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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
27 comments:
@ Hemanth ,
Though the channel resistance for this hour would be around 7695, I would suggest you to look at "7675-80" for these reasons.
-80% of 7709 to 7540 is 7675
-61.8% of 7752 to 7540 is 7671
-20 dsma is 7679.
- JNSAR for 12th is 7675 approx.
GM Master and All!
OI turning bearish to bullish. More writing in Puts and PCR also rising.
http://www.niftytrader.in/nifty-live-change-in-oi/
Nifty closed the Friday's down gap at open today. Today's gap up and the low for the day so far has created an "island" between 7592 to 7603. Price staying above 7592 for rest of the day will create an "island" reversal for the day.
Sir
we can monitor the retrace from 7540 to 7633 now?
@ cooldent,
7700 7691 ... is 50%-61.8% retrace of the last rise from …… 7665 to 7734
80% is - 7679
If strength to return again, it should be around 7700 7691
Weakness gets confirmed Below 7691 OR 7679
Thanks sir
7565 to 7634
@ cooldent,
Correction...to the above retrace. Thanks.
Bullish:
7600 7591 ... is 50%-61.8% retrace of the last rise from …… 7565 to 7634
80% is - 7579
If strength to return again, it should be around 7600 7591
Weakness gets confirmed Below 7591 OR 7579
Thanks sir..
Prabhanshu Sir,
Tata Steel ???
Sir, just for learning ..Why 7565 and why not 7540 to 7634 ( yesterdays low to to days high ).
Thanks
SN
Tatasteel if closed above 535 at 11.30 am, then buy will trigger (+ww) with tgt as 575+. Sl as close below 535 on 15 min closing basis
Sir, given that we are above 7591 and stay above it (i.e above 61% of the last rise from 7565 to 7634), shouldn't we now track the retrace of 7709 to 7540 ? Then the battle of 61% will be at 7640 !
sir,
holding below 7618-22 approx.
c down unfolding from 7634?
@ S N,
I'm considering 1st wave from 7540 to 7574, followed by an irregular flat correction with a low of 7549.7 and a high of 7578.05, ending at 7564.80 at close on Friday.
Hence, watching the last rise from 7565 to 7634.
If falls below 759, the 61.8%, it will be an early warning of downsides but should be confirmed with a fall below 7579, the 80%.
@ Trader Junkie ,
At open, the retrace of last fall of 7709 to 7540 namely "7625-44", as per Pre-Market View, provided the resistance at 7634.
Resistance done, we now look for support, if any, by monitoring the last rise from 7565 to 7634.
got it, thanks Sir !
Ts triggered. . Keep watch on its sl
@ vksoni ,
Weakness till below 7628 for intraday.
thanks sir
Sir - Thanks for the clarification.
SN
Prabhanshu, so TS now long for a target of 575+ with SL as below 535 on closing basis - Did I get it right?
Bb- 15 min closing basis. Bole to look close price at 12, 12.15, 12.30 ....if below 535... it will b considered as sl hit
Oh, thats something I do not know how to look for.Will look for your alert only to keep a track - Thanks for all the help.
9 d rsi forced price to move above 7645?
a tussle going on.
@Prabhanshu,
Is one 15 min candle enough for SL in Tata Steel or two consecutive candles are preferred?
Thanks
Raman, For trigger i prefer 2 consecutive candles and for sl 1
New Post Done.
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