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...
82 comments:
this time we closed above HHEMA.
@ rochakji,
EMA based trading is explained by sir
at the end of TT
Thanks
@Yoda,
thanks a lot. I didn't know that these go together. But I sincerely hope you get wrong this time. :D
Sir / EW's
Can u post the EW count from 2008 low to till date.
Is 5th wave completed and wave A down completed,B bull back is going on.... if am wrong pls correct me.
Regards
Gopkrish
@ Prashant,
There are few possibilities at work and if we combine the TA of week & day, the direction is UP currently. Multiple resistances on the way to 200dma.
A close below DHEma would alert us of any weakness.
weekly 5 EMA (5505) also crossed.
Now weekly HEMA (5615) may be next resistance.
Trading Above HHEMA/VAH/R1
Sir,
If we assume that 5th is pending in the the daily chart,
then we may be in for a correction now upto 5377 (38.2%) level
before the next leg of the upmove.
In this scenario, nifty can't breach 5690 (low of the 1st wave)
So, if we have to move only upto 5600-5635, then the A leg should
end here around 5500, so that we can have a sharp C to 5600 area.
is it a valid interpretation sir?
lol, I could very well be wrong, Fire.:D
Inflation Down in coming day bec Govt plan to reduce EXISE duty on oil price and oil price may b 3-5 rs cheepar according to Govt view on India Gdp much much stronger in this buddget nifty chance to touch agin 6000 level widhout any Disturbance :)this is v early view on pre budget Relly:)
prashantbhai just a feeling after 4 up days we may have a mild downday today lets c
@ Gop,
Please download the file "Nifty TA(17) from the link given at the top right side of the blog. You will get various EW counts for day/ week & month.
if nf sustains over yesterdays high then the down day move may not come
ab kya hoga, 5505 is gone.
for me minimum target of this up move is 5840.
but no idea of timing.
dow futures at lows and hangseng in negative
Dear Tigar,
As most of the players are expecting correction considering the trend but due to some strong market player's contrary action/view,market is not correcting from here.i.e. they have absorbed the sell & still trying to absorb it,at this res.level & the retail participation too has come down,so if it will not correct then may test higher level and this action/zone/level shall be called consolidation.So those who were sellers from last few days might have changed their view & covering now.
Ilango Sir, lead indicator shows nifty in overbroght
region. Why no correction?
AM NOW WAITING
FOR GOING SHORT
whenever reliance goes to 960-62
i will exit long position and wait for mild correction to go long again.
stop loss now 5485.
that is my trading strategy at this point of time.
maal laaav:) come on nifty ple take buy to 5600:)
Nifty follow Bank Nifty as already said yesterday
Hello Sir & Friends...
20 DMA is crossed and trading strong.
Hello Sujatha: Still do you see chances of correction before hitting 5550.
NF Trading in Premium
THANKS KKAY369
PLEASE CORRECT ME IF I AM WRONG
for today, if we close below 5473 ( 17 feb's DHEma ), SELL on rise for tgts ( 5368, LEma ).
for current hour 1 pm ( since, we have been closing above LEma, we shud buy on dips to 5500 HHEma ).
for the current hour 1 pm ( if we close above 5500 ( HHEma ), we shud hold ( WHAT WUD BE SL, in this case ).
pawan what is the next tgt for nifty i am long in nifty from
5477.
Prashant, did U sold your PUT brought at 32?
yes tiger sold at 27
Dear Ilango Sir and Blogmates,
5500 and 5478 are High Volume Nodes, should hold for today
Thanks & Regards
Sanjay Kr Jaiswal
sir agressive sell trade can be mad because last lower high was near 5565
Expected yesterdays short covering is coming today.I came out of my tuesdays buy from 5492 to 5012.
In last 9 trading sessions nifty broke 200(2 candles closing below 200 line in nsetracker chart) only once.
Biggest NF volume white candle exact at 5516.
Just hold nifty, Nifty cross 2 EMA 20day and 5 week EMA so minimum 100 points from here may be possible.
5526 is at 361.8% of the fall from 5273 to 5178 among other resistances.
most level will hold today, only pause may happen at times before rallying, so that many people keep on shorting the market
It is the highest one only since morning.
5550-60 may be pause area or 20 point correction area
minimum tgt should be rectangle brekout(5505-5460)
in hourly is 5505+45pts= 5550
lets see
@Yoda,
How should I thank thee? :D
Ilango sir, a was near about 300 points so this wave from 5400 sud go to near 5700??
Is this the rule??
selling started in 5600 put. It will be interesting to see addition of OI in 5600 put.
current OI Status.
Call oi (BOD) oi current Diff Sum 54 & 5500
5400 4813000 4791500 -21500
5500 7902800 8223050 320250 298750
Put oi (BOD) oi current Diff Sum 54 & 5500
5400 11439500 11897400 457900
5500 7920500 9170900 1250400 1708300
Sir & Seniors,
As per the Stockcharts explanation, High PCR_OI is considered as bearish. Now the PCR_OI is at 1.25.
Is the there any other view/explanation on how to read PCR_OI?
