Dear Friends,
Continuing from my previous post wherein I have listed my reasons and process of labeling the current sideways move from 26/8/2011 onwards as WXY in detail,at EOD 17.10.2011 the situation remains same with the first indication that Y.A may be over at 5160.
Initially I was tempted to label the current upmove as a zig-zag Y= ABC with
A=4729-5045=316
B=5045-4965=80
C=4965-5160=195(61.7% of A)
But the clear fractals of A,as shown in the chart below,defy its labeling as A.
I am labeling the current upmove as Y.A as its ferocity and form give it out as Impulse,though its fractals as a 5 wave form as yet are not clear to me. And , therefore I'm not able to say with any conviction if it has ended or will continue its upmove tomorrow as well,though its sideways move during most of the day indicates that much steam is not left in it.
What follows an Impulse Y.A is a Y.B in 3 wave form capable of retracing 38.2% to 79% of Y.A
Then Y.C to the up again.
Thats all I can say at present.
Raghu
Dear guruji,
ReplyDeleteits a personal short-coming but as of now , based on EW i m unable to see the move from 4720 clearly.
Relying on classic TA & trendlines,
1. 5045 is 50DMA (shud not break)
2. Hi-Hi & Lo-Lo channel on Weekly charts provides support @ 5016-4998 approx
These 2 levels are absolutely critical to keep the UPSWING going, else we dive into the DEEP BLUE OCEAN
my simple humble opinion :-)
urs
Dear Shri,
ReplyDeleteApna number bhi aayega------
Otherwise also , there are times when one's best is not good enough to understand Nifty Maiyya and as you would have noticed classic TA,trendlines and Fibonacci percentages are very good tools.
"matlab to hai nashe se,
paani se ho,ya mai se----"
Cheers
Raghu
HAHAHHAHA
ReplyDeleteBeloved Guruji!!
Aapse nashe ki baatieyn sunane ki apeksha nahi kari thi,
time time ki baat hein sab ;-)
Btw, pls see the TL chart, there is a support @ 4998 for today
urs