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...
29 comments:
Weak Below "6155".
Weak below "6166"
Completed correction till 61% retrace in fact C up ?
Nifty jumps more than 30 points from ND Sir's ATR Buy zone
@ Sir ,
Do we have a positive divergence on hourly chart ?
Traded five down and three up intraday for the first time,Keeping JNSAR position intact.
All credit to your teachings and guidance.
Thank you Sir.
GANESH
Ilango said...
@ Prabhat,
Yes. There are +ve div in Hour chart. However, one needs to be cautious here considering the possibility of a 3rd wave. (6130 approx. would be a key to confirm a steep fall)
January 7, 2014 at 11:18 AM
@ Prabhat,
6193(also the breakdown point @ open) and 6207(also the ORB @ 6204 today) would be critical for this 3rd wave (or "c" wave) to continue downwards.
6184-50% & 6187-DLEma - resistances.
January 7, 2014 at 1:50 PM
@Master: What is the reason behind saying weak below 6166? Is the low of the first biggest "up" candle in 2 min chart?
Possibility of market being in C of an expanded flat targetting ~6250? (with B ending at todays low 6144)?
below 6171-6174 there is a fastfall setup in 5min chart with 34,89EMA....
Master
Now Correction completed with earlier sharp up till 6191 as 3rd of 5 waves of C and 4th of C looked like a triangle (2 minutes)…so correction completed at 6194 ? (Exactly at 61%!)
@ anand,
As stated earlier, the hour technicals do not reflect the weakness shown by EW.
For intraday traders, the pre-mkt levels with "supports and Resistances" provide for good trading coupled with 5 wave completion alert @ 6146.
@ Prabhat,
Just as "6195" was the break down point @ Open, "6166" is the take off point after noon. Hence, weak below "6166". Now the same may be revised upwards to "6175".
@Master,
Bear flag confirmed break below 6170 , now wt will the possibility to get negated?
small HNS for intraday developing at the top?
@ Prithvi Raulji ,
Prices reacting from 61.8% @ 6194.
If closes above HrJNSAR-6180 & 21 Hr Sma - 6187, it would signal a reversal possibility in the short term and an EOD close above 6187 would add to a bounce possibility in day T/F.
@Master: We feel in safe hands under you. Nifty resisted exactly as per your levels of 6183-6194. Look how swiftly it took out 6175 - 6166.
NS break 6166, Bearish
Dear Ilanog sir,
Has nifty completed a larger HNS with todays high being the neckline?
Target of this HNS is should be roughly 5850 and stop loss should be the neckline which is rising by roughly 8 points daily
AxisBank, HDIL, RelInfra - all doing Bearish reversal.
ouch...
typo in the name
@ Aly,
You say-"high being the neckline"-This could only be a Inverse H&S which is a bullish one; hence, no breakdown here.
I do not see any H&S pattern. In which T/F??
in daily time frame. neckline joining 5701 and 5973. LS at 6343; Head @ 6415 and RS @ 6358. Does it look like a valid pattern to you?
Infy,
Confirm Bearish Trend
@ Aly,
That can not be H&S.
Another 5-waves done:
6175 6179 ... is 50%-61.8% retrace of the last fall from …… 6194 to 6156
80% is - 6186
If weakness is to return, it should be around 6175 6179
Strength gets confirmed above 6179 OR 6186
ok sir.
thanks for the confirmation
respected llango sir
thanks for your guidence during your busy market hour
thanks
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