Dear SaiBhakt,
My view is exact opposite.Instead of pause around 5550-60 Nifty will start to gallop if it will go there.But one guess is there that it may consolidate between 5530-5515 first for further rally,if there shall be any.It may give some hopes for those bears... that it is now coming down so we should wait further.
This the beauty of this business.Exact opposite views at the same time.
let us see.
Dear mynac,
thanks. But in both cases there is no need to exit longs till 5610 odd levels.
stoploss increased to 5495. (just below 5500)
just watch the speed with which 5600 put addition in OI.
am on short now
Ilango,
Is it possible that the move from 5178 can be read as under:
5178 to 5474--1
5474 to 5408 2
5408 to 5506 3
5506 to 5460 4
5560 to below 5558 5 as 3rd cant be shortest.
Only problem is that Ist is highly extended.
The reading gets negated on a move past 5558.
DEAR FRIENDS
KIND ATTENTION
for today, if we close below 5473 ( 17 feb's DHEma ), SELL on rise for tgts ( 5368, LEma ).
for current hour 1 pm ( since, we have been closing above LEma, we shud buy on dips to 5500 HHEma ).
for the current hour 1 pm ( if we close above 5500 ( HHEma ), we shud hold ( WHAT WUD BE SL, in this case )
IS MY UNDERSTANDING CORRECT
& then how to know, data for 2 PM close.
IS MY UNDERSTANDING CORRECT .
Nifty moving to 5845?
Dear Mynac
your knowledge about is very good.
@Mynac/Sujatha. Lead indicator showing nifty in overbrought
region. Can we assume Profit booking at NF 5500 to target
5460?
Dear SaiBhakt,
If I am intra-short then I will cover it around 5515-5520 & would either book my profit or loos around this level and then only shall start to think freshly.
If I am hopeful then I would wait for Nifty to cross 5550 in convincing manner & then if it shall trade there firmly then shall think for the same..
Some crazy Fibo. projection levels (Master shouldn't see this, otherwise I am surely to be rebuked)---
5526 (314% of 5273-5178)
5540 (224% of 5340-5178)
5548 (141% of 5440-5178)
5585 (423.6% of 5273-5178)
5602 (261.8% of 5340-5178) AND (161.8% of 5440-5178)
5608 (113% of 5556-5178)
What is the significance of 5550 level? any body plz throw some light...
5512 not 5012,sorry.
assuming C Wave is completed, An Impulse 1 of bullish trend would be equal to C-2
Dear Mynac
your knowledge about market is very good.
Can somebody answer on my question or nobody understand the leadindicator?
@Indian Trader: Was i right yesterday...by the way if it goes down 20 DMA will act as a strong support for bull. but if it breaches then more pain for bull
SUJEET
last swing high, from where markets, starteed falling, & fell down to 5177.
its assumed that if 5555 breaks on upside, markets turns buy on dips
Dear Pawan Jangid,
Thanks a lot,but the secret behind that "Knowledge" are Dear Ilango and you all people.Otherwise I would had not dare to post a single comment here,because I am not fully or aware of the normal spoken technical terms of this business.But living among with you people I am learning this now a days.
Dear Tigar,Prabakar,
This kind of a move was expected after yesterday's trading data & I thought that you were expecting the correction so only I tried to see market beyond normal study for you.So thanks a lot for motivation.
@ Mynac, What is the significance of Lead indicator chart?
prashantbhai exited nf early at 5493 i
should have bought again at new high my mistake hope to learn more
Thanks RP! It seems month high 5538 is giving some resistance to NS
sir please update TT table for 1:00 pm
Dear Tigar,
I said earlier "Due to near by expiry & huge 5300, 5400 & 5500 PE writing current abnormal condition has occurred."
How long it shall remain stretched dont know but at least at this moment as the huge shorts looks now trapped here,then Bulls are stretching them as much as they can.
If it shall correct in day or two then also there should not be much problem.This is my understanding.
And above all I really can not understand the same too much so keeping 5510 as a stop loss for intra longs.
5560 is fibonacci cluster zone,
also last major pivot high on daily charts,if crossed strength to bull,also we are at near months high(cuurent month) 5537,
daily R3- 5547
38.2% retracement of fall from (6180-5177)
61.8% retracement of fall from (5800-5177)
thank you sir...
200EMA is 5520 not 5560
Thnaks Mynac.
short are ready to enter now
BN hit Month EMA.
last 20min, 5600PE Huge OI addition
Dear Mynac,
I changed the colour today morning at 5480
Dear all, is anyone having idea on PCR_oi reading?
dear Ilangosir,
I am just bowled over by your work. Keep it up.
I am sure there is something more behind you than what drives analysts and traders.
Cheers
mvp
When nifty fell 1000 pts from the top, people were looking for the bottom, now when its rising people are looking to short, bears running for cover after budget and rise upto 5900 cant eb ruled out.It has to cross critical levels to make poeple beleive that downmove is over, get ready for bear trap in the next 10 days and then a bull trap after that.
@Dakshit,
determined to fight the trend, friend? :)
prashantbhai nf making lower rsi now in this new high
will short nf below 5525 now small quantity prashantbhai
NEW POST DONE.
mynac i expect this market to go up to 5820 level without too much correction.
only major correction of about 60-70 point may happen around 5700 level.
probably just to test 200 DMA once.
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