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...
34 comments:
@ sir,
upto no close above dlema we has to ride a short?
little strength comes to ns > 5950
ilango sir,
For last few days FII have been net sellers in Nifty+BankNifty futurs.
They might have been buying some specific stocks, we do not know whether they are Nifty based OR non-nifty stocks.
@ Pattern Trading,
The fall from "5978.50(today)" had its "i" wave ending @ 5952.85, hence "5953".
@ Kiran,
Yes.. We do not know what they are buying for "deliveries" and whenever delivery buying takes place, prices don't drop.
Experience calls for a bit of caution.
The weekly "Evening star pattern" needs a price confirmation. So far prices have declined as a follow up BUT one more day to go for the "weekly close".
@Master: Meaning market should hover around this number till tomorrow close. if it breaks below then weekly sell also confirmed. Otherwise weekly sell negated. Is this interpretation correct? Please guide.
Post GDP , upmove is not hold.
Resp. ILango sir,
A Day Without You is A Day Without Sun...
nifty has been doing faster retracement of last rises. Now it has retraced the last rise (5th wave) from 5940 to 6110 in faster time. Now watch if the whole of the last wave (beginning from 5850 is retraced in quicker time or not). it took 24 sessins. The fall is only in its 7th session. A lot of time to go. and only 80 odd points to cover.
Master ilango,
U R JUST SUPERBLY AWESOME.
regards
faster downsides will establish a firm reversal.
@ rajapvt ,
Weekly sell signal would get negated only with a weekly close above WEma(6003)(OR preferably above WHEma)
If Nifty is able to stop around 5920, a corrective upmove is possible. And this corrective should, preferably, be played only during "intraday".
@Master..
This is divergence on half hour and hourly chart.. how to know when this divergence will provide strength ....
Anyone having data related to when pre budget rally has started in last 10 years?
today evening there is ECB meeting,
anyone know when nifty reversed from 5260-80 TL support what was the weekly TA???
thanks.
anmpatel,
my broker morng msg.
India will releases Annual GDP Govt. Estimate YoY% figure which is expected to decline and may keep rupee under pressure. From global front, Bank of England announces interest rate along with Asset purchase decision. The interest rate is expected to remain at its existing level but it may go for further easing to improve its economic condition. Consequently, ECB also announce interest rate which is also expected to remain unchanged and positive data from Germany in the form of industrial production may support shared currency euro. The weak data expected from US in the form of non-farm productivity may put negative pressure on USD. Overall we expect rupee to open on a slightly positive note while during the day it may lose some of its gains.
USD/INR-FEB-MCX-SX/NSE: RANGE 53.10-53.50
@ Pattern Trading,
There are certain +ve divergences, when occured in lower T/F with the higher T/F in uptrend, which produce good returns. BUt one should be cautious on those +ve divergences in lower T/F when higher T/F is trending down.
Some +ve div against the main trend when the main trend is exhausted produces good returns and these should be best played "intra" to minimise risks.
How to know the "point of reversal" - no sure way but educated guesses using EW and previous "supports" during falls and previous "resistances" during rises". Confirmation is when prices close above ST averages-they could be 21/ 34 hr sma or 5 dema/ dsma.
@ Master..
Nifty is near its very very crucial support of 5920 and 5 wave down is finish at day low...
What will be your suggestion in this case ... how to play such divergence..
@Hitendra
weekly data suggest if rally starts before budget it will in 2nd week of Feb. otherwise toing.....
@Master,
Reentry trade should get booked or can be hold for more gain.
Thank you master.
Pattern Trading,
I have benefited by using information related to ICICI Bank.
Sold below 34Hrsma once broken.
I am ready to deal the same, if 5920 is broken.
@ NITIN KADAM,
The purpose of "Re-entry trade" is to book profits to re-enter again.
However, there are times a re-entry trade could be held to take some major moves. In such scenario, a trailing stop may be used to protect profits.
@ Hitendra...
Thanks for your kind words ... i am learning a lot in masters school and trying to implement it ...
anmpatel,
I will initiate long in USD around 52.80/53 in bulk quanitity & will hold till 26th feb.
So excepting 5840 first before pre budget rally.
Namaste Ilango sir and all,
NIFTY WEEK CHART:
CLICK HERE FOR WEEK CHART
@ Master,
Thank You Very Much !
@hitendra
do trade intraday in currency?
@hitendra
typo read as
do you
Thanks master for sharing knowledge .. ..
anmpatel,
not intraday.
Wait patiently on trade in currency.
My past experience is that,
if you purchase 1 year before LS election,
U may gain 10% min.
i m expecting 60 by election time.
anmpatel,
refering the same, i m bullish on IT.
Expecting beyond
600 in Wipro.
1500 in TCS.
3200 in Infosys
USDINR continues to show a perfect structure for a wave 2 bottom. Wave c of 2 is a perfect 5 wave decline unless there are extentions. Waiting for a price and momentum confirmation that we are done else we have taken support near the 61.8% retracement level which is also good. Overall the 20 Month average at 52.4 is the long term crucial level for the given trend and patterns to continue to play out. Below that time would be lost. 52.88 holding once an up move clearly starts we would be in wave 3 for targets of 60+ in the months ahead.
Rohit MSG.
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