EW wise a very significant observation---the Correctives for which two parameters have been specified:
(i) 3 wave forms;
(ii) Fibonacci retracement percentages;
have ,of late been not showing the typical forms---whether it is the result of algo-trading or my failure to identify Corrective patterns in various retracements--is anybody's guess. Still I am pointing out three instances wherein the retracements failed to show 3 wave patterns:
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And for a person like me who waits for completion of patterns to initiate positions, it has caused opportunities getting missed.
Anyways, let's continue with our labels:
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But yes, one leg of Ya(v),not above 102, remains to be played out as sw5.
So be ready for sub-4874 levels but not below 4820----
10.00AM
Above 4923,Ya would be confirmd as over at 4870 and Yb started.
Target for Yb should be 50% retracement of Ya.
And a bit of time analysis:
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For tomorrow two probabilities are open:
Either open gap-up to test 4990 and then slide down to 4930.
Or open down but not below 4896 and then move up past 4954 to complete one 5 wave form.
Raghu
sir can we go long from here and if so what could be the likely target
ReplyDeletethanks
ReplyDeleteguruji,
ReplyDeletewave 3 of 57 points looks in form of diagonal. can it be? can
there be a probablitu that wave 3 ended today at 4871 and wave
4 was today in wxy form.
Dear Piyush,
DeleteWhat form a wave takes and where it ends gets known at the end of wave only. Till then all probabilities remain open---I cd not understand yr question but my advice is to corelate your labels with momentum indicaters and trade---
Too much of academics should be avoided---
guruji,
ReplyDeletehourly divergences are typical of end of wave 5. very good +ve divergence in hourly slow macd and rsi . but the demerit in momentum
indicators is that prices can fall once more and make one more divergence before reversing.
the move frm 4871, if its an 5 wave impulse (not looking diagonal
as wave 4 above ur mentioned wave 1. wave 3 internals have taken
form of diagonal , as it looks to me. i remember having read that
wave 3 in a 5 wave can never be a diagonal. so i am having a wxy
doubt for 4871-4953* rally .