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 ...
66 comments:
@Ilango,
there are 2 days left for the week to end. The lead indicator for Week is sliding down and the trend of week is already down. In addition lead indicator for the day is high up in the overbought region.
Thus isn't it a high possiblity that the week try to asserts it self from these regions (or at least from R1 of the day 5254). The rising wedge posted in this update also hint towards that.....
GM Master & All
Master one qtn how to set SL for re bought trades any guidance on same?
Do we keep SL for these based on support resistance/ pivot pts
Thanking you
Good Morning Mr.Sandeep
Have a Nice Day
Nifty Spot - Gann Sq9 - SUP/RES
RES: 5238-5256-5274-5293
SUP: 5220-5202-5184-5166
A child on a farm sees a plane flying over head
'n Dreams of flying.. But pilot on the plane sees the farm house 'n Dreams of returning home..!! Thats life.!!
Goodmorning sir and all :)
Prabakar - FED drawn Blank.. ECB too today??? final punch on tonight or tomorrow!! so today is 'flat grinding day??? or little up" that's all? Shri-ji will give "late reaction" it seems he is busy it seems :D :)
Master I have been able to find out the reentry in the direction of JNSAR trade..but lack confidence to initiate since not sure about how to place SL for these trade..
Thanking you
Morning everyone !
@ Ilango ji: supr post, saved to my hard disk, tks :-)
ST FIR filter (SMA) analysis suggests we are in a corrective CYCLIC phase right from 5246, with a Sinusoidal mean @ 5233 & Peak-Peak diff = 27 odd pts
This makes one lean towards an EW count for this wave as the 4th sub-frac (sw4) starting DOWN from 5246 (since sw2 = 5150-5077 was deep & a ZZ), sw4 will most likely b a SHALLOW FLAT or a COMBO.
Rev lables for 5fifer from 5033 proposed thus:
Y.B.y.a.1 5033 5150 117
Y.B.y.a.2 5150 5078 -72 -62%
Y.B.y.a.3 5078 5246 168 144% ** DONE ysday ?
Y.B.y.a.4 5246 5206.352 -39.648 -24%
So far so good, If this assessment is accurate we will grind in a 30 -40 pts range , before breaking out > 5263-5275 decisively to finish a.5
Pls check if this can be so , first of all is it sensible on my part to "guess" like this , sir ?? :-)
--> Dear Suja / Smita : My best wishes to you on Rakhi Poornima. May God Bless you with health, wealth, peace & prosperity! Keep smiling :-)
julius ji.
pl elaborate 5240 ?
Anyone related to Metapsychics please send me
a test mail.
Gud morning sir and blog masters.
Thank you sir. I wish to learn many more things from you.We all like your presence in our JN family thanks again.
julius ji,
how do u interpretate GS9?
Crossing the resistance level 5244-5274 with closing atleast above 5244 is ideal requirement for this up trend to continue.Breaking below 5214 would bring it down to next support 5190-5200. Unable to protect the same would bring more weakness.
Support & Resistances for the day :-
Support :- 5190-5214
Resistance :- 5244-5274
Current Trend :- UP
Strategy:-
Initiate long near support area with small SL.
Possible Movements:-
1. 5215< = >5244< = >5215-5190< = > 5274< = > 5347
2. 5215< = >5244< = >5190< = > 5168 < = > 5148< = > 5118
Happy disciplined trading to all.
Have a nice day!
Good morning Sir and dear blog mates.
One of the most amazing posts that I have read today. Thank you for keeping us on our toes.
@ CDG ,
Very valid observations.
The mid week has shown the resistances from 5235 onwards as suggested-5235-5280.
80% of 5349 to 5033 is @ 5286.
Aggressive traders, as suggested yesterday, would sell in those areas based on your observations.
Others would follow their chosen studies.
Afterall, we aren't Nostradamus.
We play the probabilities. The only criteria for success here is it should be objective and non-biased. At certain junctures, market provides objective unbiased views for both bulls and bears in equal measure. Those are "dice-like" situations.
Whatever you choose, look out for price confirmations once an aggressive trade is done while having the SL in place.
I informed my critic that a 5-waves are about to be done in RELINFRA around 516. It did @ 516.30 and is falling.
If bullish, its correction should limit to 501-504.
Sujatha - yes. ShriJi sent a SMS that he just left to ECB meeting.... :)
And as a chlidish step towards market matrix 1 cycle of full moon, tomorrow may possibly be a gap down.. not sure.. waiting for first time to see whether it happens...
@Ilango Sir - There's one thing that I have noticed.. Whenever the Monthly close is above the Month JNSAR AND a big move (up!) is expected, the market usually retraces back to somewhere around the monthly JNSAR(of last month) and gives a huge rally...
Just an observation...
Sir, how do you understand the end of a wave, specially 5th. Do you use other studies like trendline, TA table or is it just from the experience ? Overbought or oversold dont indicate it, right ?
HNS in 15 tf in NF...trading @ NL..seniors kindly confirm ..
