@ illango Sirsir is the daily update right?? shouldnt it be 6228??please correct me if am wrong
Too early to say but : - First hour close shows day candle in piercing (down) pattern..? Or dark clouds..
GM Master, Bearish engulfing pattern in weekly chart is still valid?
@ SKS,Thank you. Corrected.
Good Morning Ilango Sir. Is the top at 6264 an irregular B?
Only 4 green candles so far on 5 min chart.
It was suggested in "Pre-Market View" to manage the trades using the retrace of last rise starting from 6203. 61.8% & 80 % of last rise from 6203 to 6264 comes to "6226 & 6215", also JNSAR @ 6228.A mechanical trader should remain mechanical, atleast by 80%, if not 100%.Using tomorrow's JNSAR requires better understanding of the market.Even if one had gone long @ 6228, the 1st target almost came @ 6269(6264 done).The trailing could have been done either @ 6248 or @ JNSAR @ 6228 or @ 61.8%-6226 or JNSAR less 20 points @ 6208.We do not know when market would start a surprising moves; stay ahead of the market with your preparations.The first & next 2-min candle on 9th DEc when Nifty made 6415 high and today when it made 6264 showed "urgency to sell". Pick up cues with an objective mind.As long as prices stay below 6306, the rise would be considered as "Corrective rise".(Pre-Mkt)
6178 6184 ... is 50%-61.8% retrace of the last fall from …… 6205 to 6151 80% is - 6194 If weakness is to return, it should be around 6178 6184 Strength gets confirmed above 6184 OR 6194
Gm All. BNF set up for a bounce shortly
BNF completelt O/S. RSI - ST completely rock bottom currently
Just for laughs:An example of Supreme self-confidence Muhammad Ali once said "If you ever dream of beating me, better wake up and apologize" !!:-))))))))
i expect a 80-90 points rise in BNF shortly.above 11283 n sustaining this number the rise is goin to b higher apprx 11655
Only paper trading today...
The only bullish scenario possible is:A flat correction unfolding from 6130 after the fall of 6415 to 6130 having sub-waves as below:6130-6236-A6236-6203(6199)-b.a6203-6264-b.b6264-xxxx(6151)-B(6151-6248 approx)-C
@lrespected lango sirthanks for clarity of waves to be seen now
Rising wedge/bearish flag in making on 2-minutes from day low ?
@ dharmu mishra,Remember the bearish scenario as well:6130-6236-A6236-6203(6199)-B6203-6264-C6264-xxxx - Next phase of downmove...gets confirmed below 6110.
MasterThis art of looking both scenarios in same waves is really amazing ! You have guided in the past that we should always have alternate views. Thanks again for this.My stupid query is : for bearish view:-How the level of 6110 is point of confirmation? Is it simply 20 pts below the significant lows? I cannot relate this level in labels/Fib ? (Unless you are taking it as midpoint of 6090-6130 levels)- Also, after A-B-C, fall from 6264 -> will it be a large down impulse or some continued portion of correction only- say a complex flat etc? (Or this question is irrelevant since A-B-C is done.?
Rising wedge for 24 points (from 6050 till 6174) completed its "full" retrace like an ED till 6151.(Glad to see patterns while in formation- thanks to learnings here)
Dear Ilango Sir & Blogmates,OI Table Update at 11:00AM, Pivot-6222, S1-6179, S2-6109, VWAP-6198Huge profit booking at the start of the day saw the index move down by 100 points in a few minutes, The CE writers have added huge at 6200CE level and now a move above it seems a huge task, Sell on Rise…Thanks & Regards
Mastergets Confirmed below 6110.How its derived? . Is any fib. level?
@ anand,Truncation is the challenge in wave labeling. I seek refugee in BN.Nifty hasn't gone below 6150.70, thereby giving a 3-wave fall. But BN has done a clear 5. Hence, I take the recent low of 6151.90 as a possible 5th from 6264 fall. (It is too early to call for the end of 5....I'll ait for 5 more mins).6110 is simply 20 points less the last low-6130. I'll be flexible.Important thing is understanding the after effects of our labels.When we mark a 5, a 50% min may be expected in the opp. direction. Larger the fall that ends with divergence, larger the gain in opp. direction.Similarly, When we mark an "abc", next big move may be expected in the opp. direction. Shallower the rise that ends with divergence, larger the gain in opp. direction.
@respected llango sirthanks
WOW ! Thanks for such elaboration... again! Everyday new learning.... and homework for weekends :-)I am getting the basic idea of retraces /opposite moves with fibo levels. However, I still struggle to see divergences with indicators. Need to study them in detail-especially in range bound days and to get the trend reversal ideas, when trend is nearing end. You had hinted it day before yesterday when NS dipped near 6150- and when 5 down were near completion (You observed them before it was confirmed) and supported the idea with divergences which helped some in catching a-b-c up yesterday...Divergences are now marked in JN file and visible to our blind eyes... need to see them in formation as well.Thanks again.
Inflation at 11.5%, yesterdays rally was planned by Mr.C and Mr. RR for Fiis to exit. Its all over.All put gates particularly 6100 pe was already opened at 9.20.when you guys will understand this fundamentals? All calls were brutally shorted.
Many stocks are @ Bearish reversal pattern (Mostly banks).
GM sir nd friends :)shriram ji - good one too..."supreme confidence" is bit different from "blind over confidence"??!!This supreme confidence will come by Staying calm. Whether good or bad, that passes quickly. By developing the power of not looking back into our past. Believe in the power of Now. Believe in our skills. Work hard and have faith in God, will get what we have been entitled for. If We have patience , we will see what God has planned for us. Patience and consistency in our deeds is the key to success. Experience speaking :D Just enjoyinggg my trading like "cooking""You can't start the next chapter of your life if you keep re-reading your last one." so, the 'NOW" policy is best..Have a good day to allregds
Another wedge from 6151 made ?
Ilango Sir - a bounce can be expected till (max) 6179 if bearish?
Suja,I know of only 2 such ppl wid supreme self-confidence, Muhammad Ali & Rajnikant ;-)
Did anybody notice, Nifty hit ND Sir's ATR Sell zone and has retreated to the ATR Buy zone now?
yes shriram ji hence a channel showed on his birthday telecast like this - Dear Birthday - Happy rajinikanth to you :) ha ha i really enjoyed the comments
@senior members,pls give an idea about the weightage of banks and IT companies have on nifty-50,
New Post Done.
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Good after noon Sir and Blog Matesveerasamy