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...
76 comments:
Weak below "6060".
Nifty @ JNSR,Week Low EMA and Daily Hgh EMA and attempted to cross once again.If crossed whether to go long but overall trend is down.Guide me
@ BALA,
If you have not taken a "long", do so above 6072. Remain shorts below 6060. And manage your trades with just 10 points for today's intraday.
Thanks
Master,
Can u see 5waves in play from ysdays lows thus ?
i 5966 5997 31
ii 5997 5985 -12 -38.7%
iii 5985 6079 94 303.2%
iv 6079 6051 -28 -29.8% ** done / in play ?
v 6051 6094 43 38.2% (38.2% of 0-3 from 4th)
very useful to both side traders.
sir,
what is significance of 6060?
Has 9 rsi trigerred.? if possible please confirm
Thx a lot Ilango...
I think this is a clear concise answer to a question which many traders would be having....Thx
@ shriram,
5997 to 5985, the "iind" wave took a lot of time yesterday; hence, it is possible 6080 to xxxx, the "ivth" wave may be still in progress to make one last high....
This is one of the possibility.
Day 9-rsi gives bullish indications while the week is still poised for downsides unless price manages to conquer "6069", WLEma.(Tussle presently on for the same.)
Dear Ilango sir,
Off topic question : Does TISCO price movement of the lows from 336 , be considered as 5th Wave UP ?
Raghavendra
@ dinesh,
9 hr-Rsi shows -ve div till 12.00Noon. But the 1.00PM indication is a sharp rise above 80 unless the prices start to fall & close at 1.00PM below 6045.
@ Dinesh
Yes, in hourly t/f
Regards
Tks master,
was seeing ivth as an Irreg. Flat actually... :-)
@ Raghavendra,
It is a clear possibility as long as "353" holds.
Wow Sir,
Another thing to learn
Regards
Thanks master
Weak below 6063.50
@Master:
1) I have gone long with 6100 call yesterday. Can you please suggest what is the level to book profits? I was not able to do so at gap up opening today.
2) Are you suggested to Bala to go long above 6072 with 10 pts as SL, can I also hold for more highs - I am suspecting 6090 NS after which some profit booking or shorting will happen considering the huge 6100 CE OI addition.
@Shriram: "Its not triggered yet, Tgt is 6069+ 28 = 6097 NS (once we get a 5min close > 6069) "
Is it triggered now?
Sri Ram : Bull flag triggered .Pl
@prabhat :
trigger - 5min close above6069
it has triggered already... targets 6094-6097
yes sirs, triggered @ 12:30 5mins candle close 6069.85 NS
its 26 mins post trigger now, pl dont enter longs here, if that is ur Q !
Weak below 6070 for intraday towards 6050...(Below 6045...thud)
@ Ilango Sir,
Is it a LD on 5 min chart from 6051 ?
@Master,
A five wave completion at 6079 from 6051 on 15 min intraday chart. Am I reading this correctly?
1) 6051 to 6063
2) 6063 to 6055
3) 6055 to 6072
4) 6072 to 6062
5) 6062 to 6079
@Shriram: I wanted to know if it triggered not to enter longs but to exit. I am holding on to 6090 NS to exit which I am hoping will come.
Praying .... I don't want Sujatha ma'm to read this else her power will give boost to bears.
Dear Ilango Sir & Blogmates,
OI Table Update at 1:00PM, Pivot-6031, R1-6086, R1-6124, VWAP-6085
The addition of 8.6 lacs at 6100CE is turning out to be a wall for the day, whereas 6000PE OI has crossed 81 lacs, and now the Index looks more like a Buy on Dips…
Thanks & Regards
Master is beautifully guiding us by helping us trail our SL from 6048 > 6063 > 6070.
9-hr RSi at 1 pm at 88
@ ITradeForProfit Daily
4th wave never meets 1st wave end.
@ Prabhat:
Then, 6069 is the support to trail with... enough for now
Cu all after 14:00hrs, Bon Appetit!
@ Sir - do you see five waves done from day's low of 6051 to 6077 !?
TSLed..
cu all
now that is it !
@Never Give Up,
I have rounded off the price points for purpose of clarity. The actual points are a bit apart.
@Master,
Any comment on Reliance Industries Ltd.
If time permit than draw our attention to Wave Direction for that
look at the thud
@Master
"sheer brilliance " - Hats OFF as Always
what the hell just happened? Somone playing game with nifty... same happened yesterday & today too.. eyes rolling
Bullflag trigger has to be with a swing high is taken out , anything else is premature
wow thud
WHAT IS "THUD"MEANING
what we felt on our back
ATR Sell zone ki Jai Ho !!
Wow Master what a mind boggling or should we say mindful blogging @justnifty
@Master: I think you are a magician.
5965-6080=115points*0.382 retrace=44
6080-44=6036 right ?????
Back to basics:
Fall reaches 50% of last rise as shown in TT retrace table.
