hit 391.95..
@Kumarji,
My values are also same as Anil's, only Sujatha's value are different. So we should all stand on the chair... :D
Some bad news in GLaxo,, ??
Have anyone?
ASR spreading rumours
@Sujatha,
If you are really sending it, then no need to stand. You can sit, sleep or whatever, as long as the courier finds my address correctly. :D
below 5247 would indicate start of wave v - might continue tomorrow into a gap down
Thanks sir for replay. Its holding only worry :)
@sujatha sent you a mail check it
Dear brij!
5250 broken, one shud exit long or hold??
rajapvt - my sincere apologies for the mistake. i sent personal reply to you rgarding that no.
fire - by the time it reaches, courier delivery man will be in hospital :)
@Vanquish,
Your observations are excellent.
Anti-Climax to a volatile Open :) :(
Sanjay,
What does your Option Analysis portends? Do update asap.
thanks
@fire - means a lot coming from you whose observation skills are far far far superior -
thank you
Positional trade - hold shorts for tomorrow or part book here?
nifty in premium - comforting sign for bears -- they can sharpen their knives knowing that not too many are in their company
@Kumar sir,,
Sustain below that me exit
Wife: I hate this begger who came yesterday.
Husband: Why?
Wife: I gave him Aloo Bonda yesterday & today he gifted me a book "HOW TO COOK"
Dear Vanquish! I agree FIRE, ur observations r superb:)
@ Vanquish,
Any view on SBI??
HDFC closing below neckline not comforting - i am going short at 630 for targets of 560
i think this stock will break the backbone of nifty in the coming days
@Kumarji,
LOL
Anyway, we have been hearing about her Aloo Bonda for a long time, and didn't have a chance to smell it yet...
@dkg - not following - if you have positions in them i can pull up a chart tonight and let you know
let me know if it is required
@ kumar sir - i am just pushing the boat in which you are sitting
@Vanquish,
Now Kumarji agrees also. :) I have followed you for a few days now. Your observations coupled with flexibility gives you the edge.
kumar sir good afternoon
Bye Sir and all
@vanquish - i will send you mail then update me on SBI.
Nifty Broadening pattern: CLICK HERE
Bye to all
@fire , kumar sir - really appreciate your kind words
the edge you talk about is what i have got from this blog - before i used to foolishly count waves and lose my mind - i have learnt from here the most valuable lesson - use wave count always with standard technical analysis and the results are powerful!
@dkg - i would be happy to help if I am able to spot anything on the chart -
have a good evening all - i will update the charts in the night
@ Dr. Kumar,
Broken H&S neckline @ 5375 today. If nifty make dead cat
bounce what would be the ideal level to go short? I do not
feel to do bottom fishing @ this level.
@ Dr. Kumar,
I am watching your comments for last 3 months & now
became your fan. Please update level to take short position
if nifty make dead cat bounce from here
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