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 ...
76 comments:
@Ilango
As always, at such times, we await your karmic effect!!!
your views please....thank you
rising wedge in 15 min chart?
Todays move is displaying a "Broadening Pattern" at the top.
You could see it in 5-min chart.
You sell the rises.. Buy the dips. Until day reverses.
According to the broadening top, it could make another high..
It is likely to be a "Broadening top Pattern".
@Ashish double negative is seen in 5mnts, 15mnts charts as well. as you have , bull is strong
5115
If it fails to make a new high soon, that would indicate again weakness.
Broadening top pattern
could go either way..!?
Bear looks at it as "Intraday Double top". SL-5 points.
JNSAR followers,
Has anyone tested how the price action is if it trades
consecutive days or 3 days above/below JNSAR?
Just test it.You will have surprises.
don't look for
waves
wedge
trendline
patterns
strength
weakness
dow uncle
article's from traders
even Ilango's comments
Just place orders above or below JNSAR and hit the bed.
That's it.. Simple!
@DR
Idhar chala main udhar chala
Jaane kahan main kidhar chala
Arre "uchal" gaya, yeh tune kya kiya!:D
Sir
GA
Sir why the undertone is so bearish?
because if closing above hawala they will still travel some way for people to board the train and before changing their clothes
@Nanjil thanks for the eyeopener
kindly could you take pain to elaborate more on your
observations please
regards
today also they did the same thing after good INfy and IIP data above expectation they made people sell and now on towards a new high
@ AJ :-)
looking at 1o days vol.profile VAL is@4984 app. where they brought yesterday - it could be the bears who want to fool people or the bulls who fooled people
@Golf Dude
Trading? hope you have not broken your rule / observation
golfdude said...
when are IIP numbers due ? I hate these days because
some manipulation happens when the numbers are
released and SLs get taken both sides.
October 12, 2011 9:51 AM
Hi, AJ :))
Dear Ilango Sir & Blogmates,
OI Update at 2:30 PM
Thanks & Regards,
Sanjay Kr Jaiswal
@Ilango
Is this a false breakout???
@Sanjay thanks again for a well needed input
Bhavan,
Nobody has done nothing. We are markets. Before any big move, it travels in opposite direction intraday. It’s simple because, when the trend changes, people have no conviction to accept that. This forum is a case study i.e, sample lot of market. Just check the comments since morning . How many bearish thoughts?. Proportionately think about bigger market. So, it drag the market for a small time but when the real move comes, obviously it will be huge.
- waves: How many winners
- wedge: How many winners
- trendline: How many winners
- patterns: How many winners
- strength: How many winners
- weakness: How many winners
- dow uncle: Never considered
-article's from traders: Individual's choice
-even Ilango's comments: ?????? "Chup"...
If you cannot use all the tools, yes.. you could stick to one.
AJ,
You are well experienced seasoned trader. Do you believe GD’s manipulation comment? I have given my thoughts in a reply to Bhavan.
Nifty pagal ho gaya hai.
Sept 21/22 gap breached. Now to move swiftly across
this gap 5061 - 5141 in futures. Day JNSAR is up.
Hour JNSAR is up. Week JNSAR is up.
NIFTY Broadening formation: CLICK HERE
Falling below 5056 may give hope for bears.
@nanjil thanks for your enlightenment but it is my side of reading/understanding of the comments that many of us r stil vary about being on buying side refer to DR's comment in 12.0noon post JNSAR n HJNsar both +----- pleas No offense meant
ST Indicators look OB though.
and yes what one can call manipulation I would call it astute and diligent meticulous strategy
// If you cannot use all the tools, yes.. you could stick to one //
I want this only Ilango.
When a trader starts his carrier, he should first make his financial base very strong. To do that, you must stick to one. If it is only JNSAR or Ilango’s comments that’s fine. But don’t enter with Ilango’s comments and exit with JNSAR. When you stick to one, your belly grows of course wallet too and you have time to watch the fun and learn while earn happens. After a year or two , go with all the tools and if you lose, don’t worry as you have already succeeded in “stick to one”.come back to that. Life will be happy.
If you start looking for all the tools when you are making losses, then all your efforts go in vain and only very few may be handful can succeed.
Its just a view;
for bears...
http://imageshack.us/photo/my-images/845/wolfewave5min.png/
Bhavan,
DR has made his money today. What about you?
me too "No offence"
nifty has crossed second resistance at 5075,
let us see if it is held on closing
@abhishek
hi, good afternoon!
@all
I hate this broadening pattern. I consider it to be "manipulator" pattern.
We see a lot of these in ES futures.In fact we are in one of these currently
Quite synonymous with "pump and dump" trading
http://financeandtradingmadeeasy.blogspot.com/2011/03/expanding-megaphone-broadening-triangle.html
@ Buzz NIFTY nahi SAAND pagal ho gaya hai....lolzzz
@Prashant Shah
JSK know u will read it at evening but thanks for the upload but kevi rete uoyog karvo te shikhava hajar rehvu padshe ane hawala ni upar gaya to teji 5180 ni?
H-JNSAR has made 50 pts today.
