Pre-open:
Reproducing the chart outlining the expected pattern in coming weeks:
.png)
And it is the highlighted 3 wave pattern in the chart that I am alluding to:
Let me call it ABC and we are currently in A of this 3 wave pattern.
Now where this A started from 5171 upwards would end?
Let me try to answer it.
And the answer can be found in the types of Impulses that we usually encounter:
As the A under discussion is a gap-up,it resembles the fourth of the figures shown above.
by the above calculation, 161*0.617=99; we should not cross 5400(5300+99) as A.
Most probable Targets for A being:
0.382*161=61=5361
0.5*161=80=5380
And then B downwards to retrace this A
How have we opened?
Another gap-up.But I would not advise going long at the outset now.
As expected,immediate slide down has begun.
Thus A=5171-5420=249
B to retrace minimum 38.2%=95 points as a 3 wave form
So 5325 would be on board today.
.png)
.png)
10.00AM
For those interested in 5HrLEMA/HEMA
)
.png)
All those holding short positions should get out in 5320-5340 range.
.png)
And therefore A=5171-5420 has to be accepted as an Impulse.
.png)
30 sec chart for academically inclined
.png)
)
11.25 AM
A minor relabelling which sets minimum for down move slightly more down:
.png)
.png)
Catch the bottom:
.png)
12.00 N
.png)
Now the confirmation of downmove to be over would come with a tick above 5347.15.
Conservatives can go long that point in time with Stop Loss at day's low.
Aggressive traders should try to catch bottom at 5315 but as one would understand,no stop loss for them.
12.35 PM
.png)
1.10 PM
Trailing stop loss at 5333 for longs
.png)
If the TSL at 5333 is hit then upto what level can it go down?
Not below 5310:
.png)
For those who wish to keep track of 5HrLEMA/HEMA
)
2.57 PM
My Preferred count:
.png)
B(b) has to retrace 90% of B(a)(=5419-5327=92)=83 so its target is minimum5410
As a 3 wave form of which Ist is nearing completion at 5375
Did not fo 5375 and stopped at 5370.75.
3.15 PM
.PNG)
EOD:
While A=5171-5419=248 got completed
Its retracement B, capable of retracing 38-80% ,having done the minimum retracement ,is still not over and looks capable of going down further.But the form chosen by it is complex and may actually test 5410+ levels before going further below 5327.
Not prudent to say anything more at this juncture.
Raghu
Reproducing the chart outlining the expected pattern in coming weeks:
.png)
Let me call it ABC and we are currently in A of this 3 wave pattern.
Now where this A started from 5171 upwards would end?
Let me try to answer it.
And the answer can be found in the types of Impulses that we usually encounter:
As the A under discussion is a gap-up,it resembles the fourth of the figures shown above.
Most probable Targets for A being:
0.382*161=61=5361
0.5*161=80=5380
And then B downwards to retrace this A
How have we opened?
Another gap-up.But I would not advise going long at the outset now.
As expected,immediate slide down has begun.
Thus A=5171-5420=249
B to retrace minimum 38.2%=95 points as a 3 wave form
So 5325 would be on board today.
.png)
.png)
For those interested in 5HrLEMA/HEMA
.png)
All those holding short positions should get out in 5320-5340 range.
.png)
And therefore A=5171-5420 has to be accepted as an Impulse.
.png)
30 sec chart for academically inclined
.png)
11.25 AM
A minor relabelling which sets minimum for down move slightly more down:
.png)
.png)
Catch the bottom:
.png)
12.00 N
.png)
Now the confirmation of downmove to be over would come with a tick above 5347.15.
Conservatives can go long that point in time with Stop Loss at day's low.
Aggressive traders should try to catch bottom at 5315 but as one would understand,no stop loss for them.
12.35 PM
.png)
1.10 PM
Trailing stop loss at 5333 for longs
.png)
If the TSL at 5333 is hit then upto what level can it go down?
Not below 5310:
.png)
For those who wish to keep track of 5HrLEMA/HEMA
2.57 PM
My Preferred count:
.png)
B(b) has to retrace 90% of B(a)(=5419-5327=92)=83 so its target is minimum5410
As a 3 wave form of which Ist is nearing completion at 5375
Did not fo 5375 and stopped at 5370.75.
3.15 PM
.PNG)
EOD:
While A=5171-5419=248 got completed
Its retracement B, capable of retracing 38-80% ,having done the minimum retracement ,is still not over and looks capable of going down further.But the form chosen by it is complex and may actually test 5410+ levels before going further below 5327.
Not prudent to say anything more at this juncture.
Raghu
sir, pl put india time under your heading. thanks
ReplyDeleteamazing guruji
ReplyDelete@all readers: Thanks for the feedback on the time stamp; settings have been changed to reflect IST
ReplyDeleteBRgds
Dear Raghu ji,
ReplyDeletePranam.
Thanks lot for these timely updates for all students, with defining all probabilities of movements of correctives.
Hats off to you brother.
Good Luck. God Bless You.
Thank you.
Many Regards.
Jeevan.
Thanks to all my friends for their kind words--
ReplyDelete