reposting..FORM WISE6116-6252 Seems 1 5wave done...Today price action seems a shallow corrective to this whole wave
How much expectation of new high > 6357.1 ?Is there chance for fast downfall as all stocks are not celebrating this bull run.
Reposting:@ Prabhanshu,Thanks for your explaination.Before I explain my understanding, let me first share my nomenclature. 1) Wave 1 sub-divides in 5 sub-waves namely (1), (2),(3),(4),(5) --> same for wave 3 and wave 52) Wave (1) sub-divides in 5 sub-waves namely (i), (ii), (iii), (iv), (v) --> same for wave (3) and wave (5)Rest is evident from the chart above:End of Wave 1 @ 6143Wave 2 @ 5701Wave 3.(3) @ 6220Wave 3.(4) @ 6116Wave 3.(5).(i) @ 6183Wave 3.(5).(ii) @ 6163Either of Wave 3.(5).(iii) or 3.5.(iv) currently running.
@ Shriram Sir,Bull flag still valid?
DearI also trying to learn wave count.Wave 3 can not be shorter than wave 1 as per my understanding.
GM Master & all blogmates - M S Rao
@ Sonu,As long as 6220-25 NS holds, yes, infact may bounce up now , anytime, is the feel :-)
oops... 6220-25 gone.
6118 NS, there...nice Nifty makes a money out of my post ! ;-)
@Sonu.. I understood your approach. The only difference is I m considering another subwave and you are not. I think as prices unfold, I get more clarity. The best clarity when Sir will comment on either of our understanding :-)
(i) down / a done at 6216?
ns < 6220, can drop to 6188/168
@ sonu:The fall 6252-6118 NS .. is giving an UNSTABLE / Vibratory Signal...So Hi-prob Long Reversal Entry was near Prev RES turned support.. that level was 6220-25Now lext level is Dev. DhIEMA : 6213 NS... Lets c
Thanks Shriram. hope 6213 holds
Dear ilango sir,at what levels will it be confirmed at v the wave up move is done and we should start looking for the retracement from 5701
@Shriram: Close shave with 6213. Showing +ve divergence in 2 min chart?
@ Sonu:Have to track combo of Fibb, TL & Hi-LO EMAs for ideal Re-entry pts (Higher T/f supports) :Below DhIEMA, Retracements levels are:0% (b) 6,25223.6% 6,220.1438.2% 6,200.4350% 6,184.561.8% 6,168.5776.4% 6,148.86100% (a) 6,117
3rd of 5 wave down move done (based on down trending channel) ?
Sir,For learning purpose.How did you arrive at 6225.Regards
@ mayankfrom the price chart move from 6252 to 6225 looks like first wave or Wave A (a,b,c,d,e) so sir may have said so.
@ mayankits last two Hour low
Dear Ilango Sir & Blogmates,OI Table Update at 1:00PM, Pivot-6182, R1-6238, R2-6286, VWAP-6241Profit booking coming on at higher levels, but the PE writers are still holding on with highest addition still at 6200PE, whereas limited addition seen at 6300 and above CE levels…Thanks & Regards
Master Aggressive intraday sell was @ 6225....... pls guide on Conservative sell also
Sir, Please suggest for learning purpose. 1. Can ongoing (5) wave subdivide?2. Whether (1) & (3) were normal waves?3. if yes, then (5) can be extended one as (1) & (3) were normal? 4. If yes, then to know probable end of (5), should we add 100% of distance travelled from start of (1) till (3) to end of (4)?
Make sure your EW presentation is simple that a reader would feel like refering them.It should also assist the reader to incorporate them for "Trading" either intraday or positional.
Hr channel is around 6170 ns ? Cud anyone plz check.
1.00PM TT & Chart updated.
master,Is a ABC ZZ done here?
suresh said... ns < 6220, can drop to 6188/168 October 24, 2013 at 12:23 PM
@ mayank,6225.65 was the 1st wave(down from 6252) low as a leading diagonal; hence weak below 6225.
@abhi,day channel should be around 6210. already broken on the downside
Dear Ilango sir,That would imply that 3rd down is done at 6171 and 5th down is pending
@Master,Does this look like yet another intraday running correction, or is more down side to come as per your current view? Will the break of open low confirm this weakness?
5th down done sir?
6169 - 61% of the rise from 6115...imp level
@Sir, Dlema & Jnsar are near by ..can be next tgt. for intraday. Correction,can be booked shorts..regards
Bearish: 6189 6196 ... is 50%-61.8% retrace of the last fall from …… 6220 to 6158 80% is - 6208 If weakness is to return, it should be around 6189 6196 Strength gets confirmed above 6196 OR 6208
@ ITradeForProfit Daily,You see a label of "5", book profits & sell aggressively; your SL will be very very small.We trailed it with 6209 first, later to 6225.
0% (b) 6,25223.6% 6,220.1438.2% 6,200.4350% 6,184.561.8% 6,168.5776.4% 6,148.86100% (a) 6,117 6168.57 also broken. Any Strenth for Bulls?
Sir. Thanks .
New Post Done.
sir,i have a question, suppose if one trails longs to 6225, and sells below. as its support pointthere is expected to be struggle there and failed breakouts. at such points many times after failed move prices renew advance and rally. how can one tackle that. if one sells anticipatory and market corrects then one can easily trail to cost but such convenience is not there for ppl selling breakdowns