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...
73 comments:
my TS showing sell still
sir jnsar 5937 waiting ?
"SS"
@SS me waiting
Good morning Ilango Sir and all
ILango ji!
Nifty spot ka actual low chart par 5948 hai, aap wo consider karenge ya 5940?
Manoj
Gm Illango sir & all.
Today Nf open lower below Value areas of yesterday.
I do a Gap trade as per Profile.
Long @ 5970 Nf exit at VAL of yesterday i.e. 5988,also it is day high.
After that Nf not able to sustain above it.
As per Volume profile biggest volume at days low 5940 NS.
It should be the biggest suport for the further rally.
Nxt suport lies @ 5895.
Rajgopal sir, Short on Banknifty as per JNSAR or your own trading system?
A strong suport lies here @ 5963-65 level.
Can long here for 10-15 points Sl-5959 NS
sir ,
one bullish labellinf of 5th of 2C pending with 1
at 5953 is invalidated bu today low. another
probable bullish counting can be 1 at
5721-5886 1
5886-5856 2 irregular with a going below c
(is this possible)
5856-6023
4tth going on
can this be a valid count
there can be a 5th here
@ Manoj,
You can take it as 5948 as that would coincide with 13 & 55 Ema supports for the day, break below which further downsides possible.
BN is moving up from the "Ascending triangle's" lower support, break below which(11390) would be bearish.
Above "5995", short term reversal possible.
Trading band of 5950 to 5995 as of now.
San,
I need a favor from you. I got a query regarding McCleod Russel.
It has got a mini-resistance at 213-215 and a major one at 222-225. Under such circumstances, where should I Short this for a target of 180/200 ? I am terribly confused whether I should keep my SL at 216 or SL 225. In the end, I scratched my trade at cost.
23% retracement for the fall from 266 to 191 is 209.
38% retracement for the fall from 266 to 191 is 220.
Based on retracements, it looks like I should wait to Short it around 220.
As of now NS seems to hold 5966-20dema. may be fall below in next hour only get the downside.
can anyone confirm whether nifty went down to 5750 in pre market session...if it is true is there any significance? yahoo finance chart is showing, nifty went down to 5750 in pre market session..
thanx.
sreyO...
Sir & Family..gm..
ps..hi..one more count:)
that too bullish
yes manu,
if this is valid it will give shorts a whipsaw.
bullish in short term only
the only thing is can a finish below c in irregular,
i think mostly it wont
@Musti this is jfi i also more all less follow mkt for my positional trading on the same basis keeping the TT in mind for direction, the 5940 which is seen in vol. profile charts is actually not seen in the indiabulls realtime intraday NS chart (it shows low of 5953.71). The biggest vol.for the day is the first trade of the day n is a buyer biased vol. if we see or take past few days VAH values(This because we trade in futures)5942 is the vah before the gap and it has been protected today early in the morning so unless we break that significantlt for people like me who are positionally long on basis of JNSAR there is no problem we keep sl as 5935 and anyway that is jnsar of today also (that is of NS)also if the pre morning trade shows 5940 we have almost reverted back from JNSAR
@srey0: as sir has said to ignore the pre open data. hence that is not valid count. refer to the day range.
Hello Ilango Sir
The opening and low is same at 5940 is just above day JN.SAR of 5937. Could it be seen as an opportunity to take positional long?
rgds
Saidas
Hi PS. Keep it up. You will be able to count the stars too. You are going to be the Saint who has seen it all - no market movement is going to surprise you. Just beware of Analysis Paralysis syndrome.
===
Cool : Just holding the opening Short (regularly short BN for intra on opening raise-check sirs file for 360days- every day gives 40 to 100 points on Opening Short. Just my thumb rule trade).
===
On the sidelines - baking Christmas cake.
Hi Manu.
Sir,
This can also be the second wave of a new upmove.
In that case the bearish scenario gets rejected.
@Piyush, as per your bullish count, what could be the nifty target (say for expiry)?
Thanks
thanks rg sir, right now struggling to keep head above
water only -) just dabbling in ew -)
@shr, ew cant predict expiry what i know, oi analysis
is best . may be some oi analyst will be able to help
u i dont know abt it
hi rg..
ps.. u r right..ew is really difficult..i m waiting for rv
posts but he s lost somewhere..
bullish count means it shud break 6023 convincingly for
higher levels
Hello all,
Is Nifty heading for 5600? rising diagonal broke considerably
5950 needs to be broken, then 5910 >> 5830.
any views on expiry range?
sir,
if the move from 5722 to 6023 is considered the first wave of a new uptrend,
then 5907(38.2%), and 5871 are the levels foem where reversal may be expected.
5871 is also a strong support area.
yes manu, he probes deeply its always good to read
his views
Koreans are getting ready for a war, SKorea gave a message to
citizens to get ready now. there could be a major trigger
from that in coming 4 trading sessions.
@RG sir. Thanks and if the cake has rum in it pass a big chunk ;)
thanx sujeeth...
Thx Bhavan.
Me too positionally Long.
have a Sl of 5950 nf.
In my view this is only a time correction & we should move
further for a lifetime high after this expiry.
Sir and all - good (bore) morning :)
Shreyo - Yes i saw it. 5750 on CNBC. i don't remember last week end or this week end beginning it showed high of 6010 it has done (fluk trade???)actually i was in long from low + add this fuel out from long day before. but as said by sir ignore the premarket readings.
