Dear friends,At current degree I advise continuation of WXY counts from 4720 onwards wherein currently Y.C is in progress as a 5 wave form.
As Y.A=4728-5160=432
Y.B=5160-5011
Y.C=5011-- upwards. Target (taking C=A)=5011+432=5432 as a 5 wave form;
Min Target of 0.62*A =5280 has already been achieved. Subwaves of this Y.C can be seen as:
sw1=5011-5148=137
sw2=5148-5034=114(83%)[ 5148-5034-5120-5038]
sw3=5038- 5400=362
sw4 in play and should ideally be not more than 38.2% as sw2 was very deep so ideal target =5262
ALTERNATIVELY, Y.C may also be considered over as the gap up from 5220-5400(180 points) might have subsumed the sub-waves sw4 & sw5 in it.
How do we know whether Y.C is over or not?
One way is to wait till sw1 high point 5148 is violated when it shall be confirmed that Y.C is over.
Another way is to look at the channel when it gets broken on the downside one may take Y.C to be over.
And now the million dollar question:Where does this WXY fit in the larger picture?
I hope by today EOD I would be able to propose a good answer to it, which , after scrutiny and fine-tuning by my enlightened friends, should make the larger picture much clear. At present all I can say is that the downmove from 6339(November 2010) is NOT a 3 wave form.
;-)
Raghu
ya allah, ameeeeeen sir ! :-D
ReplyDeleteChannel breaks @ 5250-5270 , if we dip in and out Intra day, then Y.c.5 wud still be on , else the UPSWING shall loose steam :-)
urs
raghuji,
ReplyDeletei am absolutely not in a hurry that u find a count.
lot of times counts r not clear. better to have unlabelled chart than to force a label.
the ed from 6338 is not ur preferred scenario. one problem with ed just looking at day charts is
wave a 6338-5178=1160 wave c 5945-4720=1225
wave a shud be largest. here its not. any other problem (asking for knowledge sake)
Dear Raghu ji,
ReplyDeleteGood Morning, Can we say that now Y.C is over as the channel is broken & hitted 5275.50?
without considering labelling, to me its just looking like time correction and prices are just pausing for breath. and shud breakout
ReplyDeleteDear Raghu ji,
ReplyDeleteAt the extemes,
W=459
X=275
Y=672* so far.
At 1.62*W, Y can do upto 744, which would take it to 5472.
Does it also imply that above 5472, this corrective labelling is to give way to an impulsive labelling?
Thanks.
dear raghu ji
ReplyDeleteSw3 is frm 5038-5400 so it comes to 362 and not 262 accordingly w4 38.2% comes at 5262. pls comment
Dear Piyush,
ReplyDeleteThe Diagonal from 6339 downwards would be a 5 wave form so your mentioning it as a b c has surprised me.
As you have mentioned a line--for educational purpose--- I am giving a link
http://www.elliottwave.com/grpcontent/patterns/diagonals.aspx
Hope it helps.
Raghu
Thanks for pointing out the arithmatical mistake.
ReplyDeleteAs I have mentioned earlier also,in addition to percentage,wave form also should be considered. As a corrective this 5400-5238 should be a 3 wave form. I shall be taking it up in the EOD post
thank u for the link raghuji,
ReplyDeleteprobably i have not explained well,
a of ed 6338-5177,b5177-5945, c 5944-4720, d going on and e pending.
a b and c have clear 3 wave scenario as in ed. beckman however states wave 1 shud be largest, though pretcher just says wave 3 of ed cant be shortest. here wave 3 > wave 1 and wave 3 took considerable large time.
i have read ed in beckman and pretcher
'Dear Piyush,
The Diagonal from 6339 downwards would be a 5 wave form so your mentioning it as a b c has surprised me.'
c may be 5944-4758.
ReplyDeleteGot your point Piyush,
ReplyDeleteActually in my labeling style ,numerals 12345 are used for motives(Impulse as well as diagonal) and
alphabets abc for correctives(zz,flat,triangle).
When I am not sure of the form(motive or corrective),I simply mention sw1,sw2 etc.
And yes, the probability of the downmove 6339-4720 being a diagonal is quite high.
Raghu