After mentioning the alternate labels in EOD 22.2.12 post,I have chosen to follow the following label for my trade set-up for 23.2.2012
(i)=5629-5574=55
(ii)=5574-5606=32
(iii)=5606-5491=115
(iv) upwards may do 38.2% of (iii)=44 or may be more but remain confined within the channel tentatively shown here. And the form of this (iv) might be complex as (ii) was simple.
(v) to the down again.
And after this 5 wave form gets completed,again an upmove --a 3 wave form of higher degree--would start which may very well retrace upto 80% of the 5 wave form mentioned above.
Thus a volatile session ahead.
Tight stop losses may cause whipsaws so my advise is:
keep a bearish bias with stop-loss at 5630 and target 5427.(we may see it tomorrow or day after)
Raghu
(i)=5629-5574=55
(ii)=5574-5606=32
(iii)=5606-5491=115
(iv) upwards may do 38.2% of (iii)=44 or may be more but remain confined within the channel tentatively shown here. And the form of this (iv) might be complex as (ii) was simple.
(v) to the down again.
And after this 5 wave form gets completed,again an upmove --a 3 wave form of higher degree--would start which may very well retrace upto 80% of the 5 wave form mentioned above.
Thus a volatile session ahead.
Tight stop losses may cause whipsaws so my advise is:
keep a bearish bias with stop-loss at 5630 and target 5427.(we may see it tomorrow or day after)
Raghu
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