Monday, July 16, 2012

Nifty, in corrective mode, heads for MEma/WLEma..

Nifty, after the rise from 4770 to 5190, consolidated @ 5100-5190 zone(mean being 5145)and broke above 5190 to go into the resistances zone of 5342-5379(@ 5349).
It has entered the support zone. Holding around 5145-60 could make it oversold for a ST reversal. And the quality of the reversal would have further clues for the month/ week uptrend to continue or reverse it.

27 comments:

shriram said...

Ilango ji,

Ur truly a wonderful exponent of the TREND FOLLOWING SYSTEM.

My personal TA story is testimony:
I was losing money for 6months straight TRYIGN TO PREDICT.

And then came across JN , read the Hi-Lo system , added EHLERS study of Low-pass Digital filters to it & how my life has changed ... these 6months from Feb'12 have been the Best trading months of my entire life ..

THRU U , I 'VE LEARNT TO BE SYSTEMTATIC & TO FOLLOW TREND HUMBLY... & THE MARKET HAS REWARDED THAT FAITH BRILLIANTLY

HOW DO I THANK YOU, PLS TELL ME SIR,

ANYTHING I DO WILL BE LESS , SUCH IS UR IMPACT ON MY THOUGHT PROCESS :-)

MAY GOD BLESS EVERYONE ASSOCIATED WITH THE JN FAMILY , HAPPINESS ALWAYS !

cheers

rajesh kumaran said...

time is running so fast,ilango ji congrats and wish u good luck for the un expecting help for others,vazhga valamudan...iraivanin anukgraham eppothum ungaludan irukum

Fire said...

Wow, 4th Anniversary! It's 4 years already and it seems just a few days back I first came to JN and got fascinated by his studies, thinking for the first time that me too can learn EW perhaps and began to bug Master every day. His patient teaching is behind everything which made me a trader.

And what a forum this has been. I am not going to mention once more all the names of the great minds I have met and learned from here, for the same reason for my delayed participation in this wonderful day, my current physical condition not permitting me to sit in front of a computer for more than a few moments.

But my best wishes are always there for Master and all those great souls who have been complementing him all these years.

Thank you.

CDG said...

Dear Ilango,

Thank you very much.... I have no more WORDS to express it better.

Regards

CDG said...

@Shriram,

if we expect @5190 as channel bottom from where Nifty just bounced though very little then what to expect the lenght of this bounce.

mk said...

Ilango Sir Namaste,

Heartful Congratulations.
Happy Blog Anniversary.
feeling lucky to have been associated with such a wonderful family.

shriram said...

Dear CDG,

Are u so sure we have a bottom @ 5190 ?? :-)

Anyways for academic interest, This being a HIGHER DEGREE "B" wave from 4770

can do a FLAT / ZZ or a DZZ (WXY) !!

If FLAT --> tgt is 5350

If ZZ --> tgt is min 0.618x(5348-4770) + 5190 = 5610 to 6000 !

If DZZ with W ending @ 5348 & Y: @ 5190 (as per ur view)
--> then the Z can do anything from 5300-5500!

So, Bestum Best option : Follow TREND, TILL IT BENDS ;-)

CDG said...

Wonderful Calculations Shriram.. Thank you very much.. Follow the trend it is and we all should.. your numbers will be handy for keeping alternatives ready

Nirav Shah,CA,CPA said...

My heartiest congratulations for your continuous efforts.

Also a big Salute for your work and passion towards your job.

Keep doing the good job.

Kind Regards,

Nirav Shah

sometimesbullsometimesbear said...
This comment has been removed by the author.
Stocks Breakout said...

Heartiest Congratulations Ilango ji

ITradeForProfit Daily said...

FII Buying continues.

+257 Cr today.

pravin said...

Happly Blog anniversary to Sir and all fellow JN mates!

Pankaj said...
This comment has been removed by the author.
Kumar Technicals said...

Dear Pankaj!

If you think it will overlap directly our TT & JNSAR, then i am not with you either i agree that we may be near bottom. I hope we may miss some points but we can catch 5400 easily, some of my known people were compelled to sell their house when they predicted market & it did not behave like that, mark to market ruined those poor souls:)

Indian Trader said...

My heartiest congratulations Master for your continuous Struggle & Efforts.

