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 ... -
I 'll always be there for you. To make you feel that you're secured. And even if the rain is pouring hard and the sky is almost dark... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
56 comments:
"v"th of 5th will be below 4973( may be 4955-65). To be followed by an "abc" bounce.
Dear DR sir!
If Prosenjit's Nifty target will be achieved then his money will be more than double easily, anything wrong in my understanding???
Reposting:
Sir, after applying filter what would be the value for JNSAR banknifty. It is 9205 for today as per the TT.
Yes Kumar Sir
these funny tgts we dont like
We are practical trader and know our levels very well and when to change colour
He dont know whats meaning of BEP and is posting call here
satheesh,
BN JNSAR already in sell mode since 9545. If you are entering now means, boarding the train in a midway. Watch out!
DR sir your morning link for watching TV is jst awesome
Thanks for Sharing
Rgds
@ Satheesh,
Tomorrow's BN JNSAR is 9147 approx.
@Dinesh I am sorry as I overlooked BEP ..... following
market and posting here is not my type.I comment with
SL of my position in mind.
I do follow Ilango sir and sometime post.
I have never ever given call or will do so anywhere,
just disclosed my position.I will be silent againg...
but will follow Ilango sir and never read comments
of practical traders :D
BTW....if you can remember my funny tgts .. more fun you will get
Prosenjit
Brother
Rule of trading
Never disclose your position or Lot size
Najar lag jati hai
and If you got any tgt plz post it with Technical support
You are always welcome
Cheers!!!!!!!!!!!!
reposting@Sanjay OI please?
@Bhavan,
Incase Sanjay Bhai is busy,
NIFTY OPTIDX Open Interest at 2 -> CLICK HERE
thanks Prabhakar
@ nanjil,
Yes. BN sar is short currently. Today it crossed the JNSAR of 9205 reached its Month Lema and again falling. So with a filter it would be a good area to go long is what I felt. Right now I do not have any positions in BN. So do not worry . Thanks for your concern !!!:)
Below 4973, the "v"th of 5 has ended and the bounce is on.
Lets take out that fibo..for 5045 to 4967
Thanks sir,
the current low in BN is 9155 :)
Suja,
என்னை அடிக்க வராதே!!!!PLEASE!!!
@Prosen - know your ability and no hardfeelings pls. DR-ji always come step by step not in "one go" as me too done that mistake last month i was asking sir about 4660 he knows :) still me too have that one "in mind and heart and wish to have" :D If biggies announced "pakka" then i will switch of my system
and take rest
4997,5006,5015 are 38%; 50%; 61.8%
Since a "5 waves" seem to have been done from 5045 to 4967,
"4967" becomes a critical point in your trading plans along with the above mentioned retracements.
And you have seen the Hour charts..
H-JNSAR ( 4982 ) trigger close.
Sir 4967 also coincides with yesterdayz resistance
@Ilango
Weekly JNSAR at 5004.....could we use it to initiate
trades before the daily JNSAR triggers....especially
at critical junctures like today.....and the fact that
it is at a higher time frame.....could you share
your views?????
Satheesh - சொன்ன பேச்சை கேட்க மாட்டீங்கறீங்க நான்தான் நான் சொன்ன பேச்சை நானே கேட்க மாட்டேன், நீங்க் கூடவா,:P காலைல புட்டு வாங்கலியோ புட்டு அப்படின்னு மார்க்கெட் கூவிச்சு அதுவும் 1,2 ரூபாய்க்கு கொஞ்சமா வாங்கி வச்சிருக்கேன் கொஞ்சம் சாப்பிட வுடுங்கப்பா
yes Bhavan it is todays 20 DMA also!!!
3.00PM Hour JNSAR is 4982.
@ Indus,
You could be imaginative with such stuff. When you combine Hour TA...why not Week JNSAR.
Go ahead.
@Ilango
Use hour JNSAR and week JNSAR to initiate shorts???
@ilango sir,
5168-4728 seems a 5-wave. Shouldnt 1 be marked there ?
And we have 2 playing now ? Because you have marked
1 at 4759 and portions of 2 has gone past 1 ( 4728 ) ???
Indus,
If you are always playing with weekly levels, then go for short based on weekly JNSAR. Just don’t do it only for one trade. It will eat your capital.
If you always follow daily JNSAR, then wait patiently.
Ilango,
I don't see this vth of 5 on today's chart.
Could this be a typo for vth of 3 or is it
on an another chart
I only see the red 1-2-3.i, 3.ii, 3.iii, 3.iv waves...
Ilango sir ,
EW labeling on the hr chart in pink gives the bearish
scenario , where V to down is on .
