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:
shivanGupta said...
sir how can we confirm that a particular resistance has been taken out.
By the time we get a confirmation, market would have risen much.
Based on the technical study and the evidences supporting a "particular directional move", you make your entries and play along. FII data/ OI data/ VIX are supporting this upmove.
Good Morning All
Support & Resistances for the day :-
Support :- 5280-5305
Resistance :- 5335-5364
Current Trend :- UP
Strategy:-
Initiate long near support area with small SL.
Happy disciplined trading to all.
Have a nice day!
gm master ,dr sir n all
@ Cooldent sir
Positive cross over seen in 60 minutes NF chart near overbought zone. Please guide - can we act upon such cross over ?
sir are we in 3rd of vth from 5164 or something else
Sir - thanks for "hint"
Prabakar - it's worrysome for bears 5306 may hit 5336 "vida kandan" :( :P and agree with sir's "bullish target. chances are there to "cheat" also touch and "fall".. let us see.my wishful thinking is of "honey" as we arein Monthly H3 of cam need some "rest"
Om Muruga
Good Morning Master & Friends
Hari sir
In a trend it can stay in overbought or oversold for long time
@ Cooldent
Thank you sir
GM to Master & All
Stock4sure : sir R u here??
Sujatha - i am also looking for 5336, but need to see whether 5310 holds EOD basis.
And as per market matrix 1st cycle, there is one down pending, approx next week.. as usual this is my first experimentation so need to wait n watch
@Ilango,
The weekly lead Indicator has not shown this kind of reversal around 44-47 in a long long time. The week chart shows clean moves for this indicator. the reversals if any are usually either around 30 or around 70 levels....
If Nifty gets resisted around 5318-25 zone, do a retracement for 5272.80 to "that high". If the retrace limits to 38%-50%, then the breakout continues.
If not,
Do the retracement for 5165 to "that high" and look out for 38%-50% retrace.
sir this is my count for vth wave
1 5270-5293
2 5293- 5273
3 5273 - 5314
4 5314- on
is it right
i agree with ur last view point totally Illango
@ CDG ,
After having observed the "Hour lead indicator", I'm well prepared and able to accept all kinds of possibilities..........markets are evolving.
When I threw a net around the 50 mark with a "Midpoint crisis", market would travel to 40 and then reverse big or move upto 60 and reverse down big.
These are guidelines and we need to be flexible. In this regard, a bit of EW, a bit of TT helps.
Morning everyone
ysdays MINIMUM tgt for Extnd sw5 (138.2%)*sw1 is done now @ 5315 vide following lables
Y.B.y.a.1 5033 5150 117 55%
Y.B.y.a.2 5150 5078 -72 -62%
Y.B.y.a.3 5078 5218 140 120%
Y.B.y.a.4 5218 5154 -64 -46%
Y.B.y.a.5 5154 5315 161 138%
Next tgt is 150% x a.1 i.e 5330
Above 5325-5330, Nifty will again enter the STATISTICAL CMP-Dev.DHiEMA RES ZONE !
have a gr8 trading day :-)
cheers
I am expecting retracement
@ shivanGupta ,
In such small Time Frame, wave forms are quite fluid. Hence, I would not want to make any comments.
I suggest you to take the wave from the starting point of 5272.80, the last minute's low of Monday.
Thanks Ilango..
Unfortunately i relied too much on Week Indicator while trading the Day.
The learning is Flexibility is the key with Stoplosses...
Dear all,
out of topic, Mars pics sent by curiosity at www.nasa.gov..
Another Alt lable option for EW folk:
Can consider the move from 5033 as a fast ZZ in play as follows
(a) 5033 5246 213
(b) 5246 5165 -81 -38%
(c) 5165 5315 213 70%
Min C=0.618xA = 5297 is done
Next tgts : 76.4% = 5328 & 100% = 5378
But this lable suggests the wave is close to its end now....
@ CDG ,
Even when you relied "too much" on the week, the price action of Nifty while the week lead indicator is at midway down, with a weekly close well above WEma should have alerted you of the underlying change.
Remember, you are playing the day but giving weightage to week. And what happened on Friday was:
Day was taking support @ DLEma and closing above DEma----screaming to buy,
while
week lost its weightage to downtrend with a close well above WEma.
