And this last leg,ideally & hypothetically,should be something like this:
However,in view of the
i)bullish rally globally and
ii)the fact that minimum level of 4532 having been achieved for this wave;
we should expect a gap-up opening today. And if this gap-up goes above 4615 then we should consider the current wave as over & out.
And count the higher degree wave(shown with a target of 4504)wherein the upmove would be seen as a 4th wave retracing the 3rd wave=4840-4531
And the stop-loss for shorts should be 4729.
Raghu
Raghu ji,
ReplyDeletePlease englighten the SL derivation at 4728.
As W1 lies at 4674(from 4839) and w3 made 174% at 4531, shall we consider 4674 as SL?
Thanks
Sekar
Raghuji,
ReplyDelete4839-4531 is 5 fractals..w5 with 64% of w1..So it is done...so we need to look into the next higher degree whose SL at 4728.. hope i got it...
Please clarify the following doubt,
w3 is not extended with 159% of w1 and w5 with 64% of w1..is the count be taken as valid?..either one of them must be extended,isn't it?
Sekar
raghuji,
ReplyDeletebaap re baap. u took my comment very seriously.
earlier usually u used to elaborately mark waves on charts and write it. so understanding is matter of minutes. yesterday it took me some time to figure out.
but what ur readers /students shud also realise that u do it day in and day out and explaining takes time. so pls do as its convenient to u and ignore my comment...
another question , (which can be ignored) two ppl read same ew book apply same principles and one most of times labels waves correctly (u) and one mostly incorrectly (me).... perplexing...
if i try to guess 4729,
ReplyDeleteits wave 3.1 end . wave 3.4 going on, 4729 invalidation of count....
Dear Piyushji,
ReplyDeleteI couldnot help smiling at your"baap re baap"
:-)
You had a valid point as my writing is a total waste of time if my reader is not able to understand. Significance of 4728 has been correctly understood by you & Sekat.
As far as Counting differently is concerned,first & foremost, pl accept that subjectivity is the hallmark of EW.
Secondly,more importance should be given to setting-up the trade--i.e where to enter,how to understand if entry has been made correctly or wrongly and where to exit.
EW should be used to this effect otherwise there is no use of it.
e.g. I have initiated shorts at 4700+ levels going by my Counts and put a SL at 4727.What happens if it gets triggered? I must be ready for the new trade.Going above 4727 would mean we are not in a 3 wave ABC(with A=4531-4640;B=4640-4602;C=4602-4707) but in a 5 wave wherein the current wave(4602-4707*) would be extending to 1.62*(4531-4640=109)giving us a target of minimum 4778.So we have to not get stranded if SL for shorts gets triggered at 4727 but go long immediately so as to not only recover the loss incurred by triggering of SL but also to make a net gain.
If we are not able to plan our trade in this manner, there is no point discussing n discussing n discussing---
:-)