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...
20 comments:
Parimal ji,
More on TCS.
TCS has a retraced to a significant 1200 levels...a month back in a 3 wave structure and since then started climbing up impulsively.
On Day TF : Its stalled at 1268-80 ( 5WEMA / 34 DEMA) and closed above minor top @1280 yesterday.
On Week TF : Formed a bullish hammer and a reversal and currently above 5WEMA. If closes above 1283 today ( 21 wema,34 wema) will lead to more upsides
With Nifty : TCS in general has inverse relationship with Nifty. Next target is 1320 and above which will taget new highs.
Raghavendra
Thank you Raghavendra for details on TCS.
TCS to announce Q3 results on January 14, 2013.
Raghavendra
TCS is above 200DMA (at 1252) and is now above 50DMA also. 100DMA comes to 1300.
you are correct: TCS might have completed an a-b-c correction already.
ATR Buy zone to Pivot Point done. Now will we hit ATR Sell zone?
STOCK4SURE said...
a small bullish WW developing in ns charts
ns may dip towards 5977-72ns levels to form pt 5 and then may move up near 6003-6008ns levels near eod
January 4, 2013 10:54 AM
friends weekly train aaneki taiyari mein hai?? siti to baji ab train ka intazaar hai.......
Illango sir & Shri Ram,
One question on EW labelling on current upmove from 4770.
How much weightage will you give to below impulses labelling.
Wave 1 : 4770 to 5349 = 579
Wave 3 : 5216 to 5815 = 599 ( Though Nifty is 20 points more than Wave 1, Sensex has Wave 1 = Wave 3 equality of 3889 Points )
Wave 5 : 5548 + 579 (+ or - 10 points of Wave 1) = 6117 to 6137 . 6147 was an intermediate top post decline from 6339 (Nov 11).
Request your views..on this.
Raghavendra
Dear Raghavendra
TCS may close above 1290+
regards
Now looks difficult to close at DHEma+20.
@ Raghavendra,
5th extending looks the obvious choice considering the month/ week trend.
@ raghavendra
1 4770-5348
2 5348-5032
3 5032 - whether completed at 5815 or 5965 is not known
3.00PM TT & Chart Updated.
--> back
S4S : on 30mins TA, am able to see same +ww as mentioned by Sandip Patel.. can u double check ?
@ Raghavendra:
As per Prechter's Fibbo guidelines
1. All 3 motives 1,3, &5 Cannot be of same length
2. One motive is Extended , typically 1.382-1.618 x other motives. Generally 3rd is the longest
3. Generally , other 2 motives are related to the largest wave in ratio such that,lengt W0-3, is 1.618 times X length W4-5
(or or W3-5 is 1.618 x W1)
4. 2 motives BEING EQUAL & EXTENDED wrt to 3rd is also RARE
Keeping all these GUIDELINES in view, if we assess ur proposal
Rarest of Rare cases :we have W1= W3 approx
(and W3 > w1 in Nifty)
for Extended W5
w1= 0.618x(W3-5) i.e ; or re-phrasing
(w3-5) = 1.618X579 = 937 pts
Length w5= 937 - w3 + w4 = 937-599+267 = 605 pts
This will make all mtoives W1,w3 & W5 of similar lengths ,
not likely as per prechter :-(
That is why I am trying to explore a simpler count thus ...
C.1 4770 5349 579
C.2 5349 5033 -316 -54.6%
C.3 5033 5965 932 161.0%
C.4 5965 5843 -122 -13.1%
C.5 5843 6133 290 31.1% ** in play
See if doable
rgds
@shriramji
ye kay likha sub....sub upar se gaya....par aapka 6133.........ma kasam maja aa gaya.....
thanks.
Raghavendra
both 1st and 3rd wave have been of almost equal proportion. therefore, 5th can be an extension. consult the Nifty TA file of Sir, Week Smacd for probable count. 6400 is probable 5th extension.
** A small warning ..
C.5 min is 0.382xC.1 , i.e = 6064
Anything > 6064
(esp if trying to get 6133), is to be seen as PURE BONUS, wud be v close to a MT TOP, if this count is valid !!
To day Developing.
Daily Bar Reversa Pattern:
http://thepatternsite.com/BullEngulfing.html
Reecent highest close with > 6014
> D.W.Hema.
Tomorrow is a special day for Ilango sir.
Dear Krishna
it is a special day for all of us as well because our association with this great personality has immensely enriched our lives.
Dear Parimal,
You are correct, i just want to remind others.
Have a nice weekend.
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