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...
42 comments:
@ilango sir,
Can we expect 6075 where a superb neagative divergence may develop ???
The lead indicators and RSI may remain in the overbought/oversold territory for a long time when the trend is very strong and momentum solid. This does not seem to be the case right now, as there is no strong trend/momentum. The index may therefore react whenever we have an oversold/overbought condition. It did that yesterday near 5982, when hour was overbought. similar set up developing right now. Such conditions can be utilised for intra-trades of 20-40 points. I mean to say that in such sideways zone, such technicals conditions should be pounced at at the earliest. These may be ignored in a strong trend.
though the hourly chart look overbought, the daily chart has entered positive territory
This is still being considered a corrective upmove till it moves past 6070, being the C wave of this correction; it may end anywhere in 6005/6070 area
we are waiting for the confirmation signal first signal wud be when it starts making lower lows and lower highs in hourly frame, it has still to cross 6006, th eprevious hour high
so when the momentum subsidises in the lower time frame we will have the warning
@ PT,
The sudden steep fall from 6339 to 5690 is being corrected.
It would involve a lot of "time correction" as market breadth during the fall was quite negative.
Unless that changes, trading these smaller moves and finding a lasting trend would be elusive.
Now to your question: It is possible to move towards 6074-6100+, provided the corrections from here holds above 5905.
Thanks a lot Sir
6100 put is piling up open interest continuously, 40% added today.
Ilango sir, the possibility of 5th up of weekly B is gone now??
Momentum says it is gone??Thanks
@bizagra
What does that imply ????
it looks all set for a visit to 6025 zone now
@bizagra
CZ currently still i am neutral on market
6000 call has still not shed any open interest
@prashant
So of NS moves 6040-70 we would not get any good prize in 6000 calls
@Powertrade
I m asking sir ,if very bullish possibility of 5th of 5th of B,
still exists or not??
if it closes around 5995 this hour, it will be the third close at 5995 for the day
and it shows some strength
didn't make a higher high this hour
Respected Illango Ji and Blogmates
as shown in charts.....nifty is struggling in this area......sir can we go short in banknifty and nifty for intraday only
regards
lower high 5997 lower low 5981 for this hour
the huge OI of 6000 calls is making difficult fo r nf to move up
at 5984 based on equality wave 1=wave 5 was achieved
if this is 5 wave move. but ususlly c in a flat is more
dynamic than 4a and larger too. this has lacked
in this upmove. this may not be 2c
All we need is a movement above 6017 NF
Prashant,
Thanks for your step by step logical analysis with timely update, learning to breath intraday market slowly.As usual very beautiful analysis.
typo 2a instead of 4a
yaar Nimesh bhai 6000 call bull ka bhi hoo shakta hay na ?? why its hurdle ?
Sir Kindly confirm nify close value at 11:00.
It is 5995.3 but tech table showing 6004.
@Prashant Bhai,
Reason che ke 6000 na call ma oi nathi ghati rahyo ne window change nathi thai rai
sir,
what r day open and low values today?
@PT
Again as the 6000 call is not breaking 34rs. it is not crossing 75 range also since past 8 days . The OI is increasing it would also mean there is buying in it n so NS will move in the last week or last day of this week. I also feel thatRIL will hold the key to the direction of nifty the way it is consolidating at this level 50 no zatko ek diwas ma maarse.
kayi baaju te nathi ky=hyaal aavto.
Ilango sir, can i go long above 6025NS for target of 6075+?
@bhavan,
Ek dum bekar diwas che aje koimoment nathi
start watching IT they give good movement these days
Priya Bhaiyo!
Nifty aaj gap open huyi hai eur tamaam kosish ke baad bhi wo gap nahi bhar raha hai, agar nahi bhara to kapdautaaru teji aayegi...
MANOJ
aaj agar mkt + me bandh raha to phir necche ka level bhul hi jaao
sujatha we are all on your train kindly direct us when to get down
@PS bahu diwase bhai? JSK
Good afternoon sir and everybody :)
Hi bhavan - necche ka level bhul hi jaao , mera week end target yadh hai?? still waiting :P but very slow grinding up.. sideways with upside???
Why fear sir is here??? :) following me is dangerous hope you know :D. If i post some level means i hv to give follow up, no time hence not posting anything.
sir
can we say that 5990-6015 resistance is currently resisting
and break of this gives a probable 6075 as 6006
already done
sujatha we both r in the same train since the down n upmove my tisco 700 has yet to come n today is also ur gann turning date?
@Sujatha I have made a good table form of analysis based on hawala rate i will mail u the excel sheet since i donot know how to upload it here so u can do it for me but that data roughly suggests that we are haeding towards a higher level.
NEW POST DONE.
@ bhavan
open interest increases only when there is selling in a particular option.
constant price dosn't mean we will have a big upmove, it only means that the market is range-bound
we r between 5860-6000 for the last seven days.
Though i won't say that it can't go up, but the premises of your reasoning are not correct.
6000 is a level which is just 10-12 points away, and still
we have 81 lac open interest, while 5700 (far away) has a similar O.I.
So people seem to be sure that it won't move much above 6000 and below 5700.
gap-down yesterday, and gap-up today also indicates the indecisiveness and range-bound nature of this market. May be a gap-down again tomorrow.
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