.png)
Yb retracing Ya as a 3 wave form (say YbA,YbB,YbC);
38.2% retracement=5000
50% retracement=5065
62% retracement=5130
And lets see what trendlines are saying:
.png)
Easiest labeling would be:
YbA=4789-4956=167
YbB=4956-4804( ended at 4809.8)
YbC=4809.8 upwards in play and likely to cross 5000
However,I have an issue with these labels as this zig-zag has YbB retracing 91% of YbA and normally in a zig-zag B retraces 80% of A.
So I prefer labeling it differently.
I believe we are still in YbA doing a 5 wave(it remains to be seen whether it is a 5 wave Impulse or a 5 wave Diagonal):
sw1=4789-4956=167
sw2=4956-4804(ending at 4809.8)
sw3=4809.8 upwards in play
(i)=4809.8-4907.7=98
(ii)=4907.7-4856=52
(iii)=4856- onwards minimum 159=5015 target
4856-4932=76
4932-4889=43
4889- upwards likely to go 1.62*76=123=5012
4889-4936=47
4936-4913=26
4913-upwards by 1.62*47=76=4989 likely target
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This is an illustration of how waves within waves occur.
I would keep a Stop-loss for longs at 4889
Raghu
Dear Raghu ji,
ReplyDeleteKindly see if 4789-4956 is a 3 wave ( which I feel it is.) and 4956-4810 a 5 wave?
I am not able to see an upmove and there is a high possibility of a 5th wave from 4956.
sw1: 4956-4810=146
sw2: 4810-4936=126(presumed over)
sw3: 4936 onwards and should go below 4700 roughly (unless it develops into an ED).
It is this subjectivity that makes market a great place to be in.
DeleteI would go by 4789-4956 as a 5 wave form with an extended Ist vis-a-vis 5th( details in my prev post).
I agree on the first statement. And holding PEs with a SL of 4960.
Delete