Hanumanji

Hanumanji
Jai Hanuman Gyan Gun Sagar Jai Kapeesh Tihu Lok Ujaagar Ram Doot Atulita Baladhaama Anjani Putra Pavanasuta Naama

Thursday, November 3, 2011

Nifty: Beginning 4.11.2011


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

4 comments:

  1. raghuji,

    i 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

    ReplyDelete
  2. 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
    [look for the section on complex corrective patterns]

    ReplyDelete
  3. Dear Piyush,
    In 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

    ReplyDelete
  4. @reachnagraj,
    thanks 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???

    ReplyDelete

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