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...
61 comments:
@Neha that is right what you said. my point is raising up interest
rate is not the only policy to increase the value of Rupee.
there are other measures also which should have been implemented
which were not in place. therefore hiking interest rate
was a political decision and not a monetary step. value
of Rupee could not be protected yet.
moreover, for last more than three years, not a single
disinvestment plan was executed thus progress has been
halted. to top up is the never ending corruption.
ncash reached near s2 of 4694.
@DR
"its chilly and foggy here"
Grab this plate and experience 'hotness"
http://1.bp.blogspot.com/_UFdKEBHU0ec/TKp08HnsznI/AAAAAAAAAwQ/NV9mvISHc1s/s1600/Chilli+Pakoras+www.bos-bowl.com.JPG
I think How people are still so bullish about india....
It will be long bear market. I beleive 2260 or thereabout which
we made will be retested at least in long term. It will take time to go there.
Lows are never made in such a manner. If made, they are retested.
Market should hung around lower levels and consolidate for longer time.
It should be on closing basis.
Last time India has no problems what so ever. Still we have gone to
2260. This time India has more problem than the rest of world.
There will be rally from time to time as usual in bear market.
But those will not be sustained.
Only thing to remember.....
Support is held in bull market and easily not broken...
Resistance is held in bear market and easily not broken...
Aj
thanQ
Yummyyyyyyyyyyyyyyyyyyyyy Im living it :D
@Ilango
NS supports of 49-690-4710 are being held....momentum
is lacking....would this be a good area for partial
profit booking??
Ilango the Fibo retracement table has been simplified
into one single range - If you could illuminate on this
would help in reading the signposts on TT table better. Thks
GM DRSIR
absolutly fine?
Good morning Ilango Sir and all blog mates
@Dinesh Rishi:http://nutritionandrecipes.files.wordpress.com/2011/04/008resized.jpg
@ SBSB,
Whenever a retracement looks a possibility, it is shown. Presently, there is only one.
Depending on price behaviour & other TA/EW considerations, I include new/ delete old.
If 4690 is held, there is a likelihood of a retrace trade from 4840 to 4691.
@Satheesh,
Your brilliant ratios at work. At 4692, this fall from 5099 is exactly 88% of the previous rally 4639-5099.
Thank you Mr.Sateesh
@ Indus,
If it moves past 4727-31, you could part book for an intraday bounce.
Aggressive traders would have attempted it closer to 4690 with a very small SL.
If 4692 is held and a rally of 111 points unfolds, that would confirm a ST reversal.
@ Indus,
However, the threat of "deep cut" is very much there once "4745" got broken as stated yesterday.
@ Fire,
in BN too 85.4% retr is reached with todays low of 8390. 88.6% retracement comes to 8357 which equals the target of the diamond pattern and fast fall developed in 5min BNF
Traders become impatient or doubtful when the market takes its time about doing as they figured it must do.- Jesse Livermore.
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.- Jesse Livermore.
@Ilango
Many thanks....have partially booked....will watch the
next support levels of 4640-4670.....appreciate your
inputs....builds my trade confidence
Go went gone
Part booked yesterday's short initiated @ 4825 NF. Thank yu Sir for your analysis.
Dear blogmates:Just for fun...
http://www.maniacworld.com/funny-bears.jpg
NCash reached almost wkly s2 lvl of 4678.
Day s2 broken.
we are far from pivot.4784.
future witnessed 166 points cut from yest high.
@ Parimal,
I agree the country is suffering due to wrong policy making.But currently am glad interest rates were raised coz I feel its a time for companies to get out of non core activities( n not to expand)... becoz global production capacity is more than global consumption... which is going to reduce further.... n we ought to allow for a pause at times.
@Dinish Rishi : Barley soup....
http://thisiswhywerefat.files.wordpress.com/2010/12/barley-soup-mazurka.jpg
Namaste Ilango Sir and JN Family
It is only first day of gap down....
2 more days to follow....before some kind of bottom is possible...
Shorts don't need part profit booking this time around....till
that happens.
