From Resistance to support!
@Master , Sry for stupid question :PIf time permits put simple wave labeling from 5118.Thank You!
MasterI missed to short at 6220. Was expecting 6245 as 6170 was looking a good support from last two days.Can we say 3rd has started and short now on break of 6170 or it can be 2.b and 2.c is yet to come. How to confirm the current wave.
@Master,Bear Flag breakout calculation from,6225 or 6170 ??point from 6358 to where pole calculateand tgt Mathod??
Master,Staying below 6161 WLEMA will be further bearish and 6145 breaching now, will these add strength to your monthly wave view (Larger C wave) or we need to wait for last week for that? Or unless Mth DEMA is breached?
Resp. Master as support I short nifty 6170 prv. two days low also and support also.
Nifty trading in ND Sir's ATR Buy zone now.
Sir 5 done?
Sir ILango ji charan vandan and everyone good morning
@ Chandiok,From 6222, a 5 waves may have been done @ 6145. (Coincides with cluster support); More weakness below it.Remember week trend is asserting and "Longs" are not safe until prices move above, atleast, DLEma.
@ anand,Month trend is "UP" and would reverse to "Down" only when a month's close is below MEma.Until then, the fall is treated as a "Correction" only.(for the 5119 to 6343 rise)
Thank you Sir for keeping me aware...I have decided to trade only in the direction of JNSAR. Hence would wait for a resell. However your comment on the HR T/F is a little confusing. Please guide.
Sir,3.1 completed at 6145 ? Five in 2 min.Still in trade.just academic.Your views pl.Regards
@ Nitin Kadam,Elliott wave - Nifty Day Chart
Thanks SirQuery already answered.
Thanks Master,I read it as to keep the faith in simple and tested setups...!
Good Mrng Master & Family" Genius is eternal patience - Michelangelo "
Good Morning Sir and Blog Matesveerasamy
respected llango siras said in pre market viewCritical supports are 6170 & 6146.how level of 6146 is calculated sir is it support from past levels or any fibonacci ratio of rise or something else sir
6184 6193 ... is 50%-61.8% retrace of the last fall from …… 6222 to 6145 80% is - 6207 If weakness is to return, it should be around 6184 6193 Strength gets confirmed above 6193 OR 6207
GM Master & all blogmates,Have a profitable day - M S Rao
6144-6140 is 61% retrace of rise from 5973 , below this more downside - else better to part book here and rest TSL
@Master: Is there any mild +ve divergence spotted in hourly chart which might take it to 6180 levels after which weakness may presume unless 6200 is breached?
@ Sir - for confirmation of 5 waves done, is it desirable for -ve divergence on MACD + RSI to emerge to signal a reversal ?
Dear Ilango Sir & Blogmates,OI Table Update at 11:00AM, Pivot-6227, S1-6205, S2-6181, VWAP-6205For the first time in this series the 6200PE writers in a spot of bother, Sell on Every Rise till Weekly VAL is not taken out…Thanks & Regards
@ dharmu mishra,Spot "6146" from the above Hour Chart, you'll have your answer.Cluster of prices are known to give supports of minor or major nature depending on technicals. (Minor here)
@ Trader Junkie,During a fall, a +ve div is "likely"(Not a rule but happens often) between the lows of 3rd & 5th wave in that T/F, the waves are spotted.During a rise of 5 waves, a -ve div is "likely"(Not a rule but happens often) between the highs of 3rd & 5th wave in that T/F, the waves are spotted.
thank you @ Sir ! Noted :)
@ Prabhat,Yes. There are +ve div in Hour chart. However, one needs to be cautious here considering the possibility of a 3rd wave. (6130 approx. would be a key to confirm a steep fall)
respected llango sirthanks for replyand sorry to bother you
Dear ILango Sir, Is there possibly 5 wave completed to todays low at 6145, also Triangle support and 61% of 5973-6414...?
5 Wave from 6358...?
a small bearish WW developing may have formed pt5 near 6171ns and trgt price is 6150 near 12.40pmsl abv 6173 (or 6176 which is 55ema in 5 min charts)
Good Morning Sir and Bros. & Sis's.
3 waves up - corrective done from day's low at 6171 which was support earlier ? Also 38% at 6174 !
New Post Done.
second session nifty bearish and can be down side 6150 below then support look 5940 above so keep short now target 5940 for more live tips visit here stock option tips