So 5323 did not hold.So should I label the current downmove as W4 or not?
I am giving it some more leverage and taking 5250 as the point to change that label.Why?
Because so far:
A=5629-5461=168
B=5461-5521
C=5521-5293*
only when this C does more than 1.62*A can I DEFINITELY say that W4 is not there.Till then I would count it as W4 as zig-zag.
So longs only near the end of (v) of C as depicted above.(aprox.5255)
Till then short is the way.TSL for shorts now 5428.
Otherwise sq them off around 5260.
Raghu
I am giving it some more leverage and taking 5250 as the point to change that label.Why?
Because so far:
A=5629-5461=168
B=5461-5521
C=5521-5293*
only when this C does more than 1.62*A can I DEFINITELY say that W4 is not there.Till then I would count it as W4 as zig-zag.
So longs only near the end of (v) of C as depicted above.(aprox.5255)
Till then short is the way.TSL for shorts now 5428.
Otherwise sq them off around 5260.
Raghu
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