Thursday, October 24, 2013

Nifty Intraday Update-II


44 comments:

shriram said...

reposting..

FORM WISE

6116-6252 Seems 1 5wave done...

Today price action seems a shallow corrective to this whole wave

salimkabani said...

How much expectation of new high > 6357.1 ?

Is there chance for fast downfall as all stocks are not celebrating this bull run.

Sonu said...

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 5
2) 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 @ 6143
Wave 2 @ 5701
Wave 3.(3) @ 6220
Wave 3.(4) @ 6116
Wave 3.(5).(i) @ 6183
Wave 3.(5).(ii) @ 6163
Either of Wave 3.(5).(iii) or 3.5.(iv) currently running.

Sonu said...

@ Shriram Sir,

Bull flag still valid?

salimkabani said...

Dear

I also trying to learn wave count.

Wave 3 can not be shorter than wave 1 as per my understanding.

marina s rao said...

GM Master & all blogmates - M S Rao

shriram said...

@ Sonu,

As long as 6220-25 NS holds, yes, infact may bounce up now , anytime, is the feel :-)

Sonu said...

oops... 6220-25 gone.

shriram said...

6118 NS, there...nice Nifty makes a money out of my post ! ;-)


Prabhanshu Raman said...

@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 :-)

shiva said...
This comment has been removed by the author.
Aly said...

(i) down / a done at 6216?

suresh said...

ns < 6220, can drop to 6188/168

shriram said...

@ 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 6220-25

Now lext level is Dev. DhIEMA : 6213 NS...

Lets c

Sonu said...

Thanks Shriram. hope 6213 holds

Aly said...

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

Sonu said...

@Shriram:
Close shave with 6213.
Showing +ve divergence in 2 min chart?

shriram said...

@ 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) 6,252
23.6% 6,220.14
38.2% 6,200.43
50% 6,184.5
61.8% 6,168.57
76.4% 6,148.86
100% (a) 6,117

Aly said...

3rd of 5 wave down move done (based on down trending channel) ?

mayank said...

Sir,

For learning purpose.

How did you arrive at 6225.

Regards

salildali said...

@ mayank
from 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.

Sandip Patel said...

@ mayank
its last two Hour low

Sanjay Jaiswal said...

Dear Ilango Sir & Blogmates,

OI Table Update at 1:00PM, Pivot-6182, R1-6238, R2-6286, VWAP-6241

Profit 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

sudharsan said...

Master Aggressive intraday sell was @ 6225....... pls guide on Conservative sell also

Prabhanshu Raman said...

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)?

Ilango said...

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.

Abhi said...

Hr channel is around 6170 ns ? Cud anyone plz check.

Ilango said...

1.00PM TT & Chart updated.

shriram said...

master,

Is a ABC ZZ done here?

suresh said...

suresh said...

ns < 6220, can drop to 6188/168
October 24, 2013 at 12:23 PM

Ilango said...

@ mayank,

6225.65 was the 1st wave(down from 6252) low as a leading diagonal; hence weak below 6225.

Aly said...

@abhi,

day channel should be around 6210. already broken on the downside

Aly said...

Dear Ilango sir,

That would imply that 3rd down is done at 6171 and 5th down is pending

ITradeForProfit Daily said...

@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?

Aly said...

5th down done sir?

Trader Junkie said...

6169 - 61% of the rise from 6115...imp level

shiva said...

@Sir, Dlema & Jnsar are near by ..can be next tgt. for intraday. Correction,can be booked shorts..
regards

Ilango said...

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

Ilango said...

@ 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.

raghava said...

0% (b) 6,252
23.6% 6,220.14
38.2% 6,200.43
50% 6,184.5
61.8% 6,168.57
76.4% 6,148.86
100% (a) 6,117

6168.57 also broken. Any Strenth for Bulls?

Billu Badshah said...
This comment has been removed by the author.
Piyush Sharda said...

sir,
i have a question, suppose if one trails longs to 6225, and sells below. as its support point
there 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

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