Hi Friends,

Future always excites,Past gets forgotten soon.

This line perhaps suits best in markets.The tool which has got forcasting

ability with a fair amount of accuracy is elliott wave theory.Many of us use it

with varying accuracy , One practice which can help you to  hone your skills

in elliott wave theory is to try to make the wave projections in advance with respective dates and keep them for your future references ,This way you will gain confidence as well as learn a lot about market behavior ,And of course the time taken to finish the respective pattern allows you to learn how time can distort or mute a pattern  .I usually follow this method ,Though i may not have traded all moves but yes it helps me in deciding my further course of action as it allows me to have a grip on the respective script.

Uploading the charts here is giving some problem so posting it in my blog RishTrader.

Click the following to see charts

Stock moves in may month

Tata steel had overshooted the up target considerably before commencing the down move ,

Where as IB real did rise accordingly but went into a triangle kind shape

,Hdil and DLF did great in terms of following the expected  chart structure .

In the past i came accross many queries about Trading plan

exclusively for option lovers.

So i finally decided to introduce a trading plan which includes only

option trades.

Nifty options

Stock options

Time duration of this plan would be 3 months.

subscription cost for this plan is only rs 8000 all inclusive .

In short 3 months option calls cost only rs 8000.

Best feature of this plan irrespective of small capital would be able to

attempt all calls.

DLF 280 PUT          3>>>>15

Infosys 2600 put   13>>>>50

Hindalco  short         162>>>>>156

Reliance 1000 put    7>>>>>>20

These were worth mentioning .As the risk was less and reward was outstanding.

Regards

Rish

Though the general thinking was after all this rate hikes it would under perform Lets try to analyze bank nifty wave structure.

Daily chart suggest a big ABC could be in its terminal stage the following chart would show exactly what i mean.

Now coming to hourly chart to get a closer look at the C wave
the hourly structure suggest that 5th up could be happening
and can stretch till 10100(+-50).
The following chart would show the concerned wave count.

Many banking stocks have made classic Expanded flat spread over several years few examples being ANDHARA BANK and ALAHABAD BANK no wonder they were so fast to rise after 2008 fall.Would write a post about them if it interests Readers.

Writing this post after quite sometime .Nifty has been moving up

in bits for quite some time,Which gave ample time for midcaps to consolidate and form nice technical patterns .They once again look ready to buzz for some fast gains.

To name a few

MRPL can move up to 82,84

GMDCL can go up to 155,160

ISPAT IND can move up to 22

EKC can move up to 130

HINDOILEXP can move up to  270 ,300.

For all this to happen Nifty needs to stay above 5180-5200

Few large caps look good too especially Steel  Sail ,Tata steel ,Sterlite

These ideas are for traders play with strict stoploss.

Regards

Rish

Regards
Rish

Not much happened in real estate  sector stocks, Post the great correction .They have not retraced much of the fall they are yet to retrace 38.2% of the fall.Which shows the weakness in them.
Dubai scare did not do much harm to them as of now but in medium term effect would be seen.

The two main stocks of the sector namely DLF and UNITECH  have almost same Elliott  counts .

They could both well be in process of making an Expanded flat .

This view goes for a toss if a new high comes in these stocks in short term.

The above chart shows the medium term view 6 months kind
In short term there could be a good long trades in both the following charts would show that .

These both looking to give good risk reward in a long trade in short term buy near to the 1 st wave low for dlf it comes near 325,And for unitech its 72 below both these rates the expected rise may not come.

Regards
Rish

Gist:- Bullish for short term bearish for medium term

Regards
Rish