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 ...
9 comments:
Ilango, thnx a lot for quite precise inputs during
trading hours - u kept telling that rise on sell and also
u mentioned levels also - i think around 5220NS - ur
advised sell worked for 40 odd points - pl. continue
guiding like this
What a "Maga Size Grinderrrrrrrrrrrrrrr"???? :P :P
Trade Plan for 4th May 2012
The 2nd corrective started from 5379 is forming a CT and currently 'E' leg of CT is in progress and its sub wave 'a' leg is completed at 5180 from the starting point of 5280. It implies Wave 'a' = 5280 - 5180 = 100 Point and presently sub wave 'b' of 'E' is progressing.
Wave E it self can be a CT or a Zig Zag.
Assumption 1 ( Zig Zag )
Assuming 'E' develops as Zig Zag it may terminate before 5135 which is the starting point of Wave 'x' assumed by us when market moved from 5135 to 5379. Any move below 5135 may lead to very serious price damage, hence it is advisable to initiate long around 5140 zone with SRICT STLP of 5130.
Currently the 'b' leg is progressing and if market touches 5240 zone and above it is advisable to initiate Short with STLP of 20 points. Since 'a' leg is in :5's it is safe to assume that Zig Zag is forming. Since any : 5's can be labeled as 'abc' I have kept the option of 'E' forming as CT open though the possibility for the same is very remote.
Assumption 2 ( CT )
Assuming 'E' develops as a CT then market may not go below today's low. In case this particular structure is forming it will be difficult for the traders to take position. In such situation it is advisable to wait in the side lines and initiate long at appropriate level.
Though this is not the preferred count,the larger Wave 'B' to balance the time factor it may tend to adapt this structure. Hence this option is kept open.
CONCLUSION
Initiate short if market moves from current level to 5240 zone with strict STLP of 20 points.
Alternatively
Initiate long if market comes around 5140 Zone with Strict STLP price of 5130.
Hi to all
good evevning all
thanks Jayaraman Sir
regards
Namaste Ilango Sir & Blogmates,
Round One to Bears, but need a follow up to stamp their authority; Option Analysis for 03-05-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
Shradha Saburi ji,
Welcome
Wish you happy trading.
Good eve...Ilango sir & Sanay bhai,
Sanjay bhai thanks for EOD-OI updates.
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