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...
40 comments:
Hi Ilango,
Somehow my post is going into trash folder and is not visible at comments,please check this.This is my first post and has been a silent observer since 6 months.
I would like share my analysis here.
From the charts,the smart money first entered at 5350 NS around may 25th and initially it tried to push through 5600 resistance around June1, but it faced resistance from the poor traders who got stuck in the early part of May and before at 5550-5580 NS.So the smart money pulled the nifty to lower levels slowly in june by absorbing all the sellers until 5350NS, the original level they entered into the market. Now to move the market up, they tested the market by pulling the Nifty down to 5250NS to catch the weak sellers.Through this method the smart money is able lower their cost of entry from initial 5350-5590 to around 5300.
Now as they absorbed all the resistance the rally started around 5300 and gone one way without facing any resistance all the way up till 5550.Again they faced the same problem here as they faced initially to overcome the resistance at 5600.To by pass that they gapped the opening between 5550 to 5600 levels swiftly without much trading at that area.By doing this the early traders who got at 5500-5600 will act as support as they positions suddenly became profitable.Now the smart money marched on to 200DMA easily but now faced resistance at 200DMA level.
So the smart money again is pulling the weak hands by bringing the market down to 5630 levels
Most probably it will not go below 5600-5565 levels, because these are the levels which the smart money dont want to buy and average their cost as so much of supply is there.Even if it tries to trade the gap at 5558-5565 they may experience selling from previous trapped traders.
All this means the smart money most probably don't want to go below 5600.If it is forced then it will go only after distribution at the current levels which at the moment is not happening as the volumes are pretty lower on down days.
I am presenting my views here after following the volumes and price action and the JNSAR is also supporting that views,coupled with the whipsaws currently happening..
Your comments are appreciated.
Dear Ananyavrat!
Just click on my id & you will reach to my profile & then to my blog.
europe & dow future naer new low of the day.
2.30 factor is important today.
NIFTY INTRADAY OI AT 2.00 pm : Click Here
OS hour may compel a bounce up if market protects this level!
@DR
ur highnoon treat...
http://220.226.189.131/SSKICMT/Upload/NewsLetterUpload/Highnoon-Jul11_11.pdf
The wait is over :) Gimme Red :)
new low 5605.50.
nf new low
My humble suggestion to everyone:
Either don't trade or don't take long positions in nifty or any stcok at this point of time.
Yeh Kya Hua, Kab Hua, Kaise Hua??
5605 didnt break last time this time it has broken follow up needed ---- now
Smart money is defending 5610 by absorbing all the selling pressure.If 5600 is defended today,then we will see a gap up opening tommorrow coupled with short covering of weak sellers.
brijsolution said...
L4 5611... L5 5572
July 11, 2011 12:58 PM
Now can we wait for 5572 level ?
now 5640/45 seen at 2.30 pm today may become
RESISTANCE for atleast 2 days.
Smart money is luring on the buy side3 with a 10-20 point rise and they are shorting and breaking all resistance slowly but surely .... today can be termed as a sustained fall
DLEMA - 5618
@Sujatha,
Next NS STOP ? :) Morning destinations achieved.
@Prabakar
Its just now sailing the trend may be 5556 is the next stop from where we may see intraday bounce
Thanks PT. :)
If Nifty sport does not break 5590, then there is a possible chance of raise from here.?? Based on moving averages.
correction Nifty spot. :)
Just waiting for final verdict from sir :)
Where is the volume for bear case?Weak Bears are getting trapped by moving closer to 5600.These weak bears will become short covering ones tommorrow.
http://220.226.189.131/SSKICMT/Upload/NewsLetterUpload/Highnoon-Jul11_11.pdf
Repeat:
My humble suggestion to everyone, don't take long positions.
First time, I am giving suggestion openly. Mind it.
Otherwise i used to tell my view and say this is my view.
But today honestly I am giving my advice, dont take long position.
@Strath,
Volumes increases when the trend is going to change and it is acconpanied bya beak out or break down ... Tomorrow youmay see volumes too and an agressive break down below 5605 Spot
@saibhakt ji do u have some information on down circuit 2morow :)
After long time Nifty closing below 10 sma which
indicates bearishness in ST.
5615-DLEma; 5612-J10SAR & HLEma.
Hour TA is near OS region but not yet reversed.
WEma-5569 may be attempted in a day or two. 5550 continues to be a crucial pivot.
The struggle now is to stay above 5615.
Premium in Nifty disappeared completely...
Tomorrow info result... take ur decision
@strath sir ,good things told.but how to take advantage?any positions rec,,
Friends ,
Nifty seems to be closing below the JNSAR for tday...so carry over the SHORT @ 5628(spot) with 20-25 pts. filter for tomorrow? I hope am getting the trade correct tks
@Powertrade
Smart money want to move the market up,they dont want to book profits now.So they testing the market today for any selling pressure at lower levels.If there is no selling pressure with volumes they can safely assume market is willing to go to higher levels.All this effort of smart money is to move above 200DMA with the support of short covering.
brijsolution,
Bharti closer to ur level now?
Bye Sir and all
@durga,
The only you can survive for long in markets is go along with smsmart money positions, which means buy at the current moment above 5600NS with stop loss @5565NS
Bye friends.... have a nice day!!
IN MY VIEW TOMORROW MAY BE GAP DOWN DAY
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