Successful 4 long years :"NO WORDS to say"

You have taken and taking lot of pain to run this blog... all kind of people here "kuch meeta... kuch khatta... experience...

some of us lost in time and watching some new faces everyday...

but this blog still remains new for me as those days...

Salaam Dil se... for running such great temple like blog for us...

With Love...
IT

r m said...

Dear Ilango & all blogmates

Happy 4th Anniversary folks!

My best wishes to the class of 2012 and the faculty. :)

best regards.

Kumar Technicals said...

Dear RM & Fire!

Thanx for ur smiling comments, take care. Wish you speedy recovery Fire:)

shriram said...

yes CDG,

B waves esp @ IM or sub degrees are CRANKY , CRAZY FROG waves...

ideally to be avoided , as every TREND FOLLOWING STRAT has LAG & wot will u follow in a B wave which has MORE OSCIALLATIONS & LESS TREND :-)

anmpatel said...

@shriram
if 5190 protected tom then at which price can we say v of c started. thanks.

shriram said...

@anmpatel:

Cannot tell right now is the HONEST ANSWER!

"v" of c can be truncated and may not go to 5348 also.. and we cud reverse below in a CORRECTIVE

Above 5348 , I wud wait for EOD close > 5345 to consider if a "v" of c is possibly ending...
BUT, that wud not be my primary count

Any upmove from 5190 , can be seen as 3 options which was discussed wid CDG:-
1. retrace of 5348-5190
2. New "c" wave of a ZZ UP 5190
3. New "y" wave of a DZZ UP from 5190

Cheers , gnite!

Jayaraman said...

Today is the 4th Anniversary of JN Family and it is the place where I am getting trained as a trader with technical application and I owe to Ilango Sir for his guidance, appreciation and continuous motivation and also very many good soul of the JN family. I was wondering how to show my respects to Ilango Sir and it struck to me that the most appropriate way could be to post my Trade Plan , as per my understanding, as a symbol of my respects with humility.

ILANGO SIR, THANK YOU FOR EVERYTHING.

Trade Plan for 17th July 2012

Refr. My Blog for Chart

As per the above chart Wave 1 is completed at 5349 in which it has 5 waves. From 5349 Wave 2 has unfolded. Wave 2 is a corrective wave with 'ABC ' as its internals. From 5349 to 5209 Wave A has unfolded as :5's The labeling is as per the chart given below:


Refr. My Blog for Chart

As per the above chart Wave 2 is likely to be a ZZ or at least its 1st leg ( A ) is developing as ZZ and as of now it has completed first part of its 1st leg ( A ) in ;5's and it has taken approximately 4 days and one can expect counter trend and it has the maximum potentiality of 5320 zone. This is the area the chance for getting biased for more upside may happen and caution is required.

The chart given below explains the Running correction that has unfolded during the day and this implies the maximum target of 5250 if 5185 is defended and market trades above 5209. In case market fail to defend 5185 one can expect double ZZ with possible 'x' wave from 5309 to 5246.

Refr My Blog chart

By considering the time factor Wave 2 has to spend between 4990 and 5320 zone ( Minimum of 23 Trading days ) it is highly unlikely market will breach 5185 within another 4 days.

CONCLUSION

1. Wave 1 completed from 4770 to 5349 by consuming 27 trading days

2. Wave 2 started from 5349 and part of its 1st leg completed in ;5's at 5209

3. The counter trend move was under play for major part of the day as 'RUNNING CORRECTION'" and the C may complete at 5250.

4. In another 4 or more days market will attempt 5320 as maximum and then continuing the correction towards down side

5. Minimum for another 23 days market will trade in side way and biased towards down side.

6. Initiate Short @ 5250 with STRICT STLP of 5 pts with 1:6 as Risk and Reward Ratio.

Thank you JN family members for all the support you have been giving to all our colleagues and making this journey less stressful.


@ FIRE

Take care dear and Health is Wealth also my wishes for speedy recovery.

Abhijit said...

My best wishes Ilango..

You had helped me once by sharing hourly data over mail. That and your tech table has been a source of inspiration for me.

Abhijit

Bhavesh said...

I also join the list of member saying thankyou to Ilango.Your system has been great & very helpful in knowing market pulses.Thankyou very much for your continuous support.

siddique said...

Dear Ilango,

Pl accept my congratulations too on your blog's 4th anniversary.
May God continue to bless you and this blog and its ever growing members.

With regards
siddique

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