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 ...
59 comments:
@SJkolkata
Input corresponding closing week/day/hour values and get camarilla and pivot points
http://www.mediafire.com/download/bpdz7pxzmi2msk1/FIBOCAM.xlsx
Yes bank daily
http://prntscr.com/186h7h
@ Marketman,
Do not understand what do you like to tell me.
Hi piysuh,
Am playing for the "pattern" on day TA (which is Pre-emptive , or shall we say, a contra trend attempt) so view is bullish
Tgts: 38.2%-50% @ min pattern retrace gives:
6032 / 6073 as prelim tgts
Full 1-4 line tgts: 6350-6390
Alt. for the Current TREND FOLLOWING view: Shorts should be attempted as close as possible to St.WkEMA or on brk of Candle Support Cluster @ 5958-50 zone
Since EMAs have lag, for Re-Entry on the Short size based on Dow-Trending WkEMA, better to see OTM OI, writing action gives best clues ,
so pays to see if 6k CE OI is increasing near WkEMA, then the shorts may work is the feeling...
dear mmarketman....?
@shriram,
yesterday u put up a query regarding wedge. wedge as a technical pattern is different from ld/ed which has shape of wedge. in pattern study a contracting rise or fall can be a wedge and we dont need overlap here .
Ilango will explain now...how it was not wise to short though it was below pivote
Get well soon Julius.
ok shriram . good plan for both sides
Sir ILango ji in hour chart above its mentioned Nifty Hour & 35 Hr D ,sir kindly update what does it relate to thnx
ATR Nifty Range Mr. ND
Sell Zone : From 5982.3 to 6003.8
Breakout above : 6008.1 (stop loss for intraday shorts).
Hi Shriram
seems right plan both directions
@mmarketman
This is for you
http://mylovelyquotes.com/wp-content/uploads/2013/05/923554_444127809012851_633946200_n-300x273.jpg
pls concentrate on you trading.
-WW .......5986 SL--TARGET 5919
Get Well Soon, Mmarketman.
@ JRJ:
rest well, pump some iron & come back fit
@ Piysuh: nope, Wedges per classic TA also are described as having overlapping prev. Swing H-Ls
If we dint have a Swing Hi-Low overlap it wud be a simple Impulse . Nothing then to differentiate
Hi Shriram
+WW, if i am correct, 5th point was done at 5917, pls check
@SJKolkata
Ha ha.Good one.
Get well soon, JRJ & MMarketman.
MM, get well soon
yes parimal dada,
though learnt a new angle from a WW expert ysday on marketpulse
that this one is a +WW on close prices (not lows), & 1-3:3-5 formation time is similar while in a copy-book WW it shud be > 1:2 ideally 1:3
so lets c EOD for clues , close > Dev.DloEMA @ min. needed
thanks Shriram
Nifty reversed at least 3 times from the range of 5900-5930. as rightly pointed out 6030-40, i am looking for to go positional long as it will be near devlpng JNSAR
Dear shriram,
As per edward and magee wedge should have contraction , life span of min 3days to maximum 3 weeks and volume should be less during pattern formation. .. they have not mentioned about overlapping in there description
Ananda,
You went wrong on McDowell, why no update?
@shriram
wedge definition
http://www.investopedia.com/university/technical/techanalysis8.asp.
no overlap criteria mentioned
i have hard copy of edward and magee which is considered bible of ta. nothing of overlap mentioned there and wedge is drawn without overlap there. classical ta doesnt have concept of waves so no overlap. what is difference b/w channel and wedge in former prices move b/w parallel lines and they converge in latter
One correction volume should be falling during formation
Downward journey begins
Hi,
Good Morning. Conservative trade position is nil as of now. Need more clarity to enter again. It seems that resell area could be around 6000-6010. If this was an abc correction then above 6040 NS, buy can happen. let's see.
@nifty simba,
i dont see it can u mention few points of the
wolfe
Rajapvt,
Your trading system especially RSI and Stoch is a great combination and it has the unprecedented ability to filter out bad signals, Thanks for that.
BTW what's thinking behind the stoch setting?
Crorepathi: Please check mail.
Abhi
right, no positional long below 6040, trend is down, trend can reverse around 6030-40.
@ shriram..
There was classic wedge formation in Finantech in recent fall where waves are not overlapping and the move out of it was very furious .. if you want i can post the chart ...
sir I request for 11am update.
@ Piyush / Pattern:
ok, then that seals it, i have no disputes. all illustrations in chp.10 seem to show overlap though.
Wedges / ED / LD / CT, call it whatever, if it helps gives a reversal, nothing better :-)
Sir
Please could u update TT
What is 11pm hhema
Did the close at 11pm be less than hhema
Thanks
:) ... heheheh as long as it is working in our favour and giving result (Money) .. whats there in name :) Agree Shriram ji ...
* sorry Trig. is out of this group, as Trig. can have a Horizontal Channel
In Wedges, both TLs have to be in same direction (either up or down)
@bb,
When I'm in office, I can not access any site to update. So was delay. Hope you guys exited it when it exceeds your risk tolerance.
@Piyush Sharda
Reference Google 2 min chart in continuation from y'day
1-5934-36
2--5917 ...'DAY LOW
3---5952
4--5933 TODAY LOW
5 ---5980
pls. comment
@nifty simba,
not very well versed with wolfe but its not a good formation as market is trending up. and wave 4 barely enters wave 1. shriram your view?
Prakash ji: Shared, please check.
yes, what is there in the name? working or not is important.
Parimal, i think so. JNSAR will also be around that level by that time.
i think all patterns and candles should be seen proper perspective and not standalone, during bull phase i.e, when JNSAR was long there were many rising wedges which gave bullish break out.
sir ji,
pl explain if hourly/half hourly range contracts;
can v interpretate that the trend is dn
@ Pattern:
per Wedge , what are the reversal tgts pls ?
@ Piyush / Nifty Simba:
In light of ysdays learning, 1:3::3:5 dist. will lower the possiblity of this -WW
How bout a -WW forming as:
pt1 : 5965.95
pt2 : 5916.55
pt3 : 5976.35
pt4 : 5957.35 ,
pt5 : under formation ?
This shud be resisted ideally @ St. WkEMA 5992 & face 6k CE Oi writing , else it can easily convert into a Beautiful BULL CnH !
@ shri ram, CnH means?
Another resell area could be below 5930 NS, which is 80% retrace of this rise > 5916-5981. SL would be 30 points or the day pivot.
@ shriramji ..
If close above 5970 then ... 6020,6050 and then all the way up to start of pattern ...
There are many important events lined up this week... and positive clues will be used by bulls to fight back ... but below 5915 scenario will change .. and offcourse pattern will also fail which will lead to fall ..
@shriram,
that looks better. can you reproduce your yesterday discussion here so many may have opportunity to understand it.
H is for handle.........c is obvious
@Piyush Sharda
@shriram
u guys have immense knowledge..........I will however let market take out '86 to convince me i am wrong........
@nifty simba,
nothing like that . just a student here.
Master,
EW pref. view is "2" done ?
thanks nifty samba
small pennant in formation in bank nifty chart .. breakout will take it to masters suggested resisitance zone
New Post Done.
Dear Rajapvt,
Could you please mail me the excel sheet also.
yclatkar@gmail.com
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