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...
35 comments:
an INHS and a bullflag triggered with cross of 6080 ! on hourly !
If below :6120:
Bullish:
6108 6105 ... is 38%-50% retrace of the last rise from …… 6089 to 6120
80% is - 6095
If strength to return again, it should be around 6108 6105
Weakness gets confirmed Below 6105 OR 6095
Master - S3 S4 madhiri innikki R3 R4 pakalamma :)
JAI GURUDEVA
R3-6149 possible if 6125 is breached and 6085 is held through the day.
Nandri master !!
trading > DhiEMA, the Bell curve stats will kick in..
1 Std. Dev zone is 6150-6190, with mean @ 6170 NS
Thanks Shri ...Expectng a tussle around 6140-50 Zone.. Looking at OI data.. lets c...
61,& 6000 PE are reached almost half of the day top price...is it enough? or more 15 points top is left for the day for Nifty?
@ Guru: lets ask Master !
@ Ilango ji: trading > MnEMA , WkEMA, DhIEMA, to be seen as W3 in play UP from ysdays lows or ZZ "C". sir ?
@ shriram,
Prices need to confirm a few:
Firstly cross 6123;
Close above DHEma;
Close above WEma on 21st Feb.
Close above WEma & MEma on 28th Feb.
Go past 6271..
All these while holding above critical retracements.
Green labeling from 5119 suggests of a 2nd wave completion around 5933. In BN, a leading diagonal was seen in 1st wave.
The alternative bearish label continues till the above price behaviour is seen in the next two weeks.
A close above MHEma would have been an easy one; however, markets don't always provide things in a crystal clear fashion. Choosing is needed; presently some bullish bias.
Hi TJ,
INHS initial target was 6110-6120 (after breaking 6080-90) and then 6165-6175.
Are you also getting the same levels of tgts?
Dear Ilango Sir & Blogmates,
OI Table Update at 11:00AM, Pivot-6078, R1-6112, R1-6132, VWAP-6121
The CE writers are on a short covering spree with the 6100PE writers just moving ahead, Buy the Dips till DVAH at 6085 is held…
Thanks & Regards
dear sir plz mention price..all ema
Gm master : request for TT update in group ...thanking you...
Master
tks !
dear iiango sir banknifty viwe..?
@ master..
that was a wonderful trade plan for medium term
thank you shriram and guru for keep asking questions.
Prices need to confirm a few:
Firstly cross 6123; - Crossed it; Now, keep the larger retrace for 6356 to 5933.
Next, Close above DHEma; (presently, 6095 & rising with newer highs of the day)
@ herry,
For BN, visit Stock wealth
Dear Sir
If 6130-40 is not cleared - channel top marked above, will it be a case to sell at that resistance leves and thus trade the ranges...and avoid whipsaws.
Or Should it be tested till 6085-90 levels dip and wekaness to be confirmed before reversal or bullish scenario..
You have mentioned the fib numbers already to guide it..but considering the "snake" moving in tunnel for last many days- forcing us to change the pace with ranges and follow this "range bound trend"....even if with difficulty- we have to learn this.
Thanks for the guidance. !!
Master on a lighter note ---- looking at developing Month TA, wish we could go back to 1900's :)
@ anand,
It looks as though a 5 done from 6059 to 6127. There is another 5 in progress from 6052 in which 6126 becomes the 3rd completion. Hence, if prices remain below 6132 approx.( in case of irregular correction), a consolidation and then another upmove to complete the 5 from 6052.
As an alternative, the 5th of the upmove from 6059 may be sub dividing from 6112 for more highs.
In the ST, such type of multiple scenarios present; Forms & patterns and unusally long consolidations are the ones that would guide us well.
From a broader perspective, the labeling is clear in EOD posts.
Prices would knock at 6130-40, previous lows and there would be some "tussle" happening there which would provide for some "day trading" opportunities.
TISCO:
(i).iii.5 - 366.50 380.50 14
(ii).iii.5 - 380.50 378.15 2.35
(iii).iii.5 - 378.15 xxxx unfolding (min tgt may be 378.15+14=392.15)??
prabhanshu..thats the exact count..i am with you in trade..it has crossed 380,,golden ratio of the previous fall..in last 4-5 major moves, up or down,this is the first time tisco has violated golden ratio. so,,underlying strength..
Dear Sanjay Jaiswal,
Thanks for O.I.Data & Analysis.
It looks that there would not be any great threat for 6100 PE writers...atleast up to week end.. Nevertheless it shall be very interesting to see,that how Bulls shall cope with Hrly. overbought alike situation,which has inbuilt nuisance ability ...Bye...
Oops. Got a lot of EW ideas. Need to correct my eyeballs to see these waves. :) Shriramji...please share ypur simple eyes with us to see these.
Thanks Master for the elaboration. ..so lets ride the tide. Hope we resolve the range by today EOD and can continue with the impulse waves mentioned. .
one query,,why not 366 -76 as wave 3.1
34 dema is giving resistance...
@ Chetna:
How bout a IM Degree ZZ : A: 195-436 ?? :-)
@ shriram,
I am taking that into account as well.....although RSI not entering into OS zone after 195 and taking supports. more over tisco manged above 319... wave 1 high.... make me feel to go into shorter term fiver from lows of 336..
IM B ,,,all chances for that..will keep trailing...IF enters 317..that B would be considered and shorter term be played accordingly..
New Post Done.
@ Chetna:
If IM B did : 436 - 336 , it wud be a v shallow retrace !
a 195 436 241
b 436 336 -100 -41.5%
Thanks Chetna,
If 3.1 completed at 376.75, then below counts
(i) 366.50 369.30 -2.80
(ii) 369.30 366.55 2.75
(iii) 366.55 375.10 -8.55
(iv) 375.10 372.40 2.70
(v) 372.40 376.75 -4.35
In this case 3.ii will be of 1.65 points (376.75 - 375.15) which is looking too small for 3.ii.
Not good with counts in smaller TF :(
Apart from EW, other patterns:
Bull flag tgts in 15mins - price already reached 378 and may reach till 385.5
INHS tgts in 15Mins - 378.8, 384 & 393.7
-WW was observed in 30mins - but got invalidated above 376
Ascending Triangle in formation in 60 Mins - Prices may get resisted around 393-393
@Prad - Target 1 is done, Target 2 is 6155
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