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...
38 comments:
The day so far.....
NS..5551 to 5492=59 FALL
NS..5492 to 5522=30 RISE
NS..5522 to 5488=34 FALL
NS..5488 to 5542=54 RISE
NS..5542 to 5520=22 FALL
NS..5520 to 5542=22 RISE
NS..5542 to 5501=41 FALL
May think....
NS..5488 to 5542=54 RISE
NS..5542 to 5501=41 FALL
80% rule
Sir's Pearl of Wisdom of the Day !
Believe in JNSAR and Follow just the prices. All the rest are waste...
Students, let's memorize it once again
"Believe in JNSAR and Follow just the prices. All the rest are waste..."
http://prntscr.com/1jvag2
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fall from 5540 - 5501, seems 5waves
Direction still down on NS, is the feel
5542 to 5501 = 41 * 50% = 21 = 5522
5542 to 5501 = 41 * 61.8 = 25 = 5526
@Shriram
You are FLag master...hence this query :
Does this 40 point range look like a Bearish Flag ?
Thanks Anand.
I am trying to figure out my problem area. For sure I m not able to implement react on live price actions. And always looking for someone to confirm. This need to be resolved to gain confidence.
Since I track market from office via mobile so it's quite difficult to track sma or ema.
I feel I should concentrate on jnsar trades now on but need to regain some amount to initiate jnsar trades.
@ Anand,
Though its addressed to Shriram - here its how its looking now.
Upmove from 5487 to 5541 retraced to ~80% and per Ilango sir's chart update, likely "a" done - "b" going on. "c" to move upwards. Completion of "c"/"ii" will complete the Bear Flag.
Raghavendra
@ Anand:
If trying to re-short, better to wait till 34EMA,30mins
The formation today seems a ABC corrective . if so, optimal tgts:-
a/i 5488 5542 54
b/ii 5542 5501 -41 -75.9%
c/iii 5501 5555 54 100.0%
lets wait to see if we get the chance to short @ this zone 5555-5586 NS
5542 to 5501 = 41 * 80% = 33 = 5534......crossed............
Thanks Raghvendra for this!
Seems the range broken upside for now - to complete "c"/"ii"..and trend to resume ?
its done...........
@Shriram,
Thanks for this level calculation. You really do great job at these!
Nopes. I am not trying these intra day bounces for any contra trades / re-entries.
I accept these are not for me- these have been mostly traps- as yet. Will learn.
Better sit tight and let some intra day moves, even a minor correction like that of day before yesterday is ok.
With Master's blessings and support from other blogmates -> Not riding the ripples/sub waves lest we should miss the large wave.
First sign of strength in Hour T/F is unfolding. It'll be confirmed only @ 3.00PM close above HHEma.
Hour TA shows a potential reversal in hour T/F.
For Day T/F, it will be confirmed only if prices close above DLEma-5589.
The day so far.....
NS..5551 to 5492=59 FALL
NS..5492 to 5522=30 RISE
NS..5522 to 5488=34 FALL
NS..5488 to 5542=54 RISE
NS..5542 to 5520=22 FALL
NS..5520 to 5542=22 RISE
NS..5542 to 5501=41 FALL
May think....
NS..5488 to 5542=54 RISE
NS..5542 to 5501=41 FALL
NS..5501 to 5561=60 RISE
Rise is bigger than fall first time....since so many days....
friday being holiday,,,,tomorrow shall be the weekly close
S1 hit,,,,CAM L3 protected well......HLEMA protected after 2 hours.....5400 pe OI increasing......BN was showing some strength getting......all this was enough......
and this was supporting.....
http://prntscr.com/1jve62
and this was supporting.....
Dear Illango,
I have only a little knowledge of EW and what i am going to propose is actually not allowed as EW and also technicals have never supported that. But Still is it possible that Fall from 6229 to 5937 was 1 then a rise to 6133 as 2, a fall from 6133 to 5566 as 3 and a rise from 5566 to 6093 as 4 and then a subsequent fall from 6093 as 5. While it is not as per EW guidelines and also technicals argue against it, I was thinking about this view keeping in mind the correction in 2011 which was very volatile (similar to what is happening this time also and also this whole fall from 6093 has been very very swift - typical of a fifth wave)? Please answer at your leisure
Today SBI had a great day... Up 5%
@ Aly,
Absolutely NO. It just do not conform to "Form".
We'll maintain the negative bias till weekly trend is down.
Dear Illango,
Thanks for answering the query. i also know that this sounded very illogical but you are the only expert whom we can sound-out our queries to
5530/5524 imp.........5512 in extreme stage.....
3.00PM TT & Chart updated.
Prices failed to close above HHEma-5551.
Got sold off @ 5551+10-20 points @ 5561.
Sir ILango ji sent a mail to you on 5 august from omhr management@gmail.com , when time permits kindly check , thnx
@ Aly,
Ask however silly it may sound.
I'll answer them objectively.
Let me add:
"C" wave need not be an impulsive sharp 5 waves all the time.
It could take many other forms too. For eg: Triangle. But we'll come to them when we see prices not conforming to an impulsive nature and technicals start to give opposing signals.
Until then, we'll follow.
@master
what is the hrly channel support now? the small blue line b/w (i) and (ii).
thanks. and can u guide what will be the good part book if we shall @HHEMA?
thanks.
Hi..amber,
I read all your mails.
I'm eternally grateful to your acts of prayers.
I do the same for you in my prayers.
@master
when can we say (ii) done? below 5487.80?
thanks.
@ anmpatel,
If you initiated as an "Intraday trade", book out your profits.
Below 5511, it will break.
If positional re-sell, keep it.
@ anmpatel,
It is not possible to state such stuff categorically as these are sub-waves. Labeling them guides me quite well and if prices act opposing to such labels, the act of labeling compels me to look at the structure from the alt. point of view.
As I have repeatedly been saying, "Until the weekly trend gets exhausted, we should have our negative bias".
@master
thanks...it was jnsar partbooks lot's re-entry...and also break 5511...so keeping..
thanks. god bless you.
5561 to 5508
95 %
not going to close below HLEMA...
bye all
SIR
After many long days You chose to be with us near EOD.
Very useful.
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