Please look at the chart above to have a grasp of the Count,how we are placed today and what is likely to follow.The subwave YB(b).sw3,likely to unfold today has minimum target of 5125 but maximum possible is 5216.In this wide range how to pin-point the end of it?
One simplest way is to look for 5 wave fractals,starting from 5038 upwards.
However,if there is a gap-up opening(as has become a routine affair nowadays),it would not be possible to count exact 5 waves from 5038 upwards. To overcome this difficulty, have a close look at the chart below:
In this chart,I have tried to project the likely wave forms that are expected to unfold after a gap-up opening-----
In this chart,I have tried to project the likely wave forms that are expected to unfold after a gap-up opening-----After the gap-up, particularly if we open above 5110,we are likely to see a 3 wave downmove and then a 5 wave upmove which is most likely to take us past 5148 but least likely to go above 5169. And that should be the point to square-off longs and start shorts.
Tomorrow being the Series Expiry day, all Intra-day traders going for October series must play for only In the Money options as Nifty management would be highest and Out of the Money options will definitely find themselves stranded.
Best of luck for today's trades.
Raghu
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.