Have tried to figure out the support levels with the help of EW and trendlines.
A fresh downmove has started from 5400 downwards and its length and form would be of utmost importance to figure out the larger pattern. Currentlythis fresh downmove should is being counted as,as I wrote in today's morning post:
Q
5400-5323=77
5323-5365=42
5365-5238=127(165%)
5238-5263*
5th subwave should go below 5200".
UnQ
However it chose to bounce back from 5207 level,and here one has to mention that the trendlines had indicated that going below 5200 shall be quite tough. So our current Count for this downmove stands:
SW1=5400-5207
SW2=5207-5300* in progress as a 3 wave form wherein
A=5207-5300=93(5 wave form)
B=5300-5253*=47(3 wave form)
C=5253+93=5346--expected tomorrow as a 5 wave form.
Intra-day charts for these waves can be seen here:
Once this C wave upwards and SW3 downwards plays out,then only the larger picture would be clearer. Till then I choose to keep mum about the larger picture.
Raghu
pranam raghuji,
ReplyDelete3 options visible :-
(i) we finished Y.C.w4.b.swb as : 5300-5257
(ii) Y.C finished @ 5382, and the move 5300-5257 is w2.B.a
(iii) Y.C finished @ 5382, and the move 5300-5257 is w2.B , with C to follow as a 5 wave, but shud end within 90% x(5382-5207)
Just enumerating for ur review, am sure u must ve considered them all :-)
goodnight guruji
urs
Dear Raghuji,
ReplyDeleteNice interpretation...As stated in your analysis, I believe we may come closer to 5346 tomorrow itself
Best Regards
kamathak