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....
-
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...
40 comments:
Now Bulls need to close above 6005 DHEma
Dear all,
Are we all forgetting Masters pre-market advice of conservative sell ard 6000.
Regards,
Hi
Tough to go inside the previous day' profile.
Close is very important.
Thanks
@ Parimal Sir,
I watched the movement of TCS for the first time and it is really crazy. The premium of TCS changes very rapidly. It is now at 7 Rs premium.. Yesterday it was either equal or negative. I am just watching not trading in it.
Ilango ji,
This rise, to be seen as B.a or B or a complete new Impulse ?
Parimalji,
May I initiate a long in TCS/Wipro?
Thanks.
Yash and Dhan,
My observations :
Premium reduces: When price is at resistance or we have a time correction...
Ex: When TCS moved from 1245 to 1298, premium went down from 13 pts to 0.5.
Premium increases : When price is at support or in strong trending phase.
Ex: When TCS moved from 1245 to 1197 premium increased from 8 to 12.
Since i was tracking TCS closely for past 1 month...these are my observations.
Raghavendra
Master,
Another high around dhema completes 5 waves?
Thank you
Yash and Dhan,
I could see similar observations on Sun Pharma..when price moved from 715 to 775 and back from 775 to 730.
Premium fluctuated from 6pts to 0.5.
Raghavendra
No Sir or ji please!!!
Raghavendra has done a good technical study on TCS and posted the same a few days back. he may kindly post the same again. TCS is at three years high.
Please, take your own trade decisions.
Thank you Raghvendra sir. Very interesting.
Sun Pharma: ST study: please keep an eye on retraces and the bounce is sharp, as it happened today as well. this is happening frequently on the strong support of 700 level.
@Ilango
Below 21 hr sma and 34 hr sma and all HHEMAs since the morning....premarket's "sell on rises" observation to be executed at this stage???
Raghvendraji,
pl focus on Wipro.
@ shriram,
I'm seeing it as a corrective rise to the fall from 6042 to 5964 presently.
Parimal,
Sun Pharma since breaking out from 695 levels a month back took support @ 21 DEMA multiple time to rise.
After making a false triangle break down 3 days back, price took support @ 21DEMA and now reversing
Add to that Sun Pharma has a morning star with yesterday's close and hence the sharp rise today.
It should make new high's soon.
Raghavendra
@ 5994, 38% retrace of 6042 to 5964 was done.
@ 5995, 50% retrace of 6026 to 5964 was done.(Considering the opening 6042 as a freak quote and taking the subsequent high made)
Godrej Industries finds good support at 318 and frequently bounces back from here as it did today and also earlier.
Is there any option available to check "Market wide limit of a particular Scrip" on real time basis. I am unable to check with IIFL Trader Terminal.
Raghavendra
TCS again: i would like to see, if any, price consolidation and /or retracement around this level.
Parimalji/Raghvendraji
Any Thoughts on Wipro?
Can we short here as Pre-market view 6000-6015 with sl of 6040???
Ilango Sir,
Conservative SL of 6040 NF hit.
NS trading above all Hour & Day EMA's.
Shall we get into Buying mode? or wait to close it above DHEMA.
ok, tks ilango ji :-)
@ ToT-Amit,
Only a close above DHEma would be bullish. Till then, it is either a corrective downmove or a reversal to downtrend.
@To T- Amit,
SL is 6040 Spot...not NF...Correct me if Im wrong
Extremely Sorry Sir,
I misread the levels as NF.
Currently resisted at developing DHEma 6008
Hitendra
Wipro (future) price is below 21hrsma and 24hrsma. 21hrsma is trying to cross 24hrsma downwards. so the caution!
if it is fourth wave corrective, then also fine with a small SL.
Parimalji,
If Wipro trades above 401 in early morng trade tmrw,
will it nullify downwards?
anybody sees BHEL as along oppurtunity,,this moves seems promising,,trading above 200dma now
Parimal,
TCS after making 2 days strong moves from 1260 to 1320 is in a sideways consolidation ( catching up with averages).
5 DEMA, crossed 21, 34, and 89 D EMA's...Supports for re-entry are at 1278-1284.
21 DEMA crossing 34 DEMA on upside will confirm strong uptrend to follow.
Raghavendra
SENIORS, please advise on BHEL
What could be possible closing of spot?
Hitendra
i am checking with Wipro chart, 21hrsma is crossing down 34hrsma at the present moment. seems corrective move is still underway.
Ilango Sir,
the corrective did almost 61.8% if we take 6042 as the high. are we then seeing a ZZ with be done?
Parimal
Correction : strong move from 1260 to 1300
Raghavendra
very nice study on TCS. thanks a lot.
BHEL: has a very strong support at 220. wait with patience. price will come near this number.
Thanks Parimalji.
Dear Parimal and All,
Please find below my study and notes on TCS based on knowledge gained through this blog.
- - - - - - - - - - - - - - - - - -
December 13, 2012 1:57 PM
Parimal ji, Illango sir and All,
Observations on TCS
Important support level : 1165 to 1206
@ 61.8% of rise from 1048 to 1440 at 1198
@ 50% of rise from 900 to 1440 at 1170
Change or polarity : previous resistances turning to support : 1195 to 1205.
89 Week moving average : 1175
Sideways Range breakdown target (San's blog) : 1164
Oversold (<30) in 14 day RSI
EW terms : We might have ended impulse 3rd of 3rd at 1440 and 4th in unfolding. A of 4th done at 1261, B of 4 done at 1348 , C of 4 is in progress and we might have completed sub-wave 4. Subwave 5 is due..and might be with a positive divergence.
- - - - - - - - - - - - - - - - - - - -
Follow up notes :
January 4, 2013 2:01 PM
Parimal ji,
More on TCS.
TCS has a retraced to a significant 1200 levels...a month back in a 3 wave structure and since then started climbing up impulsively.
On Day TF : Its stalled at 1268-80 ( 5WEMA / 34 DEMA) and closed above minor top @1280 yesterday.
On Week TF : Formed a bullish hammer and a reversal and currently above 5WEMA. If closes above 1283 today ( 21 wema,34 wema) will lead to more upsides
With Nifty : TCS in general has inverse relationship with Nifty. Next target is 1320 and above which will taget new highs.
Raghavendra
Post a Comment