Good morning Master &friends ...Master your comments on TATASTEEL pls
good morning sir and all friends
E on
early warnings of a cross over for the downside,on an hourly basis
Thanks again Ilango and i cann't agree less.
the other problem is these kind of swift movements are sharp and once you miss the chance you get trapped. On Monday the huge Gap UP was the spoil sport.
Lessons learnt. thanks again. Let me wait for retraces now... Thanks
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00 AM, VAH : 5305, WVAH : 5232, Pivot : 5295, R2 : 5327 and VWAP : 5314
Thanks & Regards
Ehler corona Indications....both 5280...5240 NF will be revisited for market to decide a direction..........lets wait
what vengence!!!!!!
@Unknown,
Which indicator crossing over downside?
Prabakar - thanks for the off topic.. my D is interested am not :( highly vulnerable area 5300 to 5336 hope it will hit the back of 5336 and back to 260 is good to decide further
@Sujatha,
If your wish comes true the Nifty will hit the JNSAR in between before reaching 5260 triggering more downside as the DEMA is also that level.:)
DR sir
Y BN so lazy?
CDG - am talking about Monday's gap low 5260 decesive break below only is -ve but JNSAR is little away from this na?? like last week if down comes also then move up only?? fall may come by next week???
Oh correct. Sorry Sujatha my mistake i read the numbers wrong and this is dangerous anyway. Thanks for correcting me..
spot 5314 likely to decide fate of mrkts currently
Ilango said...
If Nifty gets resisted around 5318-25 zone, do a retracement for 5272.80 to "that high". If the retrace limits to 38%-50%, then the breakout continues.
If not,
Do the retracement for 5165 to "that high" and look out for 38%-50% retrace.
August 7, 2012 10:24 AM
Hi STB,
did u read the murphy book finally ?? :-)
agreesive short trade is on now: if 5324 is the TOP for the day.. this move shud seek out Dev. DHiEMA @ 5273 now... burnol @ 5335 for suja amaa ;-)
cooldent sir,
Because DR sir taking off today. BN taking rest right now...
I M WITH U SUJATHA FIRST @5260 WILL COME, THAN AFTER NEW RALLY EMERGING
In 1960's the greatest boxer was questioned
Reporter to Muhammad Ali -- Who is your toughest competitor whom you cant even dream of beating
Muhammad Ali - My wife
Thanks
possibility of a bearsih WW developing in nifty 10day charts
ns may move up towards 5330ns to form pt 5 of WW pattern and then pt 6 will trgt 5170 till thursday or friday morning
another new high likely, if spot sustains 5314 now
i smell amount av fireworks, once 5314 breaks decisively
have you notices all of the Asian Markets are flat.. Just waiting for Europe to open...
weekly trendline support/res at 5314-5318 or so, as Illango said
what if nifty just slides like melting butter n goes to 5228?????
it seems the lower T/F below hour are cooling off to move higher again...
Sriram thx for the Murphy link, I went thro it the very day u had posted it first time. I wanted the link to be put up again for some of us who might have missed it. Must read for traders. Thx again.
nifty forming a triangle so another high possible.
Ilango Sir, is there a Rising Wedge pattern on 30 min, 5 min and 2min chart?
sir,
today's morning high was 5298, and afterwords it retraced to 5282. So i am following retracement for rally from 5282 to 5324, so far taking support at 5313(23%).
I read you saying watch for retracement for 5272-high, and then 5164-high,
why not first watch for retracement of 5282-high and if 38/50% breaks, then move to 5272-high...
please clarify , where I am going wrong
@STSB,
Thanks. i was abt to ask Shriram regarding the link.
Dear Shriram,
If possible could you post the link again.
@ STB / Prabhakar :
Its posted as a comment @ ilango ji's Saturday post after i got STB's msg.. if u cud pls see there
Thanks Shriram, Got it.
BTW, is it downloadable?
nifty still holding on to trendline for upside
New Post Done.
1st solid signs of weakness emerging
is anyone seeing da momentum indicator. There's bin a solid crossover for the downside in this current hour. any suggestions????
my charts r showing dat all lead indicators r pointing to a downside. RSI,ROC, MOMENTUM etc. Can anyone confirm????
there is 1 thing tho. If ppl start shorting looking at a weak europe opening. mrkt will rally further i think
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