Yesterday's breach of 5217 was indicater enough that out labels for downmove from 5378 were not correct and even now I am not able to configure a convincing Count for this downmove(=5378-5212). So on that front we should accept that the pattern for this downmove remains fluid and we should wait for one more day for it to get crystalized.
However,let me move to Counts one degree higher wherein:
.png)
Thus currently we are in C2 which is retracing C1=5136-5378=242
61.8% retracement=5228 ---already done
76.4% retracement=5193--- is the next target
The following channel for C2=5378-5212* shall also prove useful:
However,in the absence of proper labels for smaller degree waves,I am not in a position to find a prudent trade set-up as of now( based upon EW). So would prefer to sit out till a convincing trade-setup appears.
1.14 PM
First signs of downmove being over at 5191 have come:
Positive divergence on indicaters and hourly closing at 1.00 PM above 5HEMA
Confirmation would come as soon as the double barrier is surpassed:
.png)
1.54 PM
.png)
EOD
Ending has been bullish.While the sudden drop from 5264 to 5205 was intriguing but Nifty managed to close above today's pivot at 5237 and tomorrow's pivot at 5231.Also the indicaters have ended in positive divergence.
Now the moot point is is C2 over?And C3 begun?
Going by the percentage(77% of C1 retraced) it should be over. Other confirmation comes by the form of it(i.e.has it ended as a 3 wave form?) Unfortunately,after a long time,waves have proved too foxy for me and I have not been able to assign proper form to this downmove=5378-5191.
My vote however goes for C2 being over at 5191 and C3 begun--- so first target for Nifty is now at 5433 and second is 5585.
More of it later----
Raghu
However,let me move to Counts one degree higher wherein:
.png)
Thus currently we are in C2 which is retracing C1=5136-5378=242
61.8% retracement=5228 ---already done
76.4% retracement=5193--- is the next target
The following channel for C2=5378-5212* shall also prove useful:
However,in the absence of proper labels for smaller degree waves,I am not in a position to find a prudent trade set-up as of now( based upon EW). So would prefer to sit out till a convincing trade-setup appears.
1.14 PM
First signs of downmove being over at 5191 have come:
Positive divergence on indicaters and hourly closing at 1.00 PM above 5HEMA
Confirmation would come as soon as the double barrier is surpassed:
.png)
.png)
EOD
Now the moot point is is C2 over?And C3 begun?
Going by the percentage(77% of C1 retraced) it should be over. Other confirmation comes by the form of it(i.e.has it ended as a 3 wave form?) Unfortunately,after a long time,waves have proved too foxy for me and I have not been able to assign proper form to this downmove=5378-5191.
My vote however goes for C2 being over at 5191 and C3 begun--- so first target for Nifty is now at 5433 and second is 5585.
More of it later----
Raghu
@Sir,
ReplyDeletelove ur way of counting...not a forcing one...
thanks for teaching patience...
sir i feel proud
ReplyDeletewhen my counts metch with yours, thanks for shering,