Serious weakness below 61.8% @ 6021.
Senior Blogmates,
Few observations, for which your suggestions/cooments requested:
1) Fall from 6170-5933 had taken 4 days
2) Fall from 6097-5933 had taken 1 day + 1 hour
3) Current rise from 5933 is in fourth day
(i.e. move from 5933 is of corrective nature,)
4) Also, ND sir's ATR mentions BO limit as 6092.
5) Unfillled gap between 5998-6104 for day candle (and 5990-6120 for hour cadle)
6) Intraday OTM PE volume addition is low, compared to CE addition, as of now.
Hence can we consider that, if price remains below 6097 till EOD, it is a sign of more weakness to come next week ?
Since I have fully booked my NF shorts and not confident to take longs (weekly trend is down), I am looking for best point for short rentry.
(My experience in actual trading is of few weeks only; spent few months in understanding TA basics & paper trading).
Yes blogmates,
Master, trailing of 6070 helped to timely get out at 6066 , Also JNSAR hitted in reverse direction if Wk close below 6060 then US market also favour for its C wave fall.
any clearifiy "thud"meaning????
@ Prabhat,
No magic. Just a disciplined application.
Now, if a flat correction is done @ 6036, prices would rally back with a slow grind. Holding 6043 is a requirement.
@shankerlal0007
a dull, heavy sound, such as that made by an object falling to the ground is called "thud"
Dear Ilango Sir,
this will be really helpful if you could explain how you could trail the weakness like this. This is really amazing. We saw the same a few days back also when you trailed it so close and were sucessful in predicting the fall
The following retracement would guide wrt strength/ weakness of Nifty to take your trading decisions.
6057 6061 ... is 50%-61.8% retrace of the last fall from …… 6077 to 6036
80% is - 6069
If weakness is to return, it should be around 6057 6061
Strength gets confirmed above 6061 OR 6069
--> back
wow, wot a violent fall !
master,
Wot happens if EOD close > DEMA , but < WkLOEMA ?
To be seen as continuation of 5waves down from 6356 sir ?
@Basket selling....by some institution.....booking profits on investments made long time back....:):)
Seen yesterday also....
@ Aly,
The principle behind the observations are based on EW formations & a bit of TA.
When we consider an uptrend in progress in the ST from, say, 5966, it contains some amount of corrections along the way. We identified accordingly yesterday to have "5985" as important for further rise after spotting a flat correction.
Next, following the rise from 5985 to 6036/6041, we trailed again a number based on a correction possibility.
After today's gap up @ 6080, the possibility of a correction was considered and from day's low of 6051(at 10.18AM), the 2 min. chart was studies and numbers raised as the prices continued up. The deception happens when "larger trend is down & ST is UP"; hence, the need to tighten the trailing number.
We could go wrong at times but the caution often helps.
@Master: You mentioned serious weakness below 6021. What is the level for strength for intraday? Is it again over 6061-69?
@ shriram,
When prices are stuck between HEma & LEma, many scenarios present themselves.-Day T/F.
Whereas, in the week T/F, there is only one scenario of prices in downward momentum. If not able to close above "6069-WLEma" today, the fight/ tussle would get carried forward to next week which could be opportunities for the "prepared" and nightmare for the "opinionated".
Wrt to 5 waves continuation, it is still unclear.
@ Prabhat,
You read it correctly.
Dear Sir,
What I understand from above is that in case of a conflict in larger time frame and smaller time, we should look at short term lows ( highs ) to tighten our stop losses - in this case being 6051, 6055, 6063 and then 6070 as 50% of retrace of the rise from 6063 to 6078
Tks sir :-)
seniors according to JNSAR we are now in sell mode?? pls correct me if wrong
As per my understanding of JNSAR trading method,
JNSAR shorts should be held with a SL of 6068+20 = 6088 which has not triggered yet.
Further to the following comment:
Now, if a flat correction is done @ 6036, prices would rally back with a slow grind. Holding 6043 is a requirement.
February 7, 2014 at 1:23 PM
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Holding 6047, the slow grind up continues.
Hi cooldent, Hope you are trading jnsar in Bank Nifty
How do you trade today ?
ITradeForProfit Daily & Sudarshan
SAR for Short taken @ 6048 is 6048 + 20 = 6068 NS
@ ITradeForProfit Daily - How about bank nifty jnsar trade. Today 10295 jnsar, morning crossed, then 50 pts stop 10245 hit, then again 10295 crossed, now 10245 hit. This is how one should banknifty jnsar ?
Sks Got it
@SKS,
What I mentioned was about positional shorts already taken a few days ago when JNSAR short had triggered. For those short positions, today's SL would have been at 6068+20=6088 which has not triggered yet.
Please do not confuse it with intraday shorts initiated today.
@ master,
Is this Flat "iv" of C wave which will try to do 1.618 times of A or a part of five of 1 ? Please guide with your views.
New Post Done.
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