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....
-
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...
12 comments:
FII sold 375 cr in cash today....
Reversal is a pipe dream.
closing of GAPs till 4640 is inevitable.......rally after that
ye to sirf trailor hai .. picture abhi baki hai ...
Looks like we are all set for a huge gap down opening tomorrow as well - sure break of 5800 tomorrow looking at US opening.
national or international it is all dyed in deep red
Namaste Ilango Sir & Blogmates,
It was a pause day, with the Bears not pressing the trigger too much and Bulls holding onto the 61.8% retracement level of the rise from 4531 to 5630; Option Analysis for 09-05-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
Good evening all
holding on month low EMA
at the critical point.
let us see tomorrow.
holding still possibilty of M formation on weekly basis.
regards
Dear Sanjay,
Definitely it was a pause day...
Today's FII derivative data is very much interesting.I am deliberately neglecting their cash sell figures here,as they are now net sellers since last 3 days is not a news now...but...
@ 3.30 PM NF was showing 2.17 Cr.as O.I. and in Bhav copy surprisingly there is reduction in total O.I. of 3.30 Lac,by which the final NF O.I. has come to 1.99 CR.
Means,one can interpret it as "change in Bulls hand",(old buyers,replaced by the new-ones) and considering the huge & highest writing @ 5000 CE & 4900 PE it looks more interesting @ this juncture...
As Dear DR always says that one should not look U.S.market to understand and interpret our market,nevertheless,would like to mention here that it is sharply reversed 100 + points @ this Hr.from it's strong support zone.i.e.12710-735...so who knows our market may show a sharp upward relief rally from here.
Considering today's low,weekly close above 5015-17 would be big win for Bulls for a while is one reading here..
Let us.. tomorrow...
EE done
We have been discussing about diametric for quite some time. Doubt came to my mind when market moved swiftly from 4988 to 5125. With the movement of last two days, the Diametric formation is more or less confirmed as per the chart given below.
Wave A = 5379 – 5191 = 188
Wave B = 5191 – 5342 = 151
Wave C = 5342 – 5154 = 188
Wave D = 5154 – 5280 = 126
Wave E = 5280 – 4988 = 292
Wave F = 4988 - 5120 = 132
Wave G - a = 5120 - 4960 = 160
b = 4960 - 5016 = 56
c = 5016 may be progressing towards 4932/ 4917
Normally G tend to be equal to A it implies 5120 - 188 = 4932.
or G will be greater than 'E' and this may lead to down side target of minimum ( ? ) of 4827.
Since Wave A and Wave C are equal one could not say possible correct down side target. Trading point of view it may lead to random trading and eat one's capital. Extreme caution is advised at this juncture.
CONCLUSION
Initiate long @ 4932 / 4917 with STRICT STLP of 4900.
Initiate short @ current level for a target of 4932 / 4917 / 4907.
Wish you happy trading.
....charts are terribly oversold and look ripe for a bounce provided
we do not open or go low below the lows of today...good luck n good night
yap doji candle forming
Post a Comment