Q
(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.
UnQ
We did reach very close to our target-1 ,and that meant the day was quite fruitful,but now of utmost importance is HOW WE REACHED HERE as it is this wave-form that is going to guide us for tomorrow's trade.
And it took a great deal of time & effort to give an acceptable form to this journey from 4966 to 4826.
And I hope it is going to make our Friday one of the most memorable days (as far as fruitfulness,tradewise, is concerned).
Be ready to see first 4900+ and then 4800(-) now in a single day.
That is what I foresee.
This downmove, being called (v) of SW5 of W3 of C ,looks like an Ending Diagonal to me where all the 5 subwaves are going to be 3*3*3*3*3. Currently we have finished three subwaves and 4th is in play:
sw1=4966-4900=66
a=4966-4926=40
b=4926-4962 =36
c=4962-4900=62
sw2=4900-4931=31 as a DZZ wherein
W=4900-4926
X=4926-4896.55
Y=4896.55-4931
sw3=4931-4839=92
a=4931-4875=56
b=4875-4915=40
c=4915-4839=76
sw4 in progress as an extended flat wherein
a=4839-4896=57
b=4896-4826=70(123%)
c=4826-4855* and likely to go above 4896 ,max being 1.618*57=92=4918
And then sw5 coming down by more than 92 points.
Best of luck for your trades.
Raghu
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