Q
Conclusion: In view of the above,I believe we are now in (v) of W3 which is likely to travel down by a length approx. equal to (i)=143 (pl have a look at my previous posts to see details of W3).It is more likely now that we may go below 4797 to complete this (v) of W3.
So I advise for today go short with SL at 4967 for targets below 4797.
UnQ
It worked out perfectly.
To place the counts in correct perspective again,lets revisit them:
Wave C from 5944 downwards--5 wave form
W1=5944-5329=615
W2=5329-5740=411
W3= in progress ---- target 1.618*W1=995=5740-995=4745 and has so far been:
SW1=5740-5497
SW2=5497-5702
SW3=5702-4946
SW4=4946-5194
SW5=5194 downwards in progress
(i)=5194-5053=143
(ii)=5053-5132=79(55%)
(iii)=5132-4797=335(235%)(iv)=4797-4966=169(50% of (iii)
(v)=4966---downwards in progress as 5 wave
and the most logical target is below 4797.Discernible waves so far are
4966-4896=70
4896-4931=35
4931-4875* is in play and should take us to 4815-4820 levels.
All shorts now should have a Stop Loss at 4932 and target -1 at 4820.
Best of luck.
Raghu
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