Yesterday's EOD post had following labels on chart:
And I believe that C ended at 5268. In support I put up the following chart:
The blue channel indicates the lower degree 5 subwaves of C and upper red trendline denotes the tentative boundary for corrective ABC.
Also the form of today's upmove(5268-5391) speaks out that it is not (iv) of C but a higher degree wave.
In today's chart,I have shown the downmove 5629-5268 as small letter abc instead of capital letters ABC as I consider the 3 wave zig-zag 5629-5268 as three sub-waves of A of W4 with B and C to follow.
The probability of W4 having ended as a 3 wave ABC at 5268 is being kept on backfoot as W4 has to be a sideways slow moving wave(though A of W4 can be fast & furious).
And so the upmove from 5268 is being seen by me as B of W4.
And my Guru wave-rider says that B of W4 is foxiest of all waves.
So get ready for volatility and boring,grinding moves in different bouts and avoid taking positions for intra-day scalps.
Conclusion:
W4 in play as ABC.
A of W4 played a zig-zag and now B in play.
W4 playing out as a Flat or Triangle means B retracing 90% of A so testing 5600 is very much on the cards.
Raghu
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