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 ...
41 comments:
Sir, nifty is being resisted at 5120, the level you mentioned in morning.
ABHI,
ABOUT TO TYPE.
THAT IS THE SIR.
IMPORTANCE OF LAST HR LOW.
SAME IS IMP FOR TMRW.
AS TCS RESULT AFTER MKT HRS.
IN PAST, INFO RESULT UP, TCS DOWN &
VICE VERSA.
PDD
The last rally today morning failed to take MACD Histogram even above zero, forget positive values.
@Fire
nice observation, how could i miss that detail on
hourly charts
thanks...
Abhi,
Nspot/nf is trading below open price of today.
almost open & high.
pdd
Dear Fire
hourly chart, nifty has negative divergence, pls confirm
Not able to post a comment. Need your help.
ril nr day's low,
but ns/f is not yet.
pdd
Probably, we are in C wave of A-B-C flat of wave-IV or
Wave-II.
It seems that wave-c has made a double correction, i.e.
Flat+X+Zigzag+X+Triangle. We are currently in wave-e of the triangle.
Here is the wave details
A1: 4729-4828, B1: 4828-4744, C1: 4744-4921,
X1: 4921-4866
A2: 4866-5045, B2: 5045-4974, C2: 4974-5056,
X2: 5056-5000
Triangle: a: 5000-5136, b: 5136-5057, C: 5057-5160
d: 560-5085, e: 5085- Under Progress
Any comments welcome
@Parimal,
There are double negative divergences, but higher TF dominating. So can't expect much.
@Anil,
Thanks for your kind words.
Not again!
the next snake is sneaking in...
Dear illango ji,
Looking @ sub-fracs of the move from 5169 -4911 onwards,
which has been labelled as a 3-3-3-3-3 ED,
pls note that 5169-4911 & 5169-4759 look like 5 wave moves,
not 3 wave
Is it really an ED?
urs
Shriram
thanks Fire
EW folks,
What is this action from 5085 low today ? Initially thought
Wave 2 down - appeared zigzag, but now looks like a
triangle.
A triangle and high degree of MAC is signalling a sharp directional intra-move pending now.
is it a possibility that Nifty ends almost flat today this too when whole of Asian and Europe are in good amount of green...
@ Shriram,
Yes. It is not a perfect ED. Waves are often imperfect that some clarity comes when we combine regular TA.
That is the reason we have this 4th wave option.
@ GD,
If it is wave 2, they are often highly untradeable.
The first move from 5085 to 5127 was a clear 3 waves. It is possible that 3 wave is part of the correction - label it as "a' and what has unfolded is the untradeable "b"; and now 'c' might unfold if 5110 is protected.
If 5110 is broken, then the 3rd (Or "C") is unfolding.
FIRE, your EW chart posted ear;ier in teh day really good, is that ur preferred view?
@ 2 pm.
5127/5103 & close 5118.
@ 3 pm.
5125.55/5107.40 & close 5111.45
unable to cross high as well as low.
pdd
What is the value of VIX as of now with H/L?
PDD
Hitendra,
High is 26.5 and low is 25 of vix and current is 25.22
@ilango sir,
I did do that. Then I thought 5102-3 was 'b'. Well,
'c' then seems a mess. If it is still 'b', then
the low of 'b' has already happenned but we are still
in it ? I usually think we mark a spot where the
low/high happens ? Unless we have a low to 5102 or below
again.
@ Hitendra,
VIX: 26.53: 25.00: 25.24.
@ GD,
In corrections...in sub-waves, there are so many imperfections that labeling is challenging. But it is quite educative. It helps to learn and then apply such formations in higher time frames.
@Jcoper,
Yes. So, either a new impulse has started from 4720 (no long-term confirmation yet) or an X has started (fits much better). Above 5500, definitely scenario changes. So keeping that in the BACK of my mind now. :P
The breakout or breakdown of the triangle and subsequent sharp move postponed to tomorrow???
Master ilango,
is the above chart of 3pm today with lead indicator and the
values at 3 pm.
Thanks Sir & Parimal
As you have mentioned on 14/10,
it has stopped above 24.5 as of now.
pdd
@Fire
triangle approaching its apex...
@ Parminder,
Yes. It is.
Thankyou Master
☺
sir,
the move from 5160-5185 looks like only wave 3 complete in 5 min charts. can this be wave 4 triangle.invalidation 5130
from 12 noon onwards, we have never since 5130.
from 1 pm onwards, we hv never seen new low.
moving in band of 5126/5103 since 1 pm onwards,
any side move wl get momentum.
pdd
typo 5160-5085
eurpoe is off day's high.
pdd
@Anil,
Towards 5155-60 once more?
@ PS,
The 3 wave done suggests that it is correcting. Likely to be a flat. From 5085 low could be "b" of the flat ending tomorrow and then again a fall for the "c" and then resume uptrend.
This is the simple view.
Is this a PAUSE for gaining the strengths before big move upwards or is this a PAUSE for signalling some change in direction or reversal of trend.
TAKE your pick.... AS THIS IS YOUR MONEY....
thank u sir
@PS,
5 days for Wave 1-3. We have done 3 days for Wave 4
which should be an irregular correction ( where
B can go above prev Wave 3 end ). So this can
go another 2 days. oh man..messy.
Dear illango ji,
though the range bound price action 4720-5169-4729-5160 hints @ simple ABC FLAT,
the sub fracs do not support "B",
which has prompted a doubt :-
Wot did Elliott ji say about prices , shud we consider closing prices or Hi-lo while charting EW counts?
Also, did Elliott work on 2 min charts like now availabel on Google Fin ?
Or did he use longer term / daily charts?
may b the hint lies there
Goodnight, urs
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