Yesterday only I had mentioned the foxiest of all waves being B of W4 and today we got the demo.
One would need to have great conviction in this market and that conviction would come only from your own analysis. Best advice, they say, is not to follow any advice.
5350 survives and the down move from day's high of 5459 to day's low of 5352 is again a 3 wave form.
Gap ups make it difficult to find fractals in small degree but then one has to learn where to put the Trailing Stop loss.If anyone asks me to provide the ideal fractals for a and c above,I may not but if anyone argues that a & c were not Impulses, I would ignore him and move ahead with my trade set-up. I have seen people discussing EW passionately and toying with various probabilities but basing their trade on "gut-feeling" which is nothing but the reflection of sound/noise around ---.
Coming back to EW, one set of abc(5268-5384-5351-5459) is over and the second set of abc(5459-5400-5436-5352)also is discernible.
Easiest labeling would be calling the first set of abc as W and second set of abc as X and then vouch for Y (another abc) to take us Up and W4B, thus progressing as a Double zig-zag in following manner:
Alternatively, the abc (5268-5459) may be labelled as A of W4B with B of W4B coming down to sub-5300 levels and then C of W4B going up again to make W4B a FLAT ABC, in following manner:
By keeping a SL for longs at 5350,I had chosen for the first alternative.
By mentioning the second I have indicated to you to be ready for it as well and keep watching momentum indicaters as well as crucial levels to understand how Nifty would move--
Raghu
One would need to have great conviction in this market and that conviction would come only from your own analysis. Best advice, they say, is not to follow any advice.
5350 survives and the down move from day's high of 5459 to day's low of 5352 is again a 3 wave form.
Gap ups make it difficult to find fractals in small degree but then one has to learn where to put the Trailing Stop loss.If anyone asks me to provide the ideal fractals for a and c above,I may not but if anyone argues that a & c were not Impulses, I would ignore him and move ahead with my trade set-up. I have seen people discussing EW passionately and toying with various probabilities but basing their trade on "gut-feeling" which is nothing but the reflection of sound/noise around ---.
Coming back to EW, one set of abc(5268-5384-5351-5459) is over and the second set of abc(5459-5400-5436-5352)also is discernible.
Easiest labeling would be calling the first set of abc as W and second set of abc as X and then vouch for Y (another abc) to take us Up and W4B, thus progressing as a Double zig-zag in following manner:
Alternatively, the abc (5268-5459) may be labelled as A of W4B with B of W4B coming down to sub-5300 levels and then C of W4B going up again to make W4B a FLAT ABC, in following manner:
By mentioning the second I have indicated to you to be ready for it as well and keep watching momentum indicaters as well as crucial levels to understand how Nifty would move--
Raghu
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