1= 5168-4759
2( in 3 waves forms namely a , b , c ) is going on in which
a=4759-5034
b=5034-4728
c is on (5 waves form )
1=4728-4759
2=4759-4741
3 is on(5 waves form)
i=4741-4922
ii=4922-4861
iii=4861-5045
iv=5045-4967
v= is going on should go above 5045
and then 4 to down should start.
sir my understanding is going wrong somewhere.
I should wait for the EOD chart for EW labelling .
I hope that should clear the picture in my mind.
Rgds
Smita
@ gd,
In irregular corrections, the "b" of abc goes below the previous wave.
@ nifty,
I have been talking about today's fall from 5045 to 4967 in 5-waves which is not labelled in the chart being "minute wave".
Now it seems the waves are sub-dividing....
when is rbi policy scheduled in oct
@Sujatha.... no hard feelings ... only feeling
comes when target is not achieved.
I am not good in following blog comments as
I do trade while I work on other things.For that
reason too I cant draw nice charts or give lvl....
I JUST FOLLOW ILLANGO SIR .... most practical person here.
@nanji.....thank you
@richardsdiaz: October 25th...same days as expiry
@indus: thanks
Will NS close above the DAy HEma today above 4971???
@Ilango
The sequence of EMAs are now back to bearish sequence??
Numbers indicate this observation....your comment does
not????...
@ Smita,
As you go to the "minute waves", it changes swiftly. So be flexible.
Not allthe waves unfold perfectly but when they do, they present good trades.
However, EW, if followed very rigidly, it could suck you into "myriad possibilities scenario" and that is the precise moment to "step back...stop labeling & look at it afresh after a gap for an obvious one".
@Ilango
The unbias view of numbers...hourly JNSAR is 4982 and
weekly JNSAR with 20-25 point filter is 4979-4984!!!!
The short trade is on................:):)
@ Indus,
Very sharp observations.. Ab kya karein.. I'll change it tomorrow.
sir wht could be tgt for falling wedge breakdown
I will do just as you say sir .Thanks for your time :)
@ Smita,
Another point..the most important one.. "The risk - reward" of waiting for that supposed "v"..?? What if the label is wrong. So combining regular TA gives additional inputs to take a decision.
Some take aggressive decisions.. Some take conservative decisions. But decisions must be made and plans must be followed.
@Ilango
Your methods have taught me to think....thank you.
It is gratifying to look at your numbers and then be
able to initiate trades on my own....
As always, thank you for your time
@ilango sir,
I have my counts as follows -
v.i = 5168-4729 ( 5 waves )
v.ii.a = 4729-5045 ( 50-78% )
v.ii.b = 5045-4850 ( max 61.8% retracement )
v.ii.c = 4850-5050 ( .62*a )
Above 5180, 80% rule and continuation of 4.
Another possibility is following Dan's S&P...very similar...
he says completed Wave 1 ( 5 waves ) and now in 2. Nifty
follows very close to S&P in EW.
@ Joe,
Normally, wedges retrace the entire move.
The problem is traders start to draw wedges often that it becomes a subjective one.
Wedge must be drawn using prices of that particular move only. If so, they have validity.
A wedge can turn into a parallel channel and market may take support there & reverse. So the first step is to look for such a support to see whether that holds or breaks. Such a support comes around 4925.
@ gd,
My concern is because of weekly TA with Lead indicator which is midway. Hence...such a label.
5168 to 4759 is a very good 5 waves.
4759-5034-4728-5045 looks a good irregular flat.
prices stopping @20DMA
Closed above D_HEMA.
The gap from 5110 to 5040 ( sep 21/22 ) has not been filled.
Filling that, might fit into a 1-2 scenario still
( 1 being 5168-4729, 2 is 4729-5110 ). Timeframe wise,
1 was 10 days ( Sep 21 to Oct 4 ), 2 usually is 61.8% or above which is
6 days. We are in the 4th day of run from 4729. Two more
days for a v.ii.b and v.ii.c ?
fire D__HEMA is 4972 and closing is 4967?????????
close at 4967 or 4974 ?
@ilango sir,
Thx for the flat observation. Then this is some 4th wave
of the correction ?
Sir today looking at TT table in the morning I went long @ 5037
as 5034 was acting as good support . But then saw weekness in the charts
and squared off at 5026 . Loss of 11 points , and then
shorted at 5025 .Saw the ticker go to about 4985 and trailed
my stop loss to 5002 ( to save capital for the two trades I took)
I was stopped out . Net to net No profit no loss.
I have to work on how to stay in the trade when it is in
the right direction.
I am very positive , When so many here can do it , I can also
do it may be it will take some years :).
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