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...
26 comments:
@ prakashbkc,
This (iii)rd has exceeded the (i)st in terms of quantum of rise. However, hour technicals contnue to be up. (iii) rd could sub-divide.
I would look at weakness below "6774-81".
Hi Shriram
Did u get the sample file
Sriram
SBI driving bank nifty up ...
Day Low : 6781.25 Day High : 6816.45 Hr. Pivot : 6797 Day Pivot : 6770
NS above Day Pivot @ 6770 & below Hr. Pivot @ 6797.
NS in BAH mode till AbOVe Hr. Hema @ 6781.
30 Min. RSI in Overbought Zone.
Weakness below Hr. Ema @ 6768.
For learners sake :
BAH = Buy And Hold BOD = Buy On Dips
SAH = Sell And Hold SOR = Sell On Rises
@Imagine:
Retail is not in this market currently....
If:....
The country gets a stable govt + Retail also joins the bandwagon = Then Ms. Nifty....?????
Brunch for thought....:):)
Surprise Surprise !!
Puts are trading in Green when Nifty is flat.
A thing which was not happening since last 10-15 days.
@Dumb Trader
FII's hedging ???
@d trader
maybe bcos future premium fell
ilango Sir and Blogmates,
I am confused of the labelling in our charts. Didn't v which started from 6483 got over @ 6777?
How are we labelling new (i) , (ii) and our assumed {(iii) - which is going on now } fit into this v th wave ? Am i missing something very fundamental here ?
thanx Master for reply
@ Guru Krishnan
Puts are trading in Green and Calls are in Red. So instead of hedging this looks more like big players booking profit in options trade where they are selling their long calls and covering their put writings.
Or may be 6816 is being seen as top in place after 5 and fresh put buying is happening.
@ Forum Login,
In a strongly trending market, waves sub-divide and one should be willing to accept such strength when prices hold critical levels like it did at DLEma less 20 points.
We have relabelled it in yesterday's EOD post in the "Lead indicator chart".
The suspected irregular B wave corrective scenario is also in contention..
@DT --- Thanks for the explanation...looking at OI 6850 looks serious resistance for now...
OTM calls of May and JUne puts are up by 15%. May be some sort of hedge or they are going to pull the plug today or tomorrow afternoon
Sorry it isnot calls..only puts I see are appreciating....
Some EW Observations (for the rise from 6650):
1) Since sub-minute wave-(ii) is small, wave-(iv) will be bigger
i.e. 40-55 points => Day Pivot +/- 10 points
2) Fib extension for normal wave-(iii) is 6836-6864
3) if this is not achieved in few hours (and retracement is >60 points), then chances of wave-v-(v) extension increases.
Day Low : 6781.25 Day High : 6816.45 Hr. Pivot : 6794 Day Pivot : 6770
NS above Day Pivot @ 6770 & above Hr. Pivot @ 6794.
NS in BAH mode till AbOVe Hr. Hema @ 6789.
30 Min. RSI continuing in Overbought Zone.
Weakness below Hr. Ema @ 6777.
For learners sake :
BAH = Buy And Hold BOD = Buy On Dips
SAH = Sell And Hold SOR = Sell On Rises
Markets have not moved an inch..but OTM puts may 6500 or 6000 are all mvoed by 15%...any options experts view?
The OTM May calls have also moved up by equal percentage
@master
in 2min chart is it CT? from opening? abcde done if trade above 6800 now.....
thanks.
Option price have increased because fear index(VIX) has jumped 10%.
On the cliff it's always scary!
@ anmpatel ,
It seems to be a flat correction with 'b" wave underway...(Too small a t/f to state decisively)
--> back
Hi SKS, sorry was away for work. got it , with thanks. Will check & let u know in 10mins :-)
@master
yes. point noted.
thanks.
Dear Sir,
While the trend shows no signs of abating is it possible to have the following count for upmove from 6650:
6650-6673 - i
6662-6733 - iii
6705 - * as vth wave
my reason being the unfilled gap should in 3rd wave and filled gap of today should be part of vth wave
New Post Done.
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