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:
Day Low : 7974.55 Day High : 7999.30 Range : 25 Points Day Pivot : 7913 Hr. Pivot : 7988
NS NEAR OK ( Octa Kilo = 8000).
Currently hovering around 7980.
NS above Day Pivot @ 7913 & below Hr. Pivot @ 7988 indicating trading mode for the hour.
NS in BAH mode in Hr. T/F & in Day T/F.
Weakness returns below Hr. HEma @ 7975.
BAH = Buy And Hold
Followers of JNSAR :
Day Low : 7974.55 Day High : 7999.30 Day Range : 25 points
NS trading a Century above Today'S JNSAR @ 7855.
Above Hr. JNSAR @ 7935.
Time for Part booking longs initiated @ 7872 on 20th Oct.
Continue Longs initiated around 7872 on 20th Oct with partial Profit booking / Strict SL @ 7855.
NS much above Day's pivot @ 7913.
NS currently hovering around 7983.
Note : As JNSAR long is 2 days old, Whipsaws r remote.
Strict SL is a must for all trades whether Short or Long.
As mentioed BN negative diver on hourly chart..
BN cool down..
Next support 16347 & 16305
BN looking tired and in the red now.
@Prabhanshu,
you are right 23 lac addition in 8000PE but PCR still falling down. Also note that there is no significant unwinding in CEs at both 7900 and 8000
Now use Pre-market commentary that we are nearing critical golden ratio.
Using the above 2 facts, I am only saying it is early sign of weakness and we may see some pullback. Don't expect much downside unless 8000PE starts unwinding. Action after 2:30 pm should be big and will tell us a lot about direction post Diwali
Sonu..
Waiting for confirmation in nifty hourly diver..
My best wishes to Ilangoji and all the members of JN on this Diwali day.
It is possible that Nifty might make another high above 8000 to complete the abc from 7724. Holding of 7930 is the key here.
Raman..
yes like so..
& made negative diver on hourly...
On daily goldan ratio.. as well macd trigger point..
Fast rise setup about to form on Nifty with 21SMA and 34SMA cross over on the 15 mins chart.
May be bull flag in 15mins...bo above 7999.30 for 20/95 points. Invalid below 7972/73
Sonu, thanks....is it possible that above 8030-40, short covering might start?
Currently 8000ce prem is 45 increased by 13 points. So, ce writers who are holding it. ..may start covering it so that they shd not be in loss above 8030-40..
just random thought. ..
Nifty On your mark get ready
Go!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@Prabhanshu,
I believe in booking profit when it's good, short covering may or may not happen. Though you have identified a high probability bull flag there.
Right now market is in OB zone, so some pullback is also possible.
Also consider the fact that Nifty is all happy and bullish partly due to good unemployment numbers from US but that also means US may end QE earlier than we think and that can change the sentiment very quickly. Noticed yesterday that US indices area also trading near the golden ratio of the fall.
Nifty is unable to cross 8000 as of now. But it may do so by EOD. Tomorrow there might be a gap up opening around 8030 and by EOD , likely to close in the negative. However, irrespective of muhurat closing , it will open in the negative on Monday and will start falling . This has happened umpteen times in the past.
Now Jindal steel.. good..
Crane now 288.. i msg when 281.50
considering the bull flag identified by prabhanshu ,and no signs of bearishness 8080-8100 can be seen
nifty unlikely to close above WHEMA, If market give a chance It is better to short at WHEMA+60 i.e 8060
wishing sir and friends a very happy deepavali
@ prakashbkc : very wise words
Happy Diwali everybody & get up before Day-brk tomo :-)
Happy Diwali to All JNSAR Family
Shriram sir ,
Just remembering Master's lesson. Also by TT it also seems nifty unable to close above MHEMA on 31st Oct
Happy & prosperous Diwali to u & all
NR7 day in making. Expect big move on Monday...
Everybody Bearish?? Market Ults
Dear Everyone
Happy Diwali.
Sonu
Please explain, What is NR7 day?
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