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...
59 comments:
Dear Ilango Sir & Blogmates,
OI Update at 02:00 PM
Thanks & Regards
Resisting at H.JNSAR.
Resisted @ 4760-4765.
If Hour TA continues and if prices hold above 4730, break-out possible.
Repeat: Day close above 4753 is the min. req for a pause. A close outside the channel, which means above 4765 would be ideal.
As per the developing OI dat, "4700" is being cemented for supports.
S.MACD Negative cross on Negative Zone (Hourly Chart).
Last HLEma-HHEma short closed at 4744. 26 pts gain.
Now long from 4744.
SIR,
4700 IS AMBUJA CEMENT.
@ Hitendra,
:)
It is freshly laid. Market should give it some time to "set".
@Hitendra, ambuja cement reminds somebody in our blog :)
When FII came, we given then Rs. 44 for a dollar.
When they are going, we are saying "Give 54, and take 1 dollar
back"
What a business! Well done India.
In 2008 retail got hurt, this time FII.
Now both will not come for years.
Morning gap is filled now and bear may continue for more time; yet closing above 4700 keeps bullish hope alive.
good afternoon. Shuklaji :) , but tomorrow we may buy oil in dollar asking them to give 1 dollar for 66INR!
@ Pankaj Shukla,
It is alright for FIIs to give 22.72% more for a dollar when they make much more than that from Indian markets with their money power.
Resisted exactly at the aforesaid HVN. Now bulls must defend 4729-30, as Master said too, or else... :D
Irregular Flat in intra charts? At 4744, the minimum tgt is met.
Ilango Sir,
have you noticed H&S pattern in Daily chart.
neckline around 4600
hell and good noon sir,
as you said according option data 4700 is strong support. can you give some idea about resistance?
thanks in advance.
just reached at the desk now...
Despite the huge rally,
look at this..
http://imageshack.us/photo/my-images/685/advancedecline.png/
did anybody noticed...
Joke: Subbarao has shorted rupee against $ in forex mkt.
@ ToT-Amit,
Is it a downward sloping H&S, starting with 4720 and then to 5169 & down to 4728 and to 5400 and down to 4639 & then to 5099 and down now...?
If it is the one, the "slope" makes it strong.
Anil@ At this point we are still .5% down :)
any fast rise setup in 15 min??
@ilango sir looking at up move can we assume that current downtrend from 5099 has finished at 4674
@Rama
my point is not where r we now, but since morning the huge downside and then upside didnt get captured in this...
@ adhutabukalu,
It's 5100, if not sustained then 5400 is a max.
Knock...Knock...Knocking on "Channel's door"..
@ilango sir
hello and good noon sir,
as you said according
option data 4700 is
strong support. can
you give some idea
about resistance?
thanks in advance.
will it close? That is the question
good fast fall setup in 5 min
@Master: Any inferences from the OI data? In case we close above 4730 today, can we safely say that
we have formed a bottom @4700 & we are now up for a bounce above 4800?
shall one carry long if closes above 4753?
@ilango sir if nifty is able to close above channel line which is at 4755 will this mean downtrend from 5099 has ended.
95 POINTS UPMOVE FROM A LOW OF TODAY.
I WISH PIVOT LVL=4784.
At 3 pm, Hour Slow MACD/ 35-D triggered buy. Daily 5-D triggered buy, which obviously has to be confirmed in next 30 min. Intra-structure pointing to an Irregular Flat completed @4734. Now above 4770, reversal???
price and Master to confirm. :P
@ tadhutabukalu,
Highest CE is @ 5100.
4900 is the immediate resistance as per OI data.
JNSAR for tomorrow is 4870.
Yes Ilango sir,
http://2.bp.blogspot.com/-OtN0KVXDNMs/Tum_kEK63zI/AAAAAAAAAAo/0U3SQxJTeBE/s1600/hns.gif
keep an eye on 200-min. SMA. Acting as Birla Cement. :D
@Fire: Even if 4770 is also triggered, do you think RBI decision is the most important which will decide the fate of mkts?
To re-phrase: Let us say RBI does not do anything, do you see any upside to this market in the next 3 months time frame given the Euro concern & rupee in danger of even touching 57-58 levels. Today, Axis bank have also come out with a statement that Rupee may touch 57 in near future.
4777(61.8%)/4774(23.6%) IS
FIB RETRAC LVL
from 4840/4674 & 5099/4674 respectively.
@ Kuheli,
If taken longs closer to 4700, book profits or part profits.
@ Shivan gupta,
Close above 4753 means some strength which need not be a gap up. So carrying longs will have risks.
@ Prabhat,
OI data is fluctuating presently. However, 4700PE has been adding OI steadily.
In downtrend, no support can hold which we have seen earlier.
Until strength returns, supports are susceptible for break downs.
Aggressive traders may hold (based on Hour TA only) if 4953 is held on closing basis. OR wait for fresh signals tomorrow.
Appears to be purely a short covering upmove as is
happening in the last few days and probably
global cues playing its bit.
@piyush
Really u have keen eye..i totally missed it...booked some longs there..rally not getting whether to stay in or out..so booked on longs..holding JNSAR short...
61.8% retracement completed from yesterdays high to today's low - 4848NF - 4671NF at 4784NF.
SIR,
THAN WE CAN ADD SHORT IF NIFTY CLOSE BELOW DLEMA ??
thanx anil, but even my longs has a whipsaw today :-(
From the low of 4674, 3 waves done and the 4th may be getting completed.(If 5-waves unfold)
Ashish,
it doesn't look like even on adjusted basis 4753
can be achieved for today - certainly not in the
lackluster way nifty is trading rite now.
I closed all my long positions.
how nifty close is adjusted?
What is the procedure?
what will be move if RBI DO NOT DO ANY CHANGE?
@Kuheli: I am not sure, but closure will be average price of last 30 mins.
@ Nilesh,
That is the idea. At one point, the trade will go wrong. One should be willing to take the risk. It is alright if you have been selling consistently. Then one wrong trade can be managed.
AT THE LAST,
WE HAVE CLOSED ABOVE 4706 THAT IS YEAR LOW SO FAR.
Always avg of last half hour both for spot and futures.
Add each minute's closing price from 3.01 to 3.30 and divide it by 30 to get the average price.
If you do it by 3.25, you'll get a fair idea of what is likely to be the "averaged price".
Closed at DLEma ( 4752 ). Adjusted to 4746.
In sidelines for now.
@ Nilesh
I am interested in EMA-Setup AFL. My email is gauravsethihdi@gmail.com
Please post that AFL here for all or send that AFL to me at my above email. Please do also share if you have some good AFL for study & working purpose.
I visit this website once or twice in a day and read all the comments from beginning, it helps a lot. Thank you Master for creating such beautiful institution.
Waiting for your email.
Gaurav Sethi
Illango sir,
What is the importance of the Daily, Weekly, and Monthly
HEMAs and LEMAs as updated for the day (rows below each EMAs)? Should we use
this data to take trades or should be refer to the data as
updated for the previous day?
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