Started first lessons in Gann--and astonished to see something----(see the levels marked red)
Too new a student to say 5064 on cards---
Anyways,let me continue with my EW labels:
.png)
9.30 AM
Would be booking 50% profit on longs at 5230--the 38.2% retracement point.
.png)
SL for longs at 5160
.png)
Whenever a Corrective becomes too complex to label,this is what I do:
1. Draw Fibo-retracement levels;
2. Draw a channel;
3. Book out at channel/Fibo levels common points.
4.Wait for overbot/oversold zone to take fresh positions(usually by this time the wave-pattern also gets clearer---
10.00 AM
.png)
.png)
11.30 AM
One visit to 5222 again is due now---I would use it for exiting longs---
Wait fpr creating shorts--
!!.59 AM
.png)
12.25 weakness confirmed:
.png)
All rises to be used for shorting----
Ya=5342-5161=181
Yb=5161-5222 seemingly over
Yc started. Target minimum0.62*Y.a=112=5110
.png)
1.15 PM
sw1 of Yc over=5223-5155=68
.png)
3.20 PM
Best time to short with SL at 80% of retracement value:
.png)
EOD
Y.c in play from 5223 downwards:
Sw2 seems to have played out.
Sw3 if extended likely to take us to 5090---
.png)
Anyways,let me continue with my EW labels:
.png)
9.30 AM
Would be booking 50% profit on longs at 5230--the 38.2% retracement point.
.png)
.png)
Whenever a Corrective becomes too complex to label,this is what I do:
1. Draw Fibo-retracement levels;
2. Draw a channel;
3. Book out at channel/Fibo levels common points.
4.Wait for overbot/oversold zone to take fresh positions(usually by this time the wave-pattern also gets clearer---
10.00 AM
.png)
.png)
One visit to 5222 again is due now---I would use it for exiting longs---
Wait fpr creating shorts--
!!.59 AM
.png)
12.25 weakness confirmed:
.png)
All rises to be used for shorting----
Ya=5342-5161=181
Yb=5161-5222 seemingly over
Yc started. Target minimum0.62*Y.a=112=5110
.png)
sw1 of Yc over=5223-5155=68
.png)
Best time to short with SL at 80% of retracement value:
.png)
EOD
Y.c in play from 5223 downwards:
Sw2 seems to have played out.
Sw3 if extended likely to take us to 5090---
.png)
guruji,
ReplyDeleteit cant go above 5232 by ur teachings. am i
in right direction??
For One abc ,you are correct-- but more can always follow--
ReplyDeletedhanyawaad guruji,
ReplyDeletethere will be an x in between retracing whole rally from 5161
which will be separate wave to be traded as per ur view
Channel violated?
ReplyDeleteDEAR GURU JI...THIS CORRECTION IS RIGHT
ReplyDelete(a) 5155-5185.45 30 PT
(b) 5185.45- 5165 20 PT
(c) 5165 IN PROGRESS
Dear LTE,
DeleteThe Corrective not only retraces the price but is also "used" for "timing" so one would find many a 3 subwave moving horizontally --purposelessly(as far as price-value is concerned) but during that period variuos stocks are realigning and then comes wooooooooooosh---- we may or may not get a tick above 5185.45 but a tick below 5163.85 means flood-gates opening again---
Corrective WAVE..
ReplyDelete5154-5185 A
5185-5165 B
5165-5183 C
(W)5183-5166 (A) x
Y (B) 5178-5163(C) X
Z 5163- MAX 5195
SORRY SIR MY MISSTAKE MAX 5201
ReplyDeleteWAVE A =30*1.27=38
5163+38.1=5201.
Dear Raghu Ji,
ReplyDeleteI have been reading your posts and also learning some of EW. Please advise reg below.
A -- 5629.95 - 5171.45
B -- 5171.45 - 5499.40
C1 -- 5499.40 - 5135.95
BELOW NOT CONFIRMED YET.
C2 -- 5135.95 - 5378.75
C3 SW 1 -- 5378.75 - 5190.80
C3 SW 2 A -- 5190.80 - 5306.75
C3 SW 2 B -- 5306.75 - 5183.50
C3 SW 2 C -- 5183.5 - 5342
C3 SW 3 i -- 5342 - 5160.65
BELOW NOT CONFIRMED YET AGAIN.
C3 SW 3 ii a -- 5160.65 - 5212.20
C3 SW 3 ii b -- 5212.20 - 5179.05
C3 SW 3 ii c -- 5179.05 - 5223.05
C3 SW 3 - iii STARTED FROM 5223
HOWEVER, I CANNOT UNDERSTAND WHY WE HAVE TO LABEL WXYZ INSTEAD OF ABC. KINDLY ADVISE IF POSSIBLE.
REGARDS
ICONO
The C that you have mentioned(=5500-5136) was a 3*3*3*3 diagonal and you can see my previous posts for more clarity on that.
ReplyDeleteWXY is a way of saying that a Combination of Corrective forms is in play .Here W=ABC=one corrective;
X=ABC=second corrective(connector);
Y=ABC=third corrective.
some call it as ABC+ABC+ABC also---
In current scenario---
The ABC which you have mentioned is labelled W;
X represents the Corrective from 5136-5342;
Y represents the Corrective from 5342 downwards were A was a five wave form=5342-5161;B=5161-5223 was over today and C=5223 downwards has begun---
All these waves were discussed in detail. You can find them in prev posts---
Thank you Sir for explaining. Would need to study more on diagonals labelling & counting like all 3 waves or other.
DeleteAfter studying EW basics, it has really benefited me that i am never too bullish or too bearish knowing that a correction or retracement may be coming anytime. Thank you and all senior members of the EW team.
Regards
Icono
Prompted by your mention of Gann square, i tried to find out the characteristics ;
ReplyDeletehttp://lalitlk-lalit-lk.blogspot.in/2012/04/nse-nifty-gann-square-with-4531.html
Thanks & Regards