Q
(iv)=5155-5116* in play and most likely to retrace 61.8% of (iii) that is go down to 5070
And then a trip above as (v) to test 5185
UnQ
Instead of going down to 5070(61.8% retracement),it decided to move up from 5100 itself(39.8%) and (iv) played out as:
a=5155-5116
b=5116-5141
c=5141-5100
Now (v) to the up in play,having chalked out:
5100-5140
5140-5102
5102-5168
5168-5144
5144-5154* and likely to test 5185.
With this test of 5185,the minimum retracement condition of C=0.618*A would be satisfied (remember here A=4720-5110;B=5110-4945;C=4945-5154* and likely to test 5185) Next what?
Ideally C=A and that keeps the possibility of C moving upto 5325-5330 open.But for even that to happen,the C played thus far as a set of 5 subwaves(4945-5154*)has to be retraced and the most likely retracement would be again 61.8%.
So once 5185 is tested,I would again gear myself up for a retracement of 150 points (61.8% of 4945-5185=240) to the down. So after testing 5185, get ready for 5035(optimally).
Raghu
Instead of going down to 5070(61.8% retracement),it decided to move up from 5100 itself(39.8%) and (iv) played out as:
a=5155-5116
b=5116-5141
c=5141-5100
Now (v) to the up in play,having chalked out:
5100-5140
5140-5102
5102-5168
5168-5144
5144-5154* and likely to test 5185.
With this test of 5185,the minimum retracement condition of C=0.618*A would be satisfied (remember here A=4720-5110;B=5110-4945;C=4945-5154* and likely to test 5185) Next what?
Ideally C=A and that keeps the possibility of C moving upto 5325-5330 open.But for even that to happen,the C played thus far as a set of 5 subwaves(4945-5154*)has to be retraced and the most likely retracement would be again 61.8%.
So once 5185 is tested,I would again gear myself up for a retracement of 150 points (61.8% of 4945-5185=240) to the down. So after testing 5185, get ready for 5035(optimally).
Raghu
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