Is it a co-incidence that what I mentioned a couple of days ago has come in for sharp focus:
Q
EW COUNT,Momentum & Trendlines:
I have been trying to co-relate the three and have found out over last three months that trades initiated whenever the three are in sync give fantastic results
UnQ
And what our Hour chart shows:
.png)
EW- wise,I see a zig-zag (4770-5010)retracing an Impulse 5020-4770:
Trendline-wise I see a long-term trendline getting tested;
Momentum-wise I find Hour TA in overbot territory.
Need I say more?
8.00 AM
Writing is on the wall: 5020 looks very much likely to be breached in the opening itself.
And that reminds me an old song:
http://www.youtube.com/watch?v=xrFYK3mQ0vg
And as the market moves,we have also to keep moving--not getting stuck as a frozen duck.
We have two questions now:
1.What does that do to our labels?
2.What does that do to my(our) shorts?
Ans 1
.png)
.png)
.png)
Thus we are in YbC from 4770 upwards which is very much on way to test the upper trendline in following chart:
.png)
And our Counts are:
YbC in play from 4770 as 5 wave Impulse:
(i)=4770-4998=128
(ii)=4998-4848=50
(iii)=4848-5010* likely to do minimum 1.62x128=207=5055
.png)
Ans 2:
What should we do with our shorts?
Hour charts already overbot and upper trendline likely to be tested today.
once (iii) above is completed in 5055-5075 range,(iv) downwards would start and is likely to be a deep one(as (ii) was shallow) minimum 50% means 110 points i.e 4960 would be on board by tomorrow evening.
So I would carry them till tomorrow evening.
What to do today?
As I donot see current upmove i.e. (iii) beyond 5080 I would create further shorts around these levels.
Those who are long should square those off around these levels.
3.25 PM
Strictly speaking:
(i)=4770.45-4898.7=128.25
(ii)=3898.7-4847.75
(iii) should be minimum 1.618*128.25=207.5+4847.75=5055.25
And we have done only 5055.15---
Waah done 5056 in last minute---
EOD
Minimum for (iii) has been done.
Threshold for tomorrow is 5038.15
If we open below it,that would indicate that (iv) has started from today's high.
Otherwise we may test 5075 before retreating.
(iv) downwards should give us around105-130 points.
so 4950 is very much on cards for tomorrow
Q
EW COUNT,Momentum & Trendlines:
I have been trying to co-relate the three and have found out over last three months that trades initiated whenever the three are in sync give fantastic results
UnQ
And what our Hour chart shows:
.png)
Trendline-wise I see a long-term trendline getting tested;
Momentum-wise I find Hour TA in overbot territory.
Need I say more?
8.00 AM
Writing is on the wall: 5020 looks very much likely to be breached in the opening itself.
And that reminds me an old song:
http://www.youtube.com/watch?v=xrFYK3mQ0vg
And as the market moves,we have also to keep moving--not getting stuck as a frozen duck.
We have two questions now:
1.What does that do to our labels?
2.What does that do to my(our) shorts?
Ans 1
.png)
.png)
.png)
.png)
YbC in play from 4770 as 5 wave Impulse:
(i)=4770-4998=128
(ii)=4998-4848=50
(iii)=4848-5010* likely to do minimum 1.62x128=207=5055
.png)
Ans 2:
What should we do with our shorts?
Hour charts already overbot and upper trendline likely to be tested today.
once (iii) above is completed in 5055-5075 range,(iv) downwards would start and is likely to be a deep one(as (ii) was shallow) minimum 50% means 110 points i.e 4960 would be on board by tomorrow evening.
So I would carry them till tomorrow evening.
What to do today?
As I donot see current upmove i.e. (iii) beyond 5080 I would create further shorts around these levels.
Those who are long should square those off around these levels.
3.25 PM
Strictly speaking:
(i)=4770.45-4898.7=128.25
(ii)=3898.7-4847.75
(iii) should be minimum 1.618*128.25=207.5+4847.75=5055.25
And we have done only 5055.15---
Waah done 5056 in last minute---
EOD
Minimum for (iii) has been done.
Threshold for tomorrow is 5038.15
If we open below it,that would indicate that (iv) has started from today's high.
Otherwise we may test 5075 before retreating.
(iv) downwards should give us around105-130 points.
so 4950 is very much on cards for tomorrow
Guruji,
ReplyDeleteNamashkar,
Thoda aur spasht likhiye bachchon ke liye.
subah se wahi likh raha tha bhai---
DeleteGuruji
ReplyDeleteDhanyavaad aur pranam !
This comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteguruji,
ReplyDeleteis it possible that ya ended 4770. u had earlier labelled 5020-4770 as 5 wave with 5th extended. and 5342-4770 with 3rd extended
or the internals in short tf dont make this count possible for u??
though for short term direction is up but if ya ended at 4789 max upmove 5144 else can be higher. (is 5144 correct ??)
it was a nice song..
Ya ended at 4789.
ReplyDeleteYb ended at 5020 or not was always doubtful and,therefore,two Probabilities were being mentioned simultaneously.
Now I have a preference that Yb is in play(though some price had to be paid in terms of holding my positions(shorts) for longer than expected]and the move 5020-4770 (quite difficult in terms of price and time action to be deciphered as Corrective)was labelled wrongly by me(and you know how easy it is to be wrong).
YbC(iii)-currently in play and if it fails to cross 5055 today(to be indicated by a tick below 4984)then we would be turning back again from around 4925-4940 to test 5144 and in that case we would count YbC as:
(i)=4770-4898=128
(ii)=4898-4848=50
(iii)=4848-5042=194(151%)
(iv)=5042-4925(62% of (iii)
(v)=4925-up by 162%of (i)=5135
So watch 4984 carefully
And yes,thanks for song-appreciation
Delete:-)
thank u guruji.
Deletenow u r firm on 5020-4770 as corrective. is it because if impulse it wud be a diagonal and 5th did more than 1.62 ie extended which it shudnt have been.
and guruji u apply rules of elliott with discipline
and without bias. ew is a predictive study as all know and only god can label all counts without changing them (predicting correctly 100%) humans will
err...
There are finer points which have to be learnt everyday.
Deletee.g yesterday pre-market I had written that because 4770-4898=a was fast & furious so c=4848 upwards would fan out as diagonal.
However,the move from 4848 was faster and furiouser so that was another indication of something wrong with labels--and when it crossed 4970(80% of 5020-4770) it was a confirmation that labels were wrong.
Still I shorted at 5000 as momentum indicaters/trendlines were indicating an intermediate top.
When markets are on,so many things are going through one's mind----
guruji,
Deletethe make up of tool ew is subjective.so such things happen. only ppl who mechanically trade with numbers
can escape this that only to some extent.
This comment has been removed by the author.
ReplyDeleteHello Guruji,
ReplyDeleteI am into call did a wrong entry at 5036(didn't bought at support my fault but was wishing for same kind of rally like yesterday) should i wait for 5050 or get out to minimize my loss at current levels.
In such situations day's low should be the SL
Deletethanx guruji for your kind reply
DeleteEntered short at 5556 exactly.......may this turn out to be something gud
DeletePerfect entry---
DeleteSir!
ReplyDeleteShorted at 5050 with stoploss of 5080, hope this time will be lucky.
Guruji
ReplyDeleteShall wait for long positions to liquidate ?
Donot carry longs overnite.
DeleteSir
ReplyDeleteTheoretically down 100+ points looks perfect
but personally(nothing to do with analysis) i see more upside may be 5149
Raghuji
ReplyDeleteHow have you arrived at 5075 - Next Target?