Day Trading Stocks & Futures

[Shiv12345]

Just finished with my EW study on Nifty. This is what I have found:-

1. We are almost done with Wave 'B' which retraced by almost 70% of wave 'A' i.e. up from 9608 to 9676. Usually, wave B should not retrace more than 75% of corrective wave A.

2. For the current EW cycle, wave 'A' had a simple zig zag movement with exactly five inner waves. I am attaching chart below for better understanding. Wave 'A' began from 9709 & went as long as inner wave 'i' of wave '5'

3. As a conclusion, if I am identifying this correctly, then we are straight away heading for wave 'C' which shall begin right from Monday morning. I sold 9600 CE just before closing yesterday as I was not sure about trend.

Please suggest if I am reading it correctly. Below is the chart.

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So we have only two outcomes possible for Monday. If I am identifying it correctly, then we are heading for wave 'C'. If it is opposite, then we are already into wave '1' of new cycle.

At present, majority of traders are assuming that we shall cross 9709 this time pretty easily. But you never know. It was really scary to watch NASDAQ falling apart last night. At one point, I was being told that technology companies like Apple, Google (Alphabet), Facebook along with other giants like Amazon lost billions of dollars in market cap within minutes after NASDAQ started correcting. Positive thing is that DOW recovered aggressively at the end.

Meanwhile, since we are already into second week of June month, we can now witness gradual premium erosion in Nifty Index Options of current June series. For example, 9700 CE and 9600 CE look really expensive.

Lets see on Monday. If one of the pattern is confirmed, I may go for either 9600 PE or 9700 CE while keeping an eye on potential premium erosion.

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[Shiv12345]

With reference to today's victory ... Someone was telling me that there was a time during 1990s when Sensex used to rise a bit whenever Sachin made a century ... Is this true?? Is it even possible??

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[TraderRavi]

friday closing top par aur monday opening gap down , bilkul opposite scenario

 

[travi]

friday closing top par aur monday opening gap down , bilkul opposite scenario

This is due to farm loan waiver news that came in the weekend.

 

[Shiv12345]

So we have only two outcomes possible for Monday. If I am identifying it correctly, then we are heading for wave 'C'. If it is opposite, then we are already into wave '1' of new cycle.

At present, majority of traders are assuming that we shall cross 9709 this time pretty easily. But you never know. It was really scary to watch NASDAQ falling apart last night. At one point, I was being told that technology companies like Apple, Google (Alphabet), Facebook along with other giants like Amazon lost billions of dollars in market cap within minutes after NASDAQ started correcting. Positive thing is that DOW recovered aggressively at the end.

Meanwhile, since we are already into second week of June month, we can now witness gradual premium erosion in Nifty Index Options of current June series. For example, 9700 CE and 9600 CE look really expensive.

Lets see on Monday. If one of the pattern is confirmed, I may go for either 9600 PE or 9700 CE while keeping an eye on potential premium erosion.

Sent from my HTC Desire 728 dual sim using Tapatalk

With reference to wave pattern confirmation, three things need to be shared:-

1. When the markets fell during morning, I was wondering if this could be possible wave '2' of new cycle. However, wave '2' can never be greater than 99% of wave '1'. By second half, when markets slided further, it was confirmed that there was no wave '2'. Hence, it confirms that we are not into any wave (1 or 2) of any new cycle. We are still into corrective waves of current cycle.

2. Wave 'C' should normally be atleast 100% (if not 161% & 261%) of wave 'A'. Does it signify that we are heading lower than 9600? Tomorrow we shall know.

3. NASDAQ again displaying some correction for today (mainly due to tech sector meltdown). Lets see if it can recover.

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[Shiv12345]

With reference to wave pattern confirmation, three things need to be shared:-

1. When the markets fell during morning, I was wondering if this could be possible wave '2' of new cycle. However, wave '2' can never be greater than 99% of wave '1'. By second half, when markets slided further, it was confirmed that there was no wave '2'. Hence, it confirms that we are not into any wave (1 or 2) of any new cycle. We are still into corrective waves of current cycle.

2. Wave 'C' should normally be atleast 100% (if not 161% & 261%) of wave 'A'. Does it signify that we are heading lower than 9600? Tomorrow we shall know.

3. NASDAQ again displaying some correction for today (mainly due to tech sector meltdown). Lets see if it can recover.

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Current scenario looking very interesting. Initially, when the markets were rising today, I thought we witnessed formation of wave '1' which began from yesterday's low of 9598.50. Again repeating the same, wave '2' can never be more than 99% of wave '1'. Today we made low of 9596.80 approx. Hence, there is still no sign of wave 1 or wave 2. We are still into corrective wave 'C' only (which is desperately trying to complete 100% of wave 'A').

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[timepass]

Current scenario looking very interesting. Initially, when the markets were rising today, I thought we witnessed formation of wave '1' which began from yesterday's low of 9598.50. Again repeating the same, wave '2' can never be more than 99% of wave '1'. Today we made low of 9596.80 approx. Hence, there is still no sign of wave 1 or wave 2. We are still into corrective wave 'C' only (which is desperately trying to complete 100% of wave 'A').

Thank you. But a big bouncer. I think this whole analysis means that the direction is not clear ??

BTW, to remove the message from Tapatalk, look at the instructions in my signature.

 

[Shiv12345]

Thank you. But a big bouncer. I think this whole analysis means that the direction is not clear ??

BTW, to remove the message from Tapatalk, look at the instructions in my signature.

Hi ... Thanks!! Corrective waves can be really confusing. I myself had to trade very cautiously with 9600 PE on two occasions today. I am actually waiting for new impulsive waves.

 

[TraderRavi]

FED rate decision 14th june 11:30 pm IST

 

[travi]

FED rate decision 14th june 11:30 pm IST

An interest hike is expected as advocated in the earlier meetings which this time around is a bullish sentiment as in the news.

The US tech stock sell-off is was a profit booking sign just before the event and the uptrend may continue.