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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
45 comments:
good morning master and blogmates
Nooresh View:
Nifty Technical View:
Like Newtons law of motion. A trend remains in motion till there is evidence of otherwise. This is the belief which a Technical Analyst believes in but at times difficult to follow.
All market-men have this habit of trying to call a Top or Bottom. Had written an extensive article in October 2011 mentioning to stop searching for a bottom and invest and followed it with another article mentioning how one will be left guessing a bottom as Fear had a hit a 10 year high around the world.
Right now there is no point finding a top till we see definite signals. We may keep seeing a lot of Technical Reports mentioning about it. A simpler strategy is to keep booking partial profits and use strict stoplosses and enjoy the ride which still has a lot to go.
Technically Nifty is in a higher top higher bottom in a nice ascending channel. The next logical resistance for the channel comes at 6250-6330.
Now some technical analyst would be calling the current volatile pattern in Nifty to be a rising wedge. Its too early to call it because we generally see big swings and 3-4 attempts on higher end of the wedge and a nice breakout too.
So for now it does not look distribution but possibly a lot of shakeouts to remove weaker hands.
The simpler strategy is to now wait for recent bottoms to be broken for any turnaround signal. No point finding a top but its better to raise your stops. The recent bottoms are 5940/5850.
Sir ILango ji and every one good morning
hi llango,
you mentioned of a 225% possibility of nifty doing an irregular b at 6080-90 and starting a major 5 down.
I couldnt quite get that...could u please explain on that and help me.
thanks.
sorry for that error 25% probability....not 225% :)
Namasthe ilango sir and friends,
Today’s quote received :
A positive attitude causes a chain reaction of positive thoughts, events and outcomes.
IT is a catalyst.
It sparks extraordinary results.
If you do not control your attitude, then it will control you.
@ Master
Many thanks to you My Rich DAD as the Best way you explained my doubt :) thanks
NIFTY 4 Hour and 5 Minutes chart: CLICK HERE
@ Ilango Sir,
Thanks for your response.
One more question: In spite of all the positive news from global markets and US job & housing report being positive, Nifty has rallied only 50 points (and the pace has been very sluggish in last few sessions as well). Could we still describe it as a third wave.
Thanks again for your kind reply.
@ Hitendraji nice but : JNSAR Get Rich Slowly & Quietly.
Calling Tops and Bottoms, we don't do.
Spotting a likely end of 5's and 3's, we do regularly with a success rate of 80% or even more and this exercise of ours never ruined anyone as we have a clear negation points to manage trades.
This is "the better option" if one has proficiency in Elliott wave & Technical Analysis study.
This is the basis for arriving @ "Supports & Resistances" in our daily Pre-Market View.
Traders would do well to
"Stop praising a system when things go right &
Stop criticizing/ searching for newer systems/ revalidating rejected methods when things go wrong &
start making trades/ making money".
Let us discuss the "actual application of studies" in realtime/ during market hours and carry on the path to riches.
STOP....
START....
NF premium has reduced to 10 -12. Does it mean that people are selling heavily?
Dear Sir,
May I know developing JNSAR of Wipro for
Moday & this weekend(WkJNSAR)?
Amol
Thanks & same q to u.
San's chart shows a clear patterns:
Bearish: Rising wedge or a completion of 5 waves from 5988 to 6083.
Bullish: Above 6083 OR on holding retrace of 5988 to 6083.
SAN's charts are quite clear.
Sir, could this be III or c ?
Dear Sir,
Requesting to inform
Monday & WkJNSAR of Wipro.
Thanks.
MKT breadth spoiling again today.
Dollar is weak & will affect IT's.
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00AM, VAH:6055, POC-6034, VAL-6013, WVAH-6037, Pivot-6042, VWAP-6082
PE writers holding on to gains, with huge addition at 6100-6000 level, CE writers holding on to 6100 level…
Thanks & Regards
@ Ankit Solanki,
We normally see an "a" wave as big as "c" wave or 75% smaller.
For eg: In our EOD post's Lead indicator chart in the 2nd wave:
a=5349-5033
c=5449-5216.
But there are instances, the "a" wave may start off as deceptively as little as 70 to 80 points fall and then an "irregular b wave" moves above the "a" starting point and then the "c" wave may unfold in a devastating manner falling by more than 1000 points too.