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00 AM, VAL : 5242, Pivot : 5251, S1 : 5235, S2 :5213 and VWAP : 5237
Thanks & Regards
Namaste Ilango sir and all,
Sir a Master piece write-up. After reading it I was reminded of "KRISHNAVATARA - by K.M Munshi" -
In that book Munshiji would have written about what is DHARMA. In that chapter KRISHNA says and feels - "WHAT YOU FEEL-YOU ARE THE SAME" - and it goes by without saying that you would get the SAME!!!
I felt like reading an extract of that chapter after reading your write-up.
Thanks again for your Master Piece.
Beautiful Sir, I am definitely sure many of them will not able to digest today's post, they will learn in hard way or will quit trading.I would done the same when I started
is nifty developing inverse H&S??
NIFTY Hour RIsing WEDGE - Broken???
Click Here
@Abhi
With whatever little knowledge i have ...
After steep 3rd wave ... 5th wave will take form of ending diagonal .... and 2nd clue is ease of movement.... Market generally find it difficult to push to new highs.... Because of ob conditions and in technical indiacators.
Please correct me if i am wrong
Master awaiting your guidance on my earlier post for re entry trade..
Thanking you
Master,
After a long time, I read something on Trading which made me sit up & notice. Today's Pre-market write-up is so very profound, that I took a print-out & distributed copies in my office (of course, I read it thrice myself first).
I have also felt that one's approach to life & that to trading are intertwined. But not before reading your post today, it became so clear.
I would be greatly obliged, if you grant me permission to reproduce it in my blog.
@ Atharva,
SL for re-entries should continue to remain @ 20 points and become flexible only if critical averages/ trendlines are present to warrant a revision.
@ FIRE,
Last word is not written on it.
So much frustration/ helplessness when I read the plight of some of our readers who rush into the market in pursuit of jackpots/ riches without a basic "Preparedness".
Spread the word, if you are convinced.
Thanking you...
sir now u would also undersatand u r simply noble,great human being i would definately inform others
Master ilango,
Sent u a mail kindly check at ur convenience and guide.
Thanks & Regards always
☺☺
good morning sir and all friends.
Thank you Master for enlightening,
true, we may not like to see trading completely isolated from our basic human traits of greed etc. and developed/developing attitude, our value system and also (most importantly) our cherished world-view (how do we perceive the unfolding of life as a process generally known as evolution). i wonder, are you not actually highlighting core issue of self-evolution or inner evolvement ? i hope you are.
thanks again and again
ns at 200ma supp in 5min charts
I have sent "one post" to JN GOOGLE GROUP..Please look into that..
whenever i am in problem or facing difficulty simply - will do repeat the mailings of Sir's after today's pre-market view now i am reading 2 year old mails and all which are my "treasure"
regds
Master thanks for the reply bt my presentation is not upto the mark bt u can draw and see.
Thanks and regards
Bank Nifty Rising wedge broken??? The Move within the Rising wedge is resisted by the TRENDLINE
NIFTY DAY HARMONIC CHART:
Click Here
** TYPO read the above chart as Bank Nifty Hour CHART Rising Wedge :)
@ Abhi,
If you want to identify waves in its purest form, it should appear to you the "most obvious one" at the first look....in a flash, before our dear egotistic mind comes in to lord over us. You have lost it then.
I just saw the "google's 5-min chart of last 3 days of Relinfra" and it just stared back at me with a vertical 5th wave in progress.
For intraday...you rely on your experience.
For larger T/F, you could use other studies, trendlines, etc minus our opinions based on half truth dished out by various sources.
Bear call spread... Sell CE5300 @ 55/- and hedge it by Buying CE5500 @ 11.5/- and pocket premium around 47/- . if Nifty goes above 5350 close sell CE5300 and keep buy CE5500. This is in anticipation that Nifty will not go above 5300 this expiry.
@ 21 Hr sma/ 2nd channel support..
5210-11 (0.38% of rise 5154 to 5246) holds as of now.
Yesterday Bank Nifty Bounced from JNSAR. Now it is near JNSAR - BOUNCE or SHORT???
Recalib for 12:00noon
Hr TA:
5-10HrEMA will give a BEAR x-over if close < 5200
Day TA:
Dev. 5DEMA will turn DOWN if close < 5190
5200pe have more O.I than 5200ce
but addition in ce is more today than pe
does it indicative of some more grinding time in 5200-5240 range
Thank you.
Is there any problem with "google charts" today...?
No problem with google charts
Good Noon Master
Nifty taking support at 21 Hs sma -5210
Yes there is some problem...@ times it says 5217 (-23) and stays there...
yes,sir google chart not updating from range
5214.7-5236.90.
Yes there is some problem
yes there is a problem in google chart
yes Sir, google chart not updating
@Mr.Illango,
Yes Sir - 2 Mins working - 5 Mins stopped@10.50am
candle.
and candles are also not getting refreshed...
shriram ji - thank u very much for your wishes..sorry missed ur post
satheesh - May JNSAR - hit aye namah!!! pls. post the JNSAR BNF pls. tks n advance
price is live chart stuck from 10 58 in google
2 mins also stopped@10.58
Yes Master. I also found problem in google chart.
yes sir,
Google chart is not work properly.
Can anybody have yahoo finance link??
if yes ,please send
Thanks regards
Thank you.
New Post Done.
Sujatha Sis,
Bn jnsar is 10313.
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