Day Trading Stocks & Futures

[monkeybusiness]

Indraprasatha Gas. I suspect it has made its top for now and we might witness a crash soon on this stock.we might witness it going down to 215 zone in the course of few weeks. currently it is trading around 334.6. we might have to be bit cautious. This is just my view.
A nightmare pattern for the investors. I could be wrong. But I feel this stock will erase 1 yr of gains from 215-350 in just few weeks to months. we have to witness a crash like movement if I am right. I dont know what kind of fundamental news will trigger but something is going to happen to make it crash. I might have to reassess only if price goes up above 367 zone till then 215 is visible. Lets see
View attachment 35322

John
shouldn't this earlier low to be marked as (2), as (4) is overlapping area of (1)/(2)?

 

[Riskyman]

Interesting story of Malvinder and Shivinder singh's down spiral.


The Billionaires and The Guru: How a Family Burned Through $2 Billion
https://www.bloomberg.com/news/feat...-the-guru-how-an-indian-family-lost-2-billion

 

[mohan.sic]

bhai investment point of view se it's a waste of opportunity. Return in Gold is way less then even FD

edit: looks like you edited before I could respond

You could be 100% correct if you calculate the ROI part & compare it to other investment options that we have today. But I think general public don't buy gold as a investment.

Major Buyers are Big people with black money who buy gold biscuits and blocks. They don't expect return.
Other major section is women who need Gold as an ornament. Even this section don't see it as a investment.

So irrespective of good or bad returns, demand sustains.

( After reading some comments here, I felt unfair that we forgot to mention the men who wear rings, dog chains and bracelets Why only blame women ?)

 

[timepass]

bhai investment point of view se it's a waste of opportunity. Return in Gold is way less then even FD

edit: looks like you edited before I could respond

In 1996, gold was about 3k per 10 gm, today it is about 31k. So, the returns are more or less comparable to FD. It's just that with the FD, it is "Fill it, shut it, forget it". With gold, there is the hassle of maintenance/security etc.

 

[john302928]

John
shouldn't this earlier low to be marked as (2), as (4) is overlapping area of (1)/(2)?

View attachment 35327

I doubt bro. Because one of the primary qualities of Ending Diagonal is to have waves 1 and 4 overlapping. here my wave 1 and wave 4 are overlapping. and wave 2 and 4 looks like following wave alternation as well. 2 is with flat correction and 4 is simple zigzag. If we mark wave 2 as you pointed then from your wave 2 to my wave 3 doesnt fit with any counts.

when waves overlap we have only 2 options. 1. Either a diagonal impulsive pattern or 2. corrective pattern. In the diagonal pattern we have 2 options. 1 Leading diagonal 2. Ending diagonal. Here it doesnt look like Leading. so it has to be a ending diagonal. But still there is a slight chance for it to be a Leading diagonal. but that could be wave i of extended wave 5. But I am biased towards Ending diagonal because of the yesterdays top. It scares me. So I concluded it as Ending diagonal pattern. By any chance if it doesnt go down to 215 zone with a crash like movement and moves with a hesitation then we have to adjust ourselves that it is going to be Leading diagonal wave i of extended wave 5. And one more thing there is a reason for me to set 367 is the zone where I would reassess because that is where my wave 5 will be larger than wave 3 and that will invalidate contracting Ending diagonal but might open the possibility of expanding diagonal because waves are overlapping. Those possibilities negligible since it forms the double top pattern - one of the conventional patterns.
There is another possibility of it being a corrective pattern with the whole structure from jan 2018 as Flat correction or triangle pattern. Only time will tell what it is going to be. all options are wide open. as time goes by we can eliminate one by one. But the point is that in all options it is pointing towards down side. so its not better to stay with this stock

 

[monkeybusiness]

I doubt bro. Because one of the primary qualities of Ending Diagonal is to have waves 1 and 4 overlapping. here my wave 1 and wave 4 are overlapping. and wave 2 and 4 looks like following wave alternation as well. 2 is with flat correction and 4 is simple zigzag. If we mark wave 2 as you pointed then from your wave 2 to my wave 3 doesnt fit with any counts.

when waves overlap we have only 2 options. 1. Either a diagonal impulsive pattern or 2. corrective pattern. In the diagonal pattern we have 2 options. 1 Leading diagonal 2. Ending diagonal. Here it doesnt look like Leading. so it has to be a ending diagonal. But still there is a slight chance for it to be a Leading diagonal. but that could be wave i of extended wave 5. But I am biased towards Ending diagonal because of the yesterdays top. It scares me. So I concluded it as Ending diagonal pattern. By any chance if it doesnt go down to 215 zone with a crash like movement and moves with a hesitation then we have to adjust ourselves that it is going to be Leading diagonal wave i of extended wave 5. And one more thing there is a reason for me to set 367 is the zone where I would reassess because that is where my wave 5 will be larger than wave 3 and that will invalidate contracting Ending diagonal but might open the possibility of expanding diagonal because waves are overlapping. Those possibilities negligible since it forms the double top pattern - one of the conventional patterns.
There is another possibility of it being a corrective pattern with the whole structure from jan 2018 as Flat correction or triangle pattern. Only time will tell what it is going to be. all options are wide open. as time goes by we can eliminate one by one. But the point is that in all options it is pointing towards down side. so its not better to stay with this stock

Thanks for detailed reply,
just started learning EW.

 

[TraderRavi]

Worse US job data indicates economy faltering but markets flying as now fed may cut rates. ironic.

 

[Riskyman]

Yes bhai very Ironic. Bad Economic data and the market starts to rally as rate cut expectations increase.
Good Economic data and the market starts to rally as the economy is solid. Both ways the market does well.
Bas hum beech mein day trader log ullu bante hai!!

 

[Riskyman]

@TraderRavi Crude oil 54.30 test kar diya. Aaj 55.10 possible.
Lagta next week mein apna 57 bhi hoga.

 

[sagar_balla]

Worse US job data indicates economy faltering but markets flying as now fed may cut rates. ironic.

Yes, some times, bad news is good news for market