4100 is target.
Pivot trading master writeup
Step 3
If the market opens, or later trades at the extremes
(R2, R3 or S2, S3), it will exhibit a tendency to trade
back toward the Pivot. Thus, the general rule, 'Avoid
buying the High or selling the Low', becomes increasingly
more stringent as price moves farther from the Pivot.
n cash 4677.35.
wkly s2 is 4678.
http://www.youtube.com/watch?v=MdlPO1ufpVU&feature=related
Prabhakar
http://publicrelationsindia.files.wordpress.com/2010/04/img_1811.jpg
in daily charts its looking like one set of 5 waves (with 5th going on) from 5400.
every small upmove is getting sold,no respite for bull
guess some supp near 4662 where
ns will make century
Positive Div. in both Hour & 5-min.? Will it work? Will price confirm it? :|
@fire,
even in day
bank nifty needs to sustain abv 8400 and nifty 4690
Gm Ilango sir and friends!!
@Dinesh Rishi:
Contra??!.. Lol......
dear sir Ilango
in 5 min nifty chart nifty made "morning star"
regards,
Alpesh
@PS,
right. BTW, is it a Falling Wedge in the 5-min. charts or am I seeing illusions?
5 EMA Setup for Amibroker see @ http://www.imagechunk.com/images/emasetup_102.png
Fire sir,
also falling Wage in 10 min charts
Sorry,
already seen.
Weekly lower BB: 4649, DLEMA: 4655.
BB: lower BB rising and upper BB coming down. Seems to be a good buy for me with previous low as a SL.
@NareshKumar .... Can you provide AFL?
GM sir and friends :)
Looks like "Nifty future" needs another 40 pnts low from it's current low??? then take off upto ....?? for intraday
India VIX reached above 30, PCR just below 1, Making SMR @ 30 as well.
@fire,
i see a descending broadening wedge since yesterday. high and 4772 at 12.
but wedges are very risky pattern what i have experienced. failure rate high
Nifty Hour falling wedge and Positive divergence: CLICK HERE
@Ilango Sir is there positive div on hour 9RSI ?
@ Ilango Sir - you had mentioned "If 4692 is held and a rally of 111 points unfolds, that would confirm a ST reversal."
Does that mean that the market could move towards 4850-4900 before the expiry?
in 5 min charts,..5mema is now kissing 21mema,if
could not cross abv may see a fall again in nifty
@ Bharat,
First fall was from 5099 to 4842 = 257 pts
Next fall was from 4918 to 4729 = 189 pts.
The falls were reducing. Accordingly if the current fall restricts below 189, (4840-189=4651)( currently done 166 points), there is a pattern of reducing falls.
Bounces, on the other hand, were rising.
1st bounce was from 4842 to 4918 = 76 pts
2nd bounce was from 4729 to 4840 = 111 pts.
Hence, I suggested that a bounce of more than 111 points would indicated a reversal possibility.
This is just one way of looking at the current situation.
Once it breaks 4651, this pattern breaks.
can advance tax nos.fuel any up move today?
@Ilango Sir - well said. Great Observation!
@ Sam,
There is +ve div in Hour charts. And the resultant bounces are not strong so far.
"4705" HLEma- a close above that would be a 1st conf.
Sam please give me your email, I send u AFL
EW folks - can you confirm this possibility ?
there are 2 impulses here
first the big one - 5099-4843, 4843-4917, 4917-4500, 4500-4710, 4710-4295
w3 there can be split as - 4917-4728, 4728-4840, 4840-4533, 4533-4686, 4686-4500
All of this is assuming we are in w3 ( or C ) of a bigger
down wave - 5400-4640, 4640-5099, 5099-4360 ( C=A )
@Master: Your observation is excellent. Thanks for being a light of wisedom in the dark unknown.
@Ilango
Your comment to Bharat is a simplistic yet a very good
learning experience. To add by two bit, 4776 is also
the golden ratio from 4840-4672 which is close to your
level of 4674+111=4785
Thank you
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