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 ... -
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Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
39 comments:
@ilango sir...
In A-B-C format correction,if "A" completes with a-b-c sub wave, then is it possible that "B" will unfold with five waves....(or what type of wave possible).
I am guessing that the whole downfall from 5549 was a "A" wave with a-b-c sub wave....
@ EssDeeWaves,
One of the guidelines in corrective is if you spot 3 subwaves, it is likely to be a flat correction wherein the the counter trend "b" could retrace 80-100% of the fall. However in running correction thry could resemble a zigzag.
A 5 subwave in a correction could be in zigzag wherein the the counter trend "b" could retrace a max. of 80% of the fall.
What kind of "b" wave it will be, there are no guidelines except the above.
Thank you sir for explanation..
Ilango sir , as i exited my shorts for trading @ 5433 NF, can i
have S&R at 5430 NF now?
@ Bizagra,
It is O.K. I think you exited quite fast.. :)
@Anil,
You wrote:
"it seems every tom harry sold 5400 PUt"
Do you mean sold or bought. If sold than that means the crowd is bullish expecting to pocket the premium.
Sir is it possible for us to find out when buy signal is generated under 35 Hr-D charts. Similarly had you had told us about that buy signal at 11. A.M. or sometime thereafter I would have entered longs with little more confidence.
Good Afternoon Elango sir and all
@Elango Sir
Shall I buy tata steel now.
@ karthik,
I am simply pointing out what is changing in the charts. I update these every hour (most of the times).
You don't read them literally. There is a shift now. In the earlier occasions the weekly trend was UP but now it has triggered a sell. In that backdrop, going long has to be done with caution.
The week after the "Weekly sell", a tussle is likely which is what is being witnessed.
There are so many trading ranges. A sample is below:
Ilango said...
@ Soha,
Nifty might trade in a small band of 5428/32 to 5448/5450 before the next move. Europe opening would guide it then on.
August 30, 2010 11:40 AM
Choose your styles, choose your time frame and T R A D E after getting a likely supports & resistances of that time frame. - You will do well.
@manojag
It seems more of selling nature, as on friday too mkt fall but ppl reluctant to booked out and today too inspite of gap up ppl are not getting out of it..
considering fast changing OI in 5400 put, it seems more of day traders are taking positions to encash any upside if at all,
also 5400 PCR is at 2.07, so ppl expecting to mkt to hold 5400 so expecting a range bound action till 5390-5480 taken out.
it seems ppl harping on positive global cues...
disclaimer: me short till 5480 taken out decisively
Hi Ilango/ All,
Every time I have to do manual refresh by clicking F5 to get new posts of your blog.
How to make it auto refresh. Any setup at my end?
Chandrabose
Ilango please confirm H&S formation in Hourly Chart?
Anil,
if the general crowd is short 5400 puts than it seems that we may head lower as crowd is generally caught on the wrong foot.
@manojag
yeh thats why i am short 80% and long 20%
all in OTM options...
i hardly trade in future..i dont like one to one point movement..
@Elango Sir
Shall I buy tata steel now.
@ sryasdmurali,
I am not following stocks today.
Dear Sir,
I was referring book Elliott wave explained by Robert C Beckman recommended by you couple of weeks ago. In this book he has mentioned one rule that, wave4 can go in to territory of wave1. As mentioned by him except Bolton, Collins and O’Connor every other Elliott wave theorist have ignored this rule without any explanation.
Please give your view on this rule as per your experience.
Regards,
Alpesh
GA Ilango Sir: Had sent u an XL sheet through email on Friday night. Hope u got it where i tested JN.SAR system.
correction wave4 can not go in to territory of wave1
@ alpesh,
Wave 4 should not move into wave 1 area. This is a rule that can not be broken while labeling.
"abcde" is sometimes confused with 12345. In leading diagonal of some 1st waves as well as ending diagonal of 5th waves, the subwaves need to be labelled 'abcde" as the 4th moves into the 1st wave.
Of this and that,
Yes. I received your mail. I am going through that. If it will help traders, I will put up a link for them.
Ilango please confirm H&S formation in Hourly Chart?
Thanks Ilango Sir for your response.
@ Sandy,
For a H&S pattern to develop, Market needs to fall upto 5350 and then rally upto 5490 to form the right shoulder(Neckline being 5350-5355)and then fall breaking through 5350.
.
5404 is our weekly JNSAR! What if it is hit & targets?
@ Sandy,
Weekly JNSAR is still UP. If Nifty breaches 5404 this week, Weekly JNSAR would trigger a sell then.
I have not backtested its "earning capacity". But the daily JNSAR can be a "Multibagger".
It has been proven beyond doubt!
:D getting rich slowly
5412 exit level for Nandi
Thank you very much sir for your kind reply.....
@alpesh
where can u plz post the book elliot wave explained by robert beckman in 4shared.com
@alpesh
Can u plz post the book elliot wave explained by robert beckman in 4shared.com
NEW POST DONE.
Nearing 5404 JNSAR weekly levels!!!
Congrats now it is hit !
gone already
What we had today is Dead cat bounce. Might be a little carry-over tommorow morning, however nifty is soon headed lower!Bears, You will be smiling before week is over! All technicals are DOWN
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