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...
27 comments:
Well , the 5610 50% retrace was a good entry, with Camarilla also triggering at 5584. already below HLEMA...let us see if the low of low of thursday protects.
and
9 JULY 2009 LOW..1570.1
and
5NOV 2010 HIGH ..3500
Namasthe ilango sir and friends,
Today's quote received :
You will never feel free until you have freed yourself from the prison of your own false thoughts.
Namaste Ilango Sir & JN Family
@ shriram,
If you have a time than please see chart of silver and gold ,please tell me that is it in 4th corrective wave in daily??
@ Prithvi,
I trade Goldbees alone.. for now pattern tgts are 2750 / 2850
Above that have to see
@ Ilango Sir,
I had this question from a long time, in pre market view we can see number of levels flashing as resistance, how to handle the entries ?
1. Make entry when price is in the first resistance zone with 20 pt SL, if SL is hit again enter on another resistance zone with 20 pt SL and on.... [ I am only considering Short entries since trend on higher time frame ]
2. Wait to see how price behaves when it is at or near resistance zone. for eg. today it got resisted in 6004-6032 zone, so how we conclude that it got resisted before it is too late to enter ?
( I waited for it to close below HHEMA to take the entry, was that a good decision or I could have done a better work here ? )
respected llango sir i m trying to imply studied material pls confirm and guide if i m wrong somewere sir we r currently in formation of abc structure of 4th wave of large c wave were we hv completed b of abc at 5558 38.2 percent of a and now its forming c and according to characterstic of c it should surpass a that is 5611. sir pls guide
@Shriram
Thanks
If you have time than please see and count the wave of silver and gold (my view it is in 4th wave)
Please clear me,
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00AM, Pivot-5578, S1-5553, R1-5614, VWAP-5594
Intra fight on for control of 5600 level, with the CE writers ahead by a great deal, Buyers need to buckle up or else can see much lower levels…
Thanks & Regards
@ Prithvi,
"please see and count the wave of silver and gold (my view it is in 4th wave)"
Words r not very clear
Pl post the wave count
W1
W2
W3 ... so on
then something can be attempted !
NS..5611 to 5557 = 54 FALL
NS..5557 to 5584 = 27 RISE
50%......
@Shriram,
I said In daily (silver) W4 on
And may be it is up to 43600 or 44300.
if you have another count
Send me snap of your count in weekly and daily
Please clear me
@ Prithvi,
Dont track Silver, so out of my scope.
As far as Goldbees is concerned... the fall from
3119-2377 seems CoRRECTIVE in nature.
EOW close > 2700 , will show 2750/850 & higher
respected shreeram sir i m trying to imply studied material pls confirm and guide if i m wrong somewere sir we r currently in formation of abc structure of 4th wave of 3rd wave of large c wave were we hv completed b of abc at 5557 38.2 percent of a and now its forming c and according to characterstic of c it should surpass a that is 5611. sir pls guide
August 12, 2013 at 10:55 AM
@ Dharmu,
Am real bad with words.. nvr did well in arts & social science.
Pls post nos. like this
A: 5XXX -5XXX
B: 5XXX- 56XX ...
etc.. all these words screw up my neurons BIG TIME, numbers pls , the LOVE OF NUMBERS :-)
respected shreeram sir i m trying to imply studied material pls confirm and guide if i m wrong somewere sir we r currently in formation of abc
Wave C of large correction on
presently in wave 4 of wave 3 for large C wave
Wave 4s
A 5487-5611
B 5611-5557
c 5557 - xxx according to characterstic of c it should surpass a that is 5611. sir pls guide
ns..
5611 to 5557 = 54 * 61.8%=33=5590
5611 to 5557 = 54 * 80%=43=5600
@ Jigar,
Just Numbers or Emas will not help in making trading decisions except in positional trading like JNSAR.
We understand that with a close above DLEma, an attempt at a pause is on.
I state here as an "attempt" because the downtrend is strong from a week T/F.
On such a scenario, if prices open gap up due to global cues @ the resistances, either you sell aggressively or wait for additional weakness signal like
"ORB breakdown below 5589" in which case you'll sell at the break of 5589
or an hour close below HHEma-5582" in which case, you should wait for rise above developing HHEma+10 to sell with SL of the latest 80% of last fall which is 5611 to 5577 @ 5600.
Considering prices sustaining "Day Pivot", the ST bias remains positive for intraday trading.
@ Dharmu,
if seeing A:5487-5611
then lets calc. thus
a/i 5487 5611 124
b/ii 5611 5557 -54 -43.5%
This would imply a very Short "b" , possibly ZZ?
then,
c/iii 5557 5634 77 61.8% (MIN)
And further tgts to be forecast as:-
1. C (optimal) =A = 5557+124 = 5681
&
2. C (max) = 1.618xA = 5758
Whether these come or not is a separate Matter.
Keep eyes on Master's Lables & Wk-Day HiLoEMA combos
@Ilango Sir,
Thank you for explaining in detail :-)
@drji
pl check mail.
thanks.
Now only a break below 5591 will increase the probability of touching 5550.
Master,
Slightly imaginative lable...
Can 5487-5561-5508-5609-5557-56XX be treated as a Expanding trig nearing end ?
A 10 pt SL can be taken for shorting at this level for intra. tgt 5548
New Post Done.
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