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...
22 comments:
sir,
is there a possibility that todays consolidation is 4th from 7638 low and 5 th pending towards 7758?
@ Prithvi Raulji,
Since Nifty closed below 7628 on 01st Aug, the last day of the week, the week trend has turned down.
Subsequently, prices are doing a corrective bounce for the 7841 to 7594 fall, unless prices move high to make a new high.
To keep the weekly trend down, prices must close on this Friday, 08th Aug below WEma.
The trend talked about in Pre-market is "Day Trend".
@ vksoni ,
If new high to be made, it could only by way of a complex corrective rise.
4th wave is negated as the time consumed is quite disproportionate to the 2nd wave (took just less than 30 mins).
got it
thanks sir
@Master,
How to become a smart traders
like 'illango' one of the best trader and positional
@ cooldent,
Isn't the Golden trade cool....
@ Prithvi Raulji ,
Don't become like me or anyone else. Get inspired., fine but find your unique strengths and nurture it.
And objectively, find your weaknesses and overcome them or better use them to your advantage.
Yes sir :)
@Master,
Thanks
now below 7697 - i.e 61% retrace of rise from 7640 to 7760, so a bigger fall coming ?
7660 to 7760 sorry
JNSAR once again hit at short side 7727-30 = 7697
To micro manage trades:
7693 7698 ... is 50%-61.8% retrace of the last fall from …… 7714 to 7671
80% is - 7705
If weakness is to return, it should be around 7693 7698
Strength gets confirmed above 7698 OR 7705
3.00PM TT & Chart Updated.
YESTERDAYS HIGH 7752-7671 IS 5th WAVE...?
we need a close below 7659 to weekly trend goes down
last fall from 7720-7638=82
current fall 7752-7671=81
exceeded now with margin.
Wednesday, August 6, 2014
Nifty Pre-Market View.
Day technicals are vulnerable with trend indicator still below its trigger and so is Relative Strength Index.
7731 to 7659, a 5 waves done.
Unless, waves are sub-dividing...!!
Thank you Master, Your Hard Work.
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