So now its clear that the downmove from 5400 is a 5 wave.
Hope the SL @5125 for longs would have deterred the readers from creating fresh longs in the morning as a low of 5120 was formed in the morning itself.
Also, it has brought to forefront the usefulness of doing EW counts alongwith trendlines & momentum as these two had clearly indicated a negative bias in Nifty.
Now the Counts stand as:
SW1=5400-5202=198
SW2=5202-5326=124
SW3=5326-- downwards Target minimum is 1.62*198= 320=5006 as a 5 wave form :
(i)=5326-5142=184
(ii)=5142-5229=87
(iii)= 5229-5057* target is 4930
5229-5121=108
5121-5159=37
5159-5057*=102 expected to touch 4984
SL for shorts @5160
Raghu
yes sir, raghuji ,
ReplyDeleteone addtl. input --> intra -day basis, there may be a small bounce @ the 5015-5033 zone :-)
urs
SMO
good morning raghu ji
ReplyDeletecan it be alternately labelled as this :
5382-5201=A
5201-5326(5317)=B
5317-5141= a of C (176)
5141-5229= b of C
5229-5053= c of C (176)
(this is not my reading..sharing a friend's view)