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...
30 comments:
Premium rose to 15 from 6 or so...OI increasing... waiting and watching...
@Ilango
As per your comments of the last few days, NS has crossed previous highs of 6083...could we then state with a high degree of probability that the larger "C" is in play with initial targets of 6135-6150???? Your viewpoint at this stage would be very helpful
looks like much more is there. but on the edge so Isn't it conscious also ?
sriram and s4s ,pls post a chart of ur magic ww spotting today eod.i want to see how u are seeing the waves on different time frames intraday
Now waiting for Nifty for it's last spurt beyond 6100 in last trading Hr.
Bye...
@Mynac: Are you okay with the current OI?
@ Indus,
Nifty Pre-Market View.
Nifty making new highs periodically but with less momentum - 6042, 6069, 6083.
Nifty continues to make higher lows - 5823,5941,5988.
Corrections have been minor in nature with more time taken in.
There seem to be a "rising wedge" pattern(bearish) in Nifty & BN(more pronounced).
Market has deceived with such a pattern when it actually does a "running correction"(bullish).
It should get resolved above 6135-50 zone or with a month close above 6135.
Market continues to display "scrip specific" moves and not a "secular" one.
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Nifty has made another high but continues to "lack in momentum".
However, bullish upside possibility exists if 6025 & 5988 is held.
Prices seem to be contracting with higher highs in slow mode and higher lows in fast mode. Typical of a rising wedge (Bearish).
Weaker stocks are on the upmove currently and the stronger ones are finding it difficult; some even breaking down.
This is a phase one needs to be cautious as "surprise on either direction" is possible.
As per technicals & EW, a top is likely soon. But high liquidity(FII) could change it & take the market higher.
i guess 4th done of a small bearish WW pattern
may move up towards 6098-6102 range near 3.00pm and then a dip towards 6078-75 range
Dear Sir,
Request you to post ur view on Tata Steel.
Thanks.
@Hitendra: Ilango sent view on TISCO for the current week (21 to 25). Check mail on Jan 20.
Mynac: 63% up in OI for 6100PE. Very good addition. So eventually market is moving up further...
rajapvt,
how can i check mail?
i hvn't.
wl u post here.
thanks.
Dear rajapvt,
Low NF O.I.is always dangerous...cause it used to help those players who are in the market direction.Cause these players used to coax it for their gain,by way of addition and with the help of momentum.
So no ques.of "our" Okay :)
So still hopeful about new intra high :) Let us see...
and Bulls did not require too much buying when it just went up to 6092...only Hrly.close below 6085 would force to rethink about present strategy...
@Hitendra: Forwared to your mail id. Please check.
@Mynac: Yes, hoping for a new final high for this series.
Too early to predict, but we may see 605x once before expiry or we may expire there.
Master,
Is there a chance an irregular correction DOWN from 6042, ended @ 5990 ??
How could one confirm this, what wud be the ideal invalidation for this set-up ?
** reason for doubt is --> to my eyes, see sub-divding impulse forming up from 5990
tks
@ shriram,
Price rise from 5988 has so far conformed to "impulsive" nature.
Tomorrow's price action would reveal more...(To negate the rising wedge bearish pattern)
Upmove may be postponed to tomorrow. Low OI is still kept there itself. Just 17 minutes left.
rajapvt,
thanks.
got it.
tks ilango ji :-)
A close above 6083 wl b precursor for new high in this series.
it's my guess.
@ S4S,
-ww forming on Hr Candles of past 4 days ??
Just short of 0.7 points.
6082.30.
many many thanks wonderful sir
Nifty colsing above. intraday support 6039.Have a nice day and green morning
Sir, in the year 2008 also fii were net buyer but as market came down there were the net seller ......is it possible again.........sorry if I am worng
Good evining jl and all
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