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 ...
23 comments:
NR 7 developing,
We have to short nifty at 7549 ?
the last hour NS candle range was 22.10 pts , the lowest range for the last 14 candles, i do not know whether this is relevant, in hr frame
Just word of caution to shorts, hrly close is above hr jnsar for 2 last hrs
Dear Ilango Sir,
The 5-D stochastic turned up on Wed. and triggered yesterday. With the hourly technicals improving, do you see the weekly trend asserting later today?
Thanks
Good Afternoon Ilango Sir,
Based on your guidance on 2 EW options 'b' or 'c' running ': Form wise it looks more like a 'b' running. What is your preferred EW view now?
@Raman Kapoor,
Since yesterday late afternoon, Nifty is preparing for weekly trend assertion. That is my point of view.
Day Low : 7520.10 Day High : 7560.55 Range : 45 Points Day Pivot : 7550 Hr. Pivot : 7548
NS holding HKPC ( Hepta Kilo Penta Cent).
Currently hovering above Day Pivot @ 7550.
NS in BOD mode in Hr. T/F & SOR in Day T/F.
Strength above D Ema @ 7560 & Monday's JNSAR @ 7571 .
Weak below D Lema @ 7530.
NS below Week Pivot @ 7589 indicating weakness & moving below W Hema @ 7547 more weakness.
Will Week trend lifts NS 2 cluster resistance @ 7571-89 for aggressive trades ?
Next 2 hours will decide.
SOR = Sell Ond Rises.
BOD = Buy On Dips.
Dear Ilango Sir & Friends,
Major sideways corrections have lasted for 9-10 days in the recent past (6600-6800 and 7200-7400 range). Today is 9th day of sideway/zigzag movement and we can expect either way confirmation today or on Monday. Makes sense?
Thanks!
@ Sir , GA .. If NS closes above 21 Hr SMA , with 21 and 34 converging , is it a buy with a SL of 25 points ?
NS Weak below Hr. Lema @ 7530.
Daily parameters such as S.Macd & 9 Rsi are bearish...
Prices below 7589 bearish aggressively..
The struggle is to save "7547"-WHEma by bulls..
@Ilango Sir,
Do you see a contracting triangle developing in 2 min chart with target close to 7600? Breakout above 7565.
Perhaps to complete a 'c' - OI also supports the view with 10lac addition in 7500PEs.
Nifty Spot Inside Bars & Range
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@ Sonu,
That is not a contracting triangle;
my only observation is "even the lowest of pre-mkt res @ 7571 has not been reached"..?
Thanks Sir.
And the mkt has answered the question - "underlying technical weakness".
NS breaks W Hema @ 7547.
More weakness below Hr. Lema @ 7530.
I haven't answered any EW Q's because "the sideways mkt action and continuing possibility of b-wave" which leads to choppy moves.
@master
at which price we can say "b" over and final "c" down starts....below 7488?
thanks.
New Post Done.
Master
developing day low ema for banknifty pls...
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