Where do we stand?
.png)
Taking the Probability 1(of C being a 5 wave Impulse) further:
.png)
.png)
Thus in this Probability1, once (i) is complete above 5307, a retracement to (i) to the down would begin covering say 50% of (i)=approx 60 points=5260.
Now lets take up the Probability 2: of C being a Diagonal and that too a 3x3x3x3x3 diagonal:
.png)
For this Probability to become a possibility,5340 needs to be tested.
So tomorrow,if we test 5340 and return, then be very careful as a very fast & furious retracement of 3 wave C1(=5136-5340 in which sw3 failed to go above sw1) might be in play .
Thus for tomorrow, if we start a downmove before testing 5340, it would be a smaller degree retracement. But a downmove after testing 5340 can be a higher degree retracement.
Raghu
.png)
Taking the Probability 1(of C being a 5 wave Impulse) further:
.png)
.png)
Thus in this Probability1, once (i) is complete above 5307, a retracement to (i) to the down would begin covering say 50% of (i)=approx 60 points=5260.
Now lets take up the Probability 2: of C being a Diagonal and that too a 3x3x3x3x3 diagonal:
.png)
So tomorrow,if we test 5340 and return, then be very careful as a very fast & furious retracement of 3 wave C1(=5136-5340 in which sw3 failed to go above sw1) might be in play .
Thus for tomorrow, if we start a downmove before testing 5340, it would be a smaller degree retracement. But a downmove after testing 5340 can be a higher degree retracement.
Raghu
Sir
ReplyDeleteIn my view C 1 - 5136 - 5379
C 2 5378 - 5184
C 3 5184 - so far 5298.20 (Approx 5665)
agrees with ur view
Now break up of C 3
1 5184 - 5293
2 5293 - 5222
3 5222 - running so far 5298 (Approx 5430)
Why would 3 go back to 5260 after 5340?
Dear Sameer,
DeleteJust as you have gone into details of C3;
do go through details of 1 5184-5293( though I am counting it as 5190 upwards---). If you are able to see it as a 5 wave form--- go ahead with it.
I was not able to see 5 sub waves in 5190-5293 as
5190-5253=63
5253-5109=44
5109-5293=84 was not an extended one( less than 1.62)
5293-5222--went below 5253
All this was mentioned in the intra-day live trading session.
Subjectivity rules in EW--- still thank you for asking as it led to my re-checking my labels--
Differences in counts will remain--- just ensure that while setting up trade on basis of EW exit( for profit or for SL because of wrong labels) are in place.
guruji,
ReplyDeletein a diagonal sw3 can be lower than sw1. i need to relook pretcher
maybe . my memory whatever be the case sw3 has to go above sw1.
have to log off now can i can check tomm only
waise aapne prachar daalke badhiya kiya. u know what i will do.
Dear Piyush,
DeleteIn a diagonal,if sw3<sw1 then sw5<sw3---- simple.
In a 3 wave form C usually goes beyond A and if it fails to do so,reversal is fast.(Remember ABC are being labelled sw1,sw2,sw3 of C1 for Probability 2).
Rahi prachaar dalne ki baat, is jeevan me bahut kuchh kar liya hai,socha ise bhi dekh lete hain---HHHHHHHHH
guruji,
ReplyDeletei remember having read 2 guidelines of diagonal that wave 3 never
shortest and wave 3 above wave 1. i cudnt find any specificic
mention in pretcher. i dont remember the source. however if sw3 remains lower than sw1 does the diagonal triangle not resembel
more to equilateral triangle and better to label as part of
previous corrective.(in this case part of b from 5629 which
we assumed ended at 5136 maybe still on)