On daily charts,14 day RSI has gone in oversold territory and the lower trend-line of channel is also nearby but no Price-RSI divergence has been noticed in daily charts so far.
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And on Hour Chart, Price-RSI divergence has become visible.
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Trendline and channels can be drawn in many ways by I have chosen to present one which would abide by my labels:
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As the (v) of Ya is being seen as a 3x3x3x3x3 diagonal:
sw4 has to overlap with sw1 i.e go above 4906 but not go above 4975(high of sw1):
Minimum condition has been met. Now watch the cross-overs on 5 min charts and divergences to take short positions for a fall to sun 4820 levels
And of course the trendline:
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10.05 AM
While the orange lines indicate EW channel made by joing sw1 low(5125-4906) with sw3 low(4976-4837) and then drawing a parallel line from sw2 high(4906-4976); the blue line shows a regular trendline joining two tops--
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10.47 AM
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12.09
Some times the wave forms are so clear--like the 5 wave form -down from today's high--
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12.22 PM
I have squared off my short positions as I am expecting a rebound from day's low--
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12.50 PM
No bounce-up and day's low broken so weakness confirmed .
1.03 PM
I would take a chance for bounce:
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1.20 Pm
Playing for the bounce with stop loss at day's law. Target above day's high.
EOD:
Extremely choppy session. Only take-away for my Counts was the overlap of sw4 with sw1 which happened above 4906.
So now we have (v) of Ya doing a 3x3x3x3x3 diagonal from 5125 downwards:
sw1=5125-4906
sw2=4906-4976
sw3=4976-4837
sw4=4837-4922*
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One probability is that sw4 is still in play and we may see another pop-above 4922:
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Second Probability is that sw4 ended at 4922 and sw5 began from there. (i) of sw5( a 3 wave form) may be playing as a Diagonal not to go below 4842 and then (ii) would retrace (i) in following manner:
.png)
.png)
.png)
Trendline and channels can be drawn in many ways by I have chosen to present one which would abide by my labels:
.png)
.png)
sw4 has to overlap with sw1 i.e go above 4906 but not go above 4975(high of sw1):
Minimum condition has been met. