It means each fall will be lesser than the previous one and each rise too smaller than the previous one with the channel lines converging/ narrowing into a smaller range and finally the break-out of this narrowing channel top.
If we assume that the ending diagonal started @ 5168, then the first part of the fall ended @ 4758(410 points) & then a rise to 5034(276 points-67%) and now this latest fall should not be more than 410 points(5034-410=4624) and preferably 80% of the previous fall which is (5034-328=4706). Once this fall is over, if not done already, a 61.8% to 80% of retracing upmove will unfold.
In sum: Below 4624 deeper falls; Around 4706, it could reverse and move up by 200-250 points. Watch the last channel drawn for the fall from 5034-4728.
Oversold Hour with +ve divergences too favour such a possibility.
If you find it all "too much to digest", Stay with JNSAR as even if you miss the bottoms & tops, you'll still be left with a sizeable "Chunk of the body".
30 comments:
Master ilango, good Morning
Good Morning Ilango Ji,
SGX Nifty quite flat so far @ 4776.50
HSI Closed for today.
@Ilango and blogmates,
goodmorning and happy with sizeable "chunks " :)
good morning.:D
Ilango said...
@ Rajan
I try to use Hour JNSAR at extreme reversal points. We are presently in a continuation phase of the downtrend.
October 4, 2011 12:18 PM
Sir,
Considering the alternative of an "ending diagonal in vth wave" with oversold Hour and +ve divergences can we use Hr jnsar for covering the shorts if not going long?
Gm Sir,
Excellent Explanation in pre market.
Rgds
Good Morning Sir and all friends.
I was away from market the whole day.
But was with JNSAR so no tension at all.
Thank you for this wonderful system.
Rgds
morning sir and all...the alternate count looks more appealing sine the channel support is also there near 4620
@ Cooldent,
Yes. Yesterday too, I cautioned when Nifty triggered HrJNSAR intra hour but did not close above it. Sometimes, it may close above for an hour and then may reverse.
Day-Pivot would be ideal for "Intraday" today as well as ORB.
dear cooldent,i dnt understand wave theory but in alayman way sir has already mentioned todays devloping jnsar in Tech table as selling zone with s/l of 4850
4833 is the hrly jnsar in making and the s/l for shts at this level is 4850
Gm sir and friends: tomorrow holiday, so two days moves can be done today.
lead indicator most probably going to touch 80 with today's close.
nifty's daily BB is expanding, weekly is at 4700.
Thanks a have a safe profitable day and Happy dussera to all of you.
Good Morning ALL
Good Morning Master and copy to All
Prayer - अपनी पनाह मैं हमे रखना
http://www.youtube.com/watch?v=Pb6EgSzsnVo&feature=related
Good Morning Ilango sir and friends.
Namaste Ilango sir and fellow bloggers
LV
"Opening above Day Pivot-4790" & moving up..
Now look for the ORB range of the 1st 15 minutes.
Namaste ilango sir and friends,
Today's Quote received :
Who should be blamed when a leaf falls from a tree?
Is it the wind that blew it away?
or
Is it the tree that let it go?
or
Is it the leaf who grew tired holding on?
Life unfolds a lot of misunderstandings everyday..every moment..
Its up to us to:
Solve it.
or
Leave it.
or
Live with it….!!!!
Above 4820-25, it would be an "ORB-4788-4819" break-out as well as the break-out of the small channel of the down move from 5034 to 4728.
Look for, then, those retracements.
Hangseng is closed today due to National Day.
orb 4788-4819
orb break down
ilango sir flag in 5 min continue frm tommorow?
sir,mkts opened at pivot 4791,and now it has broken its open level and pivot.can we sht at this point.thanks
Master,
The Flag broke down. A 3 wave correction ended at today's high retracing 62% of the last fall?
BNF 1.5% down
How nifty can survive
Nifty is cheating :(
Now this is not an impulsive fall at all.... so we are still in corrective of some sort...
New Post Done.
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