As mentioned in yesterday's EOD post:
SW1=5400-5202
SW2=5202-5281* in progress.
What are the possibilities for this SW2?
Normally we find SW2 retracing 62-77% of SW1 as ZIG-ZAG so a level of 5325 ( a resistance level by classical TA also) should be expected.
And as per Intraday 3 min charts:
However, based on this 3 min chart,all one can say is that the longs should keep a Stop-Loss at 5234.60 and then Intra-day momentum and wave form should become guiding lights -- remember this SW2 has to be a 3 wave form.
More than this , nothing can be said at this stage.
Raghu
raghuji,
ReplyDeletei have a question. can there be a corrective labelling in ew like abc, a -a flat, b- a zigzag, c- a 5 wave form like c of flat
Dear Piyush - please look into the section of corrective waves in the textbook's Chapter 2 where the corrective patterns and sub-patterns have been explained with examples. Good Luck
ReplyDelete[look for the section on complex corrective patterns]
Dear Piyush,
ReplyDeleteIn a double combo,usually called WXY,where W,X,Y all three are a corrective form i.e
W=abc(zz or flat or triangle)
X=abc(zz or flat)
Y=abc(zz or flat or triangle)is possible.
However,c as a stand-alone, has to be always a 5 wave form
@reachnagraj,
ReplyDeletethanks for reply. i have looked in book. asking a doubt.
@raghuji,
this is probably complex labelling only as single corrective is either flat,zigzag or triangle.
does it look like w flat, x zigzag and y as in c.
if this-
(from previous comment)
"abc, a -a flat, b- a zigzag, c- a 5 wave form like c of flat"
were to be a flat wave a wud be zigzag and not a flat. am i on right line of thought???