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...
67 comments:
sir ,
we have already reached 6069 is it possible 5th may have
been over?
neg div in hourly now
Yes..PS,
Now the channel too is broken.
Hourly indication was there @ 1.00PM but they managed to close just above 6052. However, intra charts have shown clear -ve div for one to be aggressively short @ 50sma(the day's high)
thank u sir, me slightly conservative shorted
only at break of 6040 sl day's high. jnsar still long
Ilango Sirji,
Looking at the -ve divergence have sold NF at 50ma reject. In your article you mentioned that as it is counter trend play we look for smaller targets, could you please advice how to arrive at the TG.
Greatly appreciate your teaching...
Prannams
geet
@ PS,
If it is just a correction to this upmove from 5690 to 6069, then a retracement of 5980/5965/5935 may be normal.
Last friday's low(5964) may be treated as approximate range bottom & today's high(6069) may be treated as approx. range top and trade.
sir & family ..ga..
manojag
hi..
it seems 4(c) over n bn..what would confirm it as 5 th
Thank you Sirji,
You are very kind
Geet
sir
if one set of 5 waves are over then the correction shud be bare
minimum of 2 days and 70 points, however if b is
irregular here shorters will not be able to gain much
sir, the channel break comes at 60023/25 which is also the day's
low, till that area (day's low) is protected one shud stay long
Sir has not weekly JNSAR generated a buy today only?
nifty has managed to protect day's low for the last few sessions,
the breach of that today will be an indication of some weakness.
Can we start shorting slowly if markets corrects below 6010 (DHEma) or is it still
a buy on dips ?
thanks
@ geet,
Last low is one target(5964)
Fibo retracements of 23.6%, 38%, 50%, 61.8% are other targets.
(Depending on the strength of the market as well as positioning of emas, the correction may halt at closer or at one of these fibo. targets.
5935 & 5965 have been strong supports in the last many weeks and "price clusters" at that zone is another target that is likely to be tested by the Bears. Holding/ breaking of that level will determine future trend.
@ Geet,
you may look at the TT to get other emas such as DHEma, DEma, DLEma as possible targets too.
@Bhavan
According to me, Weekly JNSAR pointing to short .. i mean not long if you want to take position based on weekly JNSAR
@bhavan,
what i have read by sir remark to me is that
it is for aggresives. conservative is long
Thanks Babu n PS but Babu is not weekly long with a filter
@Bhavan
according to weekly you should be in long already. If JNSAR hit happens ( after filter) i think you need to go short. But i never read here from any one who is following weekly JNSAR to correct our conversation
Actually today Mind heart n feet of nifty(Read as RIL Tisco N TataMotors)all in conjuction and unidirectinal
no no it is not following simply observing to take a view on the daily JNSAR for indications to part book or fully book
manu,
move past 12364
@Ilango Sirji,
Thank you for the explanation on tragets, shall keep in mind.
Feel very fortunate to have wonderful Gurus in my work & life
Prannam
geet
sir,
if this downmove does not gather some sort of momentum and move below 20 sma in the hourly, we will get a likely fast rise set up, ideal for the third wave in the daily
thnx manoj..
will wait till it does ..
aggrsv long can be taken
A fast rise setup is here..prices need to confirm.
Timely Information to take short gave good profit. Great Master ji. Thanks a lot.
@ San
Sir could you please give values of Stochastic in 30min TF.
Thanks a ton ji
geet
Friends can anyone suggest a FIBO level calculation tool.
Thanks in Advance
geet
Hi dear sir Ilango,
plz check Fast rise set up emerge or not
plz celar
regards,
alpesh
Sir
+ve divergence in stoch. 5min chart?
pl replay
Thanks
Amrender Gill
Geet : Download the Arunima Fibonochi (5) file. Set the formula in xls. Simple and gives the desireed results. (Arunima file for specimen).
ONE doubt about the Tech Table -
If market moves below 5935 in correction and breaks this Week's Low EMA (5896)
by this time even JNSAR would be broken - can this be treated as a weekly reversal and
one can enter into Put options at this stage ?
thanks
@ Rajagopal, you are vry kind:-)))
Appreciate all the blessings of the senior
geet
sir is their a probability of fast rise - considering the fact that it is overbought in hourly chart
Sir,
Nifty was unable to close above 6020, this is third attempt failure. Are we going for small/ Big correction?
@alpesh
5sma below 200ema (5min chart).. so fast rise set is now not there.
Nifty below 200 min ma i will avoid going long.
@terageet It's (5,3,3) in 30 TF.
Vaibhav but 13, 34 & 55 Ema are above 200 ema & 13 ema has just touched the 200 ema but only worry is overbought Hourly charts
Nifty has entered into a range now : 5965 to 6070.
Break below 5965, 5935 should hold failing which deeper corrections.
A close below 6010 today would weaken the daily bull momentum.
sir -
is it going to be fast rise set up ? if breaks 6010 or
sustain at this level?
@abhi i prefer 5sma and 200ema combo for fast rise/fall setups on 5min charts.
@ Ilango sir,
Kindly re-check HrJNSAR. @3pm it is around 6030.
IF wrong, pls forgive me.
Chandrabose
@Ilango sir,
Previous post before seeing your 3pm TA.
Sorry. I was refering 2 pm also
Chandra
@ Chandrabose,
you are correct.
Thank you.
Updating now.
@ RG - time to give downside levels??? here it is
Weekly gann square downside levels - 5986/5929/5909/5890/5871/5852/5814/5795
@ San
Thank you ji
Suja-I was reiterating that you have the downside outlook. When will you reverse it pls? Pls think of Upside levels now. Starting Longs.
SIR CAN I BUY 6000 PUT ?
seems like we may see 5981...and then may be reverse...
@ RG sir,
Hope you are looking at SBI down 4% and Bank Nifty , taking down Nifty as well.
When one son is not well even other elder brothers are there for the long journey as was the case earlier.
Hi Sujatha! I think first two of your downside target shud suffice for now! :)
Ilango sir. is it advisable to conservatives to re-enter longs here???
Thanks
mishraji - welcome..nowadays missing?? :P balance 2morrow???? RG sir ur answer is here
Possibility of formation of Bearish Tri-star on daily chart.
http://www.hotcandlestick.com/directory/Bearish%20Tri-Star.htm
@Babu you were right in understanding weekly JNSAR as sell.
Noted Naveen.Smells good for conservative start. Consider manojag's wave count reading also.
It is an "Uneasy zone" where both bulls and bears will really rough it out..
<<5935/5965 -- -6030/6070>>
TRADE.
HOLD a long or Short if your entry is closer to the range ends so that reversal would be easier.
I think BN broke to-day's JNSAR daily?????
Chandra
Ilangoji's words of wisdom says "long to hold as close above 5ema."!
@Sujathaji
Thank you for your levels, they dont let me be complacent...:-)))
regards
geet
@ RG sir,
thanks sir. please remember this was not my call but someone else's. According to him banks are in bearish phase for many months now.
My take is if Metals and RIL support, we should not test the recent lows. lets see.
Bye Sir. Bye Friends. We are enjoying glorious rains and fantastic weather in Chennai.(Sweaters and wind cheaters are out in Chennai !!!).
Prince OI data indicating to favor BEARS...... 6000 to 6300calls OI increased approx 5L each except 6100CA which is 8.96L.
Puts also covered considerable..... Bulls going to back foot.
Moreover till the fall turnover was ~50K Cr.which increased to approx. 1L Cr at end.So fall is with volume.
omg rg sir, sweater in chennai!!!!!!
ya .. one of those rare cool days in chennai. :)
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