Hope the opening spell shall define the label---
above 5259 would mean Yb(b) played out as a zig-zag 5262-5222 and Yb(c) started from 5222 to do minimum 0.62*Yb(a)=0.62*108=67=5289
below 5230 would mean Yb(b) continuing as some corrective combo form to be followed by Yb(c) upwards---
Fibonacci retracement levels for this Yb(wrt Ya) are indicated below. 80% retracement means 87=5222+87=5309
9.25 AM
Yb(c) in play
started from 5222 to do minimum 0.62*Yb(a)=0.62*108=67=5289
10.05 AM
so no shorts should be created before 5289 despite the 5 min charts issuing sell signals--
12.40 PM
And the grind continues--
1.25 PM
3 wave upmove from 5154 definitely not over yet:
It can not be
108
40
57
It can at the most be labelled as:
Yb(a)=5154-5262=108
Yb(b)=5262-5222=40
Yb(c)=5222---upwards as a 5 wave form(Impulse or diagonal)
(i)=5222-5279=57
(ii)=5279-5241* in progress
1.55 PM
can be long-- for intraday scalp--SL 5222
2.45 PM
By going below trendline,Yb(c) has expressed the possibility of a Diagonal Yb(c) wherein:
(i)=57
(ii)=38
(iii) above 5279 by how much cannot be said.
SL for longs can now be moved up to 5240.95
3.00PM
3.13 PM
AAAAAAAAAh--there goes my SL
Going long again
EOD:
Minimum required for Yb(c) not done yet so went long again in the dying minutes--
Although the Hour chart showing building up of downward momentum--
But incomplete Yb(c) made me go for longs again---
Not very prudent,but it happens--- lets see how we open tomorrow--
guruji,
ReplyDelete5259 ka rahasya samajh main nahi aya
Kal ki 5222 se upmove dekho-
Delete5222-5240=18
5240-5230=10
5230 upwards agar 1.62*18=29=5259 ---matlab 5 wave in action
That's why SL at 5230.
If not above 5259 but below 5230 then--- second prob--
:D
Dear Raghu ji..5303 is max i could see as of now...and 5258 is break out level on monthly charts so thats a good support for may
ReplyDeleteplz have a look at weekly rsi...that may enlighten us a bit about time to come..currently rsi has been in oversold zone on weekly charts but notably below where it was at 4530..the last major bottom
Dear Atul, trading Intraday and looking at weekly not a good idea. Though for understanding bigger picture,its okay---
DeleteDear raghu ji...
ReplyDeletei am nt able to trade regularly these days due to my engagements at ofc...so looking at larger time frame charts to grab any potential positional moves if any.
Thats why wanted ur advice for the same.
Also BBands are squeezing on weekly frames..so a big move cant be ruled out...whats ur view?
Thanks
-atul
Atulji,
DeleteI am seeing this upmove upto 5310 max.
Then a downmove to 5080.
More than that I cannot say---
Thanks a ton raghu ji..point noted..
Deletedhanyawaad guruji,
ReplyDeleteusually i check this but forgot.
prachaar hata diye guruji. main roj dekhta tha
ReplyDeleteHHHHHHHHHHHHH---wo bole apki clicks invalid hain--aapki viewership suspect hai--- HHHHHHHHHHHHHHh
Deletelo kar lo baat. bekaar he roj mehnat ki
ReplyDelete:D
DeleteKaram kiye ja phal ki ichchha mat kar ai insaan---
Jaise karam karega waise phal dega Bhagwaan----
:D
guruji i was looking at the 5 min charts
ReplyDelete5279-5260=19
5260-5270=10
5270-5241-29
5241-5259=18
5259-5226-33
wave 5=1.73 wave 1 1.73 wave 5. a valid 5 wave impulse???