First the chart:
http://img24.imageshack.us/img24/4471/nifty13102011.png
Now the details
X=5026-4729
Y=4729-5045-4965-5136-5068* in progress and so far:
A= 4729-5045=316
a=4729-4923=194
b=4923-4861=62
c=4861-5045=184
B= 5045-4965=82
a=5045-4992=53
b=4992-5018=26
c=5018-4965=53
C=4965---upwards as 5 wave form ; Target minimum 0.618*A=196=5161 or C=A=316=5281
(i)=4965-5057=92
(ii)=5057-4998=59
(iii)=4998-5136= 138 [150% of (i)]
(iv)=5136-5068*=68
a = 5136-5078=58
b = 5078-5128=50
c= 5128-5068=60
(v) and last leg to the up yet to play
As (iii) should have played out minimum 162% of (i), its remaining restricted to 150% of (i) was a set-back to the counts.
Does it indicate an extended (v)?
That should mean a run up to 5217.
My friend Shriramoka has expressed doubts over the character of this Y.
And I agree with him. Instead of being a Y=winding ABC it is too fast and straight( more like an A or a C wave).
So we must look at this move from 4729 to 5137 as Y.A also-- with Y.B and Y.C yet to follow.
In such a scenario:
Y.A can fan out as a 5 wave or a 3 wave---
I am keeping my fingers crossed as "characterwise" the current move from 4729 to 5137 has not satisfied the "winding" nature of Y.
All longs must keep SL at 5056.
Raghu
Dear Raghuji
ReplyDeletesmall clarification,
4729-5129 being part of Y.A, is a possibility, but i wud not vouch for it, unless ur hinting @ 2nd part of DZZ as a FLAT, which is again rare
Y ?
becoz the charactertic of WXY is a SIDEWAYS MOVE!
so,
1. Y cannot be a ZZ since that wud take it above 5300 easily!
2. Y cannot be a FLAT since DZZ with 2 FLATs are RARE (refer Prechter)
imho, the possible option left is to treat move from 4729-5129 as 5wave C.3.4.c !!
urs
My feel is that we have to surpass 5169 in this combo.
ReplyDeleteExact form is still not clear and that C.3.4.c is not a digestible label for me as your details of C.3.4.b have problems(IMHO)--which have been discussed many times.
So used the phrase--keeping my fingers crossed---
In fact thic label of C.3 also is a bit early.
One should use it after we go below 4655 on closing basis. But more about that later--