I do not think that is the case here (mainly because of continuous FII inflows unless it changes now)and hence allotted a 25%. possibility.
Below 6050 ,wedge broken by tomorrow
Good morning Master and copy to All
Dear Ilango Sir, SAN's charts are nice but when we violated 6069 today morning it gives very rare chances of the ongoing correction to prevail and only indicates larger 3 rd wave up with a gap up opening which is also a characteristic of a typical 3rd wave up. Also if 5940.6 to 6068.5 is wave 1 then on wave 2 correction we retraced exactly 61.8 % of wave 1 at 5988.1. We could have gone with the understanding that we are in corrective wave until wave 1 high 6068.5 was not suppressed. Kindly clarify if I am making any incorrect judgement.
@ Debdeep,
Following was my first comment of the day. Should you repeat to me what I have already stated clearly.
= = = = = = = = = = = = = = = =
Ilango said...
@ Que sera sera,
Beyond 6053 & 6067, there is only one clear possibility of (3)rd wave to be in progress.
There is a small possibility, Nifty could do an irregular "b" around 6080-90 and start a major decline in 5 waves. Keep it as a 25% possibility.
Now Keep a retrace for the last rise from 6026 to manage new trades.
January 18, 2013 at 9:36 AM
probable +WW developing
ns have formed a pt4 near 6075 now
may dip towards 6060-56 range near 12noon
then may move towards trgt price abv 6086-89 near 2.00pm
sl below 6048
NF hrly has a double top pattern in place.
Sir,
If this is W3.1 (considering FII & OI) then the 5 wave completion which happened at 6083 is almost 100 (6091) of point 0-3.
Hence the retrace level that need to be of focus should be from the rise from 6026 or 5988.
Please guide> Thank you
Good Morning everyone!
Thank you ILango sir for helping me yesterday & always. Now my GMAIL started working so all health related previous queries will be replied in 1-2 days. Yesterday's most of queries on yahoo mail were already replied last night. Kindly mail now your health related mail on my Gmail id only.
A little advise to those who are making unnecessary noise in this temple. Do not try to spit on sun, Sun will not wet but you will get shower on your face.
Rgrds,
Kumar
GM sir nd friends :)
People are advising and finding fault from the person "who's breathing the market since 1992" :)
If you see with the "Naked eye" then all is "only the nos" if you want to trade "then it's tech table" thing is how "v r utilising that" you can see the "statue" at temple as a "stone" but another one can see that''s "GOD" it's all with us.
Hv a good day. Hold the market..will come nd join
Got it Sir. You mean leveling the entire move from 6068.5 to 5988.1 as a, 5988.1 to 6083 as B and 6083 to XXXX as C. Right Sir ?
thanks llango....dat surely was some insight..
heartfelt regards for the explanation :)
Kumar,
Can you please let me know your gmail id - I need a help in health related issue.
dinesh rishi saab good morning.
Dear bb!
Its kumartechnicals@gmail.com, mail me & i will send you patient's questionnaire to fill details.
Rgrds,
Kumar
Sun Pharma: significantly corrected from 761 (earlier high was 768), CMP 710.
R2: 726
R1: 721
PV: 717
S1: 712
S2: 707.
@ Debdeep,
I haven't considered that.
i guess if nifty dips now for some correction towards 6060 levels
future prices may not fall in same value thus increasing the premium and a small rally towards 6088 range near eod may see nf again having prem of near 20pts
Dear All,
So atlast 6100put got a price of Rs61 today on screen, which was supposed to be a freak hammering.
All by informed sources, looks like they will try and trap bears slowly and than make a feast.
Regards
Please add " freak hammering yesterday "
G.morning Master & JN Family,
if rise from 5990 is a ZZ, it shud restrict to 6080 (the max for Expanded Flat , one degree up)
Anything > 6080 & it wud be Longs on dips all the way
have a gr8 day!
bank nifty making higher highs
Parimalji,
May I initiate long positionally in Sun Pharma @ CMP -710.
Thanks.
New Post Done.
HI all, I feel that we are making a wedge in 5th wave of C. if my observation is right, then if 6160 doesnt cross in the next 8 trading days, then we might make a top in next few days and then the next bear phase of market should set in. here is the link to the chart Click here
Can we break 6000 today???
Yes, Friday furyy.
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