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...
14 comments:
"Nifty hints at a possible flat or a running correction befitting the major break-out" - dear ilango / friends - although this is quite self-explanatory - can u pl. elaborate? running/flat correction will go to 6750/6700?
Dear sir,once you said that a 5 wave can be converted into ABC waves.today market unfolded with 5 waves.If the price action in the coming days compel us to consider this upmove as B wave,how one would label it as abc? it is a long haunting doubt in my mind.pls clarify if time permits.thank you.
ew -yesterdays alt of 5th wave truncation has to be binned and so also completion of a 5th wave of a higher degree as the swing low supposed ending of 4th wave of 6550 was not broken and the 2 4 tl from 6433 has to be redrawn making yesterdays low the end of a bullish c failure flat it looks like now. and the correction seems to have done the 4th wave of a larger degree from 6433 and a last 5 should now unfold barring the remote possibility of a rare expanding triangle in wave 4. another corroboration for this fact is that the 2nd abc zz of the double zz that formed as a correction from 6818 has been retraced in faster time and the total zz is retraced more than 61.8 %.
logically one had to go long at 6703 the beginning of the c leg down of the last zz of the double zz or 6748 the start of the 2ndleg of the double zz
in all a new high must come logically next up following this almost opening maribozu candle.
61.8 of the last leg of the present move unfolding at 6748 is the sl.
just as a after thought nifty finished its daye with the beloved at 66 67 68 and then went on to open at its second love 95 and after the days low never looked back.
A bearish case:
a) Neither MACD nor stochastics have triggered for upside today.
b) The indices (NS, BN) have closed below DHEMA which implies still being in the trading zone.
c) Potential of H&S in BN (failure point of pattern to be noted).
d) Futures selling by FIIs now a consistent phenomenon.
Till the time indices gives a close above their DHEMA, a likely corrective trading zone prevails.
The previous fall could be labelled as 'a' of A. With today's rise being 'b' of A. To be followed by 'c' of A.
thnx Okay - makes lot of sense
I am expecting 7200 by next month expiry.
root,
really nice analysis. cant a move from 6650 be a ending diagonal/wedge of 5th, c leg on? the only problem
with 61.8% sl of last leg (6719/6722-6783) as I see is 6743/6745 is if its a corrective then that
sl can get broken and new high still be made. actually sometimes market prints corrective/impulsive
in such similar fashion that it becomes confusing.
Root and Piyush ji, would be great if you can elaborate with chart.
Root = deepak pinto
Possibilities abound
Hns forming
Ed forming etc
But what may happen is at best a guess but what is happening wrt what has happenned Is all that a trader has in his realm.
As per nw there are 2 key factors to be considered signalling end of a move.
Speed and magnitude of retrace.
The support of 6650 and not breaking it
The gap up
The retrace of 73 percent
Faster pace of retrace
The preceeding complex corrective
The underlying bullish larger trend.
The candle
Are just a few indicators.
But it is after all only a view of the now
There are opposing forceful issues
Zz looking upmove
Bounce to Dhema
Divergences
Indicators etc
So the sl.
If indeed it is continuation of a impulse of a higher degree then it should hold 61.8.
If not it is a corrective and would not like to play it for upsides is the logic as risks are high As there is selling at higher levels And if it is a corrective would not short it as again risks are high
hello llango sir, please reply for this confusion of mine.
As we are always in long or short position.
1) But if their is some news for P-Notes (From foreign Investors) market will fall within 1-2 minutes.
It wont give us chance for SL also, then in that situation how you handle or this may not happenined in your traded career..??
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@prabhanshu,
the above link depicts a possible ed view.
@PR
Chart by ps suggests c on de to follow completing the possible ed in 5.
Another way to look at the same chart is
4 is a , ab is bc and a bullish flat 4 is done
and a 5 is on.
Another alt is a is 5 and b is a of A, b of A is on or done and c will follow . This view implies possible hns and its bearish implications.
There are other possibilities like a expanding triangle forming d is on etc.
The reason for the choice and also counter arguments posted in the post above.
One thing is certain though the 4 a b are all corrective 3s.
The structure of the present wave will decide which alt will be printed
Namaste Ilango Sir & Blogmates,
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