Day Trading Stocks & Futures

Riskyman

Well-Known Member
There is no doubt about bullish view. Its coming whether I like it or not. Based on my understanding usually 5th wave will get support from middle channel line and then reverse. Currently it is at the same area. So for bullish view to get negated I could say that if it falls to lower channel then I would say bullish view will get delayed.
There are few things that support the bullish view. Triangle pattern at red wave 4 position.Triangle always precedes the final move of the direction of the trend. Here triangle is at wave 4 and it is progressing for wave 5. And based on Elliot wave theory, 5th wave is the final leg in the direction of the trend.ADX is falling and it shows the strength of the larger trend is fading.Since this red wave 5 is kind of overlapping waves, I gave the benefit of doubt to Ending diagonal.Divergence is already in place and much more. All it is looking for a bit of reversal sign, rest will be takencare by the market participants automatically.
To answer to your question in straight, If it falls to lower channel line then I would think bullish view is negated for a while. Stay safe
In Contracting Ending diagonal, wave 5 is shorter than wave 3. In that sense when it breaks below 43$ , ED will be negated. I missed this point earlier so wanted to share it with you. Currently it broke below 43 so no more ED. Need to reassess the proper counts for wave 5
 
OK,
Tomorrow is holiday, for our markets.
Rgt now every bull... Is sleepless.

But no worries..
Loosing on calls is probably likely..!?

Ready to loose amount invested.
Crude... Ummmmm
Taken away some money..

Not shorted/traded after Sl hit twice.

But these stop hits made me to have rum instead of scotch.

More precision needed.
Will have to work hard to cover today's bought call option losses... If occurred.

In short.. Markets caught me at wrong foot.

So next step in, has to be with more study, more confirmations, more conviction, more emotionless!

It's almost bed time, only hope is Dow recovers heavily tonight or Wednesday morning futures. Crude fall may help rupee... Just illogical hopes. Trade(s) /options are proven far wrong as of now.

May be a forceful holiday till January 2 ND.

Let's confirm on Wednesday morning.

Till then.... Merry Christmas!!
Happy new year!!


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TraderRavi

low risk profile
WTI Oil ended 42.50 levels down 6.5%.
SnP ended 2351 down 2.70%.

Kahan mein 2500 ke sapne dek raha tha aur idhar SnP 2350 mein aa gaya .
Kya selling ho rahi hai bhai US mein roz roz . 2019 mein pata nahi kya hone wala hai but ye 2009 wala bull cycle to poora hi hoga lagta hai. A new bull cycle will start after this one. Many top analyst giving targets of 14000 nifty in 2019 but lagta hai SIP ke liye public ko jhoote sapne dikha rahe hain.
 

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