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...
73 comments:
Manoj Bhaiya,
Today is thursday. RG sir ke hisab se bulls ka day.
Sir, i have tried to label the horizontal triangle in the hourly chart, this seems to be either the last (E) leg, with a breakout/breakdown possibility, the current upper limit is 5480. Hourly is moving towards overbought zone.
5420-5480 range in the triangle
For blogmates:
A horizontal triangle appears to reflect the balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility. This pattern contains 5 overlapping waves that subdivide into 3-3-3-3-3 and are labeled A-B-C-D-E.
The wave E can overshoot or undershoot the channel.
rg sir,
bearish view(preferred view)
there might be an attempt to highs by wave B. but when wave 5
is a ending diagonal we do not have irregular B. so
new highs are improbable for some time.
sir can u put ur views.
but when wave 5
is a ending diagonal we do not have irregular B
whether i am reading correctly
good analysis prashant,
last time u put triangle it was bang on . bulls have
to be careful
Thank u PS - infact larger correction in bullion seems to be the prevailing consensus among techs. Thanks you.
@ Raja sir my pleasure,sure I will post my Views when I get
some specific moves.
@ PS thx me too with the same target but not holding any
positional position Yet.
As volatile burns hands most.
Good Morning Sir and Warriors
GM Everybody,
In first Hr.There is a addition of 11 O.I. in NF.Out of that 11 lac almost 2 lac O.I. covered when Nifty starts to trade above 5470.Almost 7 to 8 lac addition is between 5430& 5445.Just 15 points and NF trading very comfortably above 5445.So it looks that it wont be very wise decision to go short at every rise is feeling here.
The above view is particularly for day trading purpose only.The positional traders may think otherwise if they feel so.
Dear Manoj ke hisab se "Dil me mandi,Market me teji" aisi halat ho gayi.
mrkt unlikely to come down if spot 5496 is crossed
and sustained. rELIANCE unlikely to come down if
932 is crossed and sustained
sir & family..gm..
ps..hi..jazz(tony also same view) count took my nerves n es..wht will happen
with u and me:) or v r inversely corelated:)
rg..hi.."goras" 2dy hav only option f india n msci ex japan..
nifty runing v fast bec SAMIR ARRORA view-- arrora ji says FII invest 2 bln $ end of da 2009 and mkt was up in a year 20% so 2 billon $ increase to 2.40$ and end of the 2010 was 2.75 $ billon -some fii exit with 20 milions $ exit and mkt back to the 2010 aug level --mkt down in a new year 2011- near about 15% ,, other hand world mkt (usa) up by 15% so india undarpermoar compare to world mkt ..story is same in india only inflations r high --he says fii cant exit in india on a bad mkt so money is coming and fii stop selling--from samir arrora interview cnbc:)
Here I am not threatening any one but,the current situation is the out come of impatient Bears who under estimated Bulls.A worm may turn.
hi manu,
didnt read abt tony, jazz pointed wave 5 in bullion
end of 3 months we touch agin 6000-6300 level ,, nifty forward PE trading arround 15 PE (2012)
currently= for the day= all resistences have been
crossed. Watch out shorters.Do not short the mrkt
if 5496 is crossed and sustained. On an EOD basis=
5495/45 is the 5EMA. Once crossed n sustained=
will trgt 5595-5600 spot levels
Aaj Manoj bhai kaha he?
Look like we would rest at 5540 NF ... Watch for volumes in 5600 calls the most active today
Dont be short for now....5400PE OI @94.45L todays addition 12.3L.
Looks like 5400 was the last stop for the time being.
today it may go to 5560 and close around 5520-30.
Yes Nimesh bhai, 5500 & 5600 CE both having good volumes,
the current ATP for 5500 CE is 50.00.
gm sir and freinds prashantbhai long in nf at 5477
Dear Deepak, Mynac & Musti bhai Namaskaar!
Bhai logo Nifty buy karne me juta tha, 5430-5440 me Nifty future jam kar buy kiya hai aaj aur sath me 5400 ki puts 100-90 ke beech me le li hain. Nifty puts ki 60% cost to meri Nifty fut ke MTM ne abhi tak nikaal di hai...ab mujhe fikar nahi hai aur mera stop loss market me apne aap laga gaya, chahe Nifty 5200 jaye ya 5000. Upar me 5600 se sell karna start kar doonga aur 5800-5900 Budget se pahle hi dikhta hai. Deepak bhai aapko mail bheji hai, dekh lena sir ji.
Manoj
Dear Sir & Friends,
5400 and 5500CE has started unwinding, and there is huge addition of 13lac in 5400PE
Thanks & Regards
Sanjay
Can we expect a fast rise?
Very simple rule one should follow.
Rule No 1)"When Price goes above Low EMA & Closes Buy on dips up to High Ema."
JAY M LONG AT 5472 ATP prev day noo 5472 hato
jay huwn nikli gayoo 5525 ma now m watching 5550 if broke then i buy small for testing
Dear Mynac bhai!
Angreji me ek quote hai "Common sense is not so common" aur aisi hi mai kahta hoon " Simple rule is not so simple in trading". Bulls ka jhatka hye joro se laga..laga..laga. Ye abhi shuruaat hai..aage aage dekhiye hota hai kya??
Manoj
bank nifty,itindex,midcap index all are in overbought region in 5min charts,can we see some correction now??