Nanjil Stick to one tool mantra is the only solution.
I agree with you completely. However, one should
also check the karmic factor which Ilango mentioned some
days back. It is very important and a quick check of
Rahu and Neptune in one's charts by an authentic
astrolger can help.
If your karmic phalas do not support earnings from
speculation then whatever tool u may adopt it will
make you dance and dance and not do anything for you.
I am long since 4770 not much of an intraday player I have my own set of markers apart from Sir's suggestions and have partly booked yesterday which I didnot rebuy at lower levels
@bhavan,
Why did you go long at 4770 ?
Great timing sir
Ilango said...
According to the broadening top, it could make another high..
// Rahu and Neptune in one's charts by an authentic
astrolger can help //
Ridiculous!!!!!!!
Why everybody bear here??
@GD if u read my that dayz post comments I observed Tatasteel and RIL coming back or resisting the fall very stongly and if u have been observing stocks from long u know when it is pausing u can simply call it a foolish aggression but I had a SL that if the mkt trades below 4720 for more then 5 mins I would have booked loss
Dinesh Rishi said...
SATISH said...
DR,
Is there any chance of winter coming?
I am Hutch dog of Nifty
http://www.youtube.com/watch?v=9ll228mfKSU
May 3, 2011 2:47 PM
Good afternoon AJ :)
fast rise happened and waiting for fast fall !!
@Bhavan,
Good observation. I have heard from experts that
main stocks in the index give leading signs many times.
5110 gap fill on its way.
Ilango,
Is there any SL for this conservative Sell @5070.
I sold at 5665 NF.
@ilango sir,
Wave 5 invalidated. Still in Wave 4 ?
Or all downtrend done and new impulse wave up ?
Looks like gap will be filled by a gap up tomorrow. :)
Hope Dow S&P supports tonight. US futures are up.
Hi nanjil,
I don't know about manipulation but on "news release" day. One gets these both sides move during intraday.
Are the markets manipulated?. Stocks are, IPOs that's a well known fact. Markets can be manipulated for short term but difficult for the long term [really what was QE1 and QE2 then? :)], staying with technicals and trend keep you on the right side of trade.So even if the markets are manipulated play on..... :))
Ilango,
Typo. I meant to say that I sold at 5065 NF. Is there any particular
closing level that one should be looking for.
@AJ
I m too amatuer but still sharing an observation that mkt mostly makes a move in the opposite side when a data surprises on the positive and the marketplayers r well aware of the datas long back and so they plan their moves accordingly.
@ Nifty,
In the pre-market view sir has mentioned SL as 5070 and not short at 5070!!!
which indicator is showing double -ve divergence on hourly chart
Oh gosh. I misread it as Short at 5070. oh well.
Somebody said 4750/4780 levels when markets were trading in positive trend at 4950 couple of days back.
Somebody said 5115 when we are trading at 5050 today.
Freshers should look at the difference between these statements. When price is trending, don’t look out for such contra statement and don’t get lost ! Experts can fight against trend but not possible for all especially to freshers like us.
kalyani said...
it seems nifty may reach 5110 today itself !!
October 12, 2011 12:22 PM
OMG at 12:22 itself Madam predicted
Dinesh Rishi said...
5115
October 12, 2011 2:11 PM
Banghead
NS almost reached the 13wk SMA and 3Month EMA.
Nobody knows, whether nifty will going to touch 5100
today, its just a trading day, until you got breakout...
I agree many got distracted due to -ve div, but as
piyush said in morning it fails, to trigger stoplosses,
and then it starts its own due course...
Institutions knows well support and ressitances,
its the patience to sit on, what counts...
Market is always there...
bears
http://www.asteriskblog.com/wp-content/uploads/2008/04/man-hitting-comp.jpg
Gap filled - 5110 high !!!
NS has reached 127% of the leg AB (5034 -4728)of bearish shark pattern in DAy TF. Again the power of DAY TF over Hour TF!!!
My observation - If MACD > 0 and negative divergences
work rarely.
thanks ashish
Now if suddenly supreme court decides tomorrow that
Chidambaram needs to be investigated then all gains
of past few days will be lost in a few seconds....:)
bse advance decline ratio 10:4 which is indicating steep fall in near time !!
Anil that is a good wolfe wave pattern!!
IMO breakout buyers above 5045-5050 will get punished tomorrow when we open.
This is all stupid news driven rally... Almost all of it will be given back.
See where SBI maxed out today - very very bearish. All recent SBI bears ejected from the system.
I shorted 5050 NS
Initially I was looking for merely a pullback.. But now I think we may see much deeper retracement possibly all the way down to 4800.
@ashishag
more advances vs less declines means greedy buying is happening which will lead eventually to a fall !!
Funny quote ( applies to India i assume ) -
Milton Friedman who sited a story where he had witnessed a government work project in Asia and asked why they weren't using heavy equipment to do the digging instead of shovels. The answer was that using shovels caused them to employ more workers. So he asked why not use spoons?
@ashishag
along with advance decline ratio , see also justnifty lead indicator which is in highly overbought condition. 5170 should be top for this rally. let us see ....
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