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...
40 comments:
TataMotors (future): at long term support of 200DMA, this level protected may see upside.
http://niftychartsandpatterns.blogspot.in/
@ Nilesh Patil,
Prices must close below 50% of the first candle (6083-5962), preferably @ 60% below.
50% @ 6022
60% @ 6010.
Nilesh sir,
I was checking this link on Eve. star
http://www.onlinetradingconcepts.com/TechnicalAnalysis/Candlesticks/EveningStar.html
since there is no gap down on monday this week and we also made new high, so this pattern will not be evening star is my understanding.
I also would like to know what is the candle pattern we are making this week, any body help ( dr sir, shriram :)
@MASTER
I GO WITH CHETAS. T
HERE IS NO GAP DOWN THIS WEEK.
IS THERE STILL A POSSIBILITY?
@ Dinesh Palanichamy,
Always understand the principle behind a "pattern" and never the explanations. Markets have evolved since the "identification of such patterns".
If evening star, there is a bull candle after sustained uptrend with a reasonable body;
It is then followed by a doji;
The third candle is a bear candle which should close atleast 50% into the body of the first candle.
This action of 3 candles suggests, bears getting aggressive.
However, it requires follow up selling. If not, the pattern loses its relevance.
Today nifty violate HA open-low 6027 after 4 consecutive week in HA weekly chart, so surly a weakness. if prices open on Monday below this week developing HA open at present @6037 then it will be confirm change of trend shortly till new signal. i dont know how many of you following HA for looking a trend, but the discussion is going on so i posted my view.
thanks.
@MASTER
YOU SIMPLY SAVE OUR MIDNIGHT OILS N UNWANTED HOPES.
THANKYOU ONCE AGAIN MASTER
@master
yep agree with you, today may be HAdoji forming s/o possible reversal of trend. if anybody want i can share the chart on justnifty group. thanks.
@Dr.anmpatel
Gud 2 have u for sharing it.
ThanX
Dinesh:
A request,please stop writing in caps,it is not a good etiquette.
CNX Midcap Index has not kept pace with NS today, what does it indicate?
@bb
vry sry my frnd. As i use caps 4 my pswd, the capslock used to be "on".
I shall remember ur opinion in the future.
Thanks
after a long time 20 dema broken. next to see 5962.
Hi Dinesh Sir,
Please do not mind. I just mentioned it as it a not good net etiquette
Regards
Ha weekly chart posted on our justnifty group. thanks.
@bb
no hard feelings :)
@anmpatel
thankyou 4 ur contribution Dr.
@Dineshji
u r wellcome sir.
Critical support zone of "5980" almost reached.
@master
@SMO
today likely 5WEMA turn down so expecting a likely 200 points on down side @Day t/l around 5860. so now every rise will be an opportunity is resell till new signal? right?
thanks. because i am always when to part book JNSAR trade. pl guide.
Algo trade in Tatamotor
NF pivot for the month is 6028
@master
how to use this critical support zone...part book shorts? or fresh enter long with 20point SL?
Hello Ilango Sir,
few days back you have mentioned about Gartley pattern. Is it still valid ?
PLease giude.
Thanks
master how you arrived at 5980 please suggest
@ anmpatel,
"5983" is 34 Day sma besides being a critical support.
How to do part booking?
How to go aggressively long?
These are questions to be answered with experience by yourself "to yourself".
There are no fixed rules wrt partbooking/ aggressive style.
sudden big cut in TataMotors!!!
@ SAM,
Look at the hour chart above and see the "green horizontal support line" drawn that connects multitude of supports taken at 5980.
Most of the intraday supports and resistances are captured from the "price clusters".
@ Tushar,
I'm not proficient in Gartly but posted a "study on Gartly" by one of our readers at that time.
I never comment on them.
Ns closing avg running at 6001 levels :
so looks like closing is near hr low ema, at week ema, below day low ema, below JNSAr, below tomorrow pivot, support taken at 34 sma, but closing below 20dma
@Chetas,
http://www.investopedia.com/terms/e/eveningstar.asp#axzz2JdiRBG9L
did anyone see movement of Tatamotors low of rs 268 with high volumes and rebound
--> back
Seems NS is closing @ or just < Wk EMA ..
This Fall will turn Impulsive if we go below 5940-50 zone.. till then nothing certain
Ilango Sir the Rising Wedge started from 5823 low of wave 4.Can we expect this correction to end at that level?
the 15.07 candle is huge heave volume candle, so on adjusted basis, still possible to close below 6000 , but not sure
sorry master!
thanks SMO.
Sometimes I feel R N Elliott is our Master...Thank you for all the services....
the adjusted close at 5999, i think the 30sma logic did not work today due to very high volume candle at 3.06-3.07, looks like freak trade in Tata motors and ultratech
By fibonacci nifty closing below SS 6034 .
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