Those who were stunned and missed the rally should not become impatient,market used to give chance for even late joiners,even I booked my profit slightly early from day trading point of view.So as per rule NO.1 if my price shall not come today then I will leave it for tomorrow.
mrkt may crack here for 30 odd points
Dear Manoj,
Still long way to go to come in reality the Rule No.2)i.e. When prices move above High Ema & Closes,buy it and hold it as upward momentum picks up.
So at present it's too early to predict any thing here.
Now today it should trade between 5500-5560
5510 - 5495( will be KEY now)- 5475. volumes on
2 hours= 1/15 crore nifty traded for the upside=
PHEW!!!!!!!
Hi dear sir Ilango,
A close abv 5495 - the first reversal indication
sir this view apply in hourly
plz give suggestion
regadrs,
Alpesh
Dear Mynac
What is the price you feel we can enter because I missed the entire rally due to power failure.
Regards
@ mynac
are u talking abt hrly ema's or daily. kindly clarify sir
ty, misnomer, this is much easier to view than from that dl site.:)
How about Food inflation nos today...
I presume it will be lower than last week no
Can we expect stable UP move today
Dear Mynac bhai!
Inside day upar ki taraf kat gaya hai so momentum bahut strong hai, Raja ki giraftari Congress ki mushkil kam kar degi so Bulls baapas aaye hain aur strong support area se baapas aaye hain so iski importance bahut jyaada hai.
Manoj
can any body help me on my nifty options trades....
28/01/2011 5600 one put bought 135.10 now 147.45
5500 two put short 107.00 now 95.40
should I be in trade or exit
short the mrkt now= sloss 5523
thanks prashantbhai im still long but ,my sl is nearby now
@Mynac
Wow ..... Time to go short ??? Intra overbought
Dear Ramesh,
Hrly,Daily emas from very short term day trading point of view and when Rule No.2& 4 shall come in reality then one should apply it for positional view,is my under standing.
can any body help me on my nifty options trades....
28/01/2011 5600 one put bought 135.10 now 147.45
5500 two put short 107.00 now 95.40
profit in both trade
@manoj bhaiyaa= sent u a mail. Aap kae mail k liyae
dhanyavaad
@manoj bhaiyaa= doing only 1 trade 2day= m short
at 5536 future, for trgt 5493
Dear Arvind,
You are requested to watch day low & Close ema from here onwards & take the appropriate decision.All the best.
DHEMA 5552 is first target. so it can stop around 5550-60 but will may not retarce too much from there. only may be upto 5510-20.
Hi MANU: 5400 TO 6300 was gora rally...almost 70% vol contribution. But if he has taken out only 10% ov his capital, who else sold to cover the upmove? Poor gora.
Dear PT,
One should take a chance with the Day HEMA as a SL.
The OI of 5400 PE is 9.872M shares. This (level) will be very very tough to break. In January the OI of 6200 CE in the beginning of the month reached 10M shares.
Has the bottom been made for February? Time will tell.
@mynac
thanks a lot
booked longs at 5519 prashantbhai thanks
Master,
5417 to 5539 = 121 points.
5402 to 5519 = 117 points.
In an irregular correction, C doesn't retrace B fully in most of the times.
So, could it be that an irregular correction has been completed?
m short at 5533 future= sorry that was n typing error
@ Fire,
It depends on the price action from 5518(today's high).
If it is corrective, staying above 5450, it could attempt another corrective rally either today or tomorrow.
Reason being: 5416 may not be the end of the impulsive move from 5801 but 5402. In such a scenario, it could have one more rally after correcting this upmove from 5402 to 5518 or a bit higher.
Alternative view: The fall from 6339 to 5402 as ABC correction - may be complete or some more down sides possible.Confirmation is close above 5625-200sma.
"Some OI inputs" would confirm the changing market dynamics.
have coverd my shorts at 5519 future. Have to go,
hence no more trade for the day. Thank you all
sir..
asia close s blessing n disguise till now..
ps..tony view n sir post weekend..
rg..gora rally frm march 2009
@ power trade. nice to see you back after so many days you are here right?
As the O.I. addition up to 11.40 Am is @ 9 lac,in spite of the up move it is not reduced,so from here onwards Bulls will have to put more efforts to force those shorts for covering,if they want to keep this momentum up from here.D 5Ema 5499,may play significant role for either side of move.
Dear Sir,
5400PE OI now at more then 1 crore and 13lacs unwinding seen at 5500CE
5400 seems to be protected for the time being.
Thanks & Regards
Sanjay
The 5 day chart in yahoo seems to form a rounding bottom formation. If true, it should take the market back to 5625 and beyond.
@ mynac
thanks. got it now clearly
@Dakshit
True me too missed a lot of action ... busy in professional obligations
India Weekly Inflation (WPI) for the Week Ended 22nd January : Primary Articles : 18.44 % Vs 17.26% week ago, AND Food Articles : 17.05 % vs 15.57% week ago, AND Fuel Power Light : 11.61 % vs 10.87% week ago
Dear mynac about the Resisitance and Sanjay(Hi) about Support. Valid interpretations not varied. Thank you.
there is talk that bigger nifty index trader NIFTYBIGBULL has done teji yesterday and today. unfortunatly yestereday all of them hardwork undone in last few minute.
NEW POST DONE.
Ilango Sir,
I have been following ur blog for the past few days and I am
impressed with ur sensible approach to trading.
count me as ur another follower.
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