Piyush - amazinggggg.. rg said you can count stars, huh.. you can even count "mustard" "thil" 'sand" etc., :D one irritation for you watch the 22nd low candle of 5958 breakes will give good downside.
@ Bhavan - what's your view 6K calls @ 34.
6000 call has built up another 6 lac today....6000 is a huge barrier now !
thanx sujatha ma'am..
Sir,
=====
Please update TT
====
suj,
nifty traders are trading onions these days -)
it has broken it, got resisted at yesterday
support 5975 again 5958 trying to give support.
rg sir is too generous with his praises -)
@ SreyO - yeah.. luckily i note down that the date is 16th of this month :) high is 6011. (may be freek) but it has done :)
suj:thnk fr mail..
this "onion price" making difference..not 5958..
:)
rbi ready to increase rate ..may be first week f jan..
Hi Suja,Bhavan.
Musti......sou sou jivo.Life time high????
Piyush, thanks. So bulls need to conquer 6023.
I am no expert but looking at data, 6000 and 6100 calls have biggest OI and 5900, 5800 on the put side.
So if bulls come back next week and 6000 calls start getting covered, then it can be exciting finish to expiry.
Guys,
ICICI has given a buy call for jan 5900 put. These guys
are reasonably accureate intraday. so beware of longs
@nifty
I think for shorting MCLEOD one has to wait for 220 levels. But with the weekly chart about to confirm a bullish engulfing and price taking support at 78.6% levels will it be a good stock to short?
We may get the answer when it reaches 220. For now i have drawn some lines hope it helps you.
MCLEOD RUSSEL INDIA LTD: CLICK HERE
but with due respect to all i ant to point out a event...when nifty was in breakout mode from 5350...enrouting 6300+...once pre market data showed the level of 5820 when actual opening data was around 5620...after three treading session it achieved 5820...so a question to all does it provide any future direction of market?? plz comment..we need to confirm it...
11.00AM TT/ Chart updated.
Shift in OI started, OI in 5600put increasing
SELL NIFTY @5980 SL 5995
Thx Rg sir.
I am in the same Bus with U.
hope to ride till final destination.
sir..is red d color f d season n tt?
Yes SreyO , I remember that day....and it was seen so many times , it woirks
Open close levels of Sgx Nifty also gives this type of hints.....i know it is funny but i have noticed it many times
What a boring session/week. Nifty is like a slow poison:)
i think nifty is going to touch 5880 if not 5960 held..
+ve div on 15min !! show some fireworks nf...
Merry Christmas buddies..
there is pattern, nifty has failed to reach previous day's high
for the last three days, yesterday's high was 6005, if its taken out today,
it would imply reversal
@ RG piyush - home come u r bullish? little confusion. crude is nearly $ 90 barrel it may go to 100/110. In that case, operators will not short "equities"??? just a guess and life time high is in 2011 only - right? me too will join but after downside please.
@ manu - hi , talking about Onions?? huh. don't tell before peeling the skin tears in my eyes becoz of the "price" :P
ps..r u short?
i read in tpt
10% increase in 6000 call open interest
+ve div.......... IS it There?
pl. confirm
regards
suj do u think this corelation works for traders
last time both rose together and peaked more or less
together
narrow range of trading...5960 to 5970...either side break can set the momentum for intraday...
@Prashant, yes, nifty not able to take out previous day's high convincingly intraday.
I think if nifty closes above 6001 on daily basis and then takes out 6010, 6070 can be easy target.
http://www.nseindia.com/marketinfo/charting/HistIndexChart.jsp?indexname=S%26P+CNX+NIFTY&StartDate=01-11-2010&EndDate=24-12-2010&charttype=HIST_INDEX
yes manu ,it told yesterday 5958 break
i shud be short.
no downward momentum,
lets see if its a whipsaw
Priya Mitro!
Agar pre-market wale rates ek din aate hain to abhi 6380 bhi bakaya hai jo ek din pre market me last month bana tha.
Manoj
@ Piyush - no. it's just a guess, if retailers may short in fear as regulators may impose price hikes, that is the easy time for operators to lift the market up who knows? (these kind of thinking is JN boarder's infection to me) actually i don't hv that much of "thinking capaicity" my brain capacity is - only able to follow my levels :P :D
@ sujatha
Which bus have you boarded now Short or long
@Suj. today also if u can see the intraday charts of 6000Ce it has gone below 34 only for few mins and buying emerged from there so I m still bullish till The JNSAR is hit on the low
ie today 5937NS and whatever tomorrow's willbe.Anyway even my deshi hawala analysis it is +ve on the expiry.
@ Piyush - looks like double top? is it valid it not crossed 5990??
@ Kalyani - since day before i am "in short bus" but don't give importance to me..:) follow TA
@RG i also feel lifetime high will b there otherwise we will be stuck with doubletop in nifty and sensex both.
suj following yr levels will be enuf, whatever
sentiment is effective market has to go thru ur levels and u
wont miss that
suj dbl top at 5977 (probable)shud break 5957
for confirmation
another thing we are already 170 approximately +ve from this months hawala in the pentultimate week before expiry so bears should have a mammoth plan to take the game their way
NEW POST DONE.
the doubletop i m refering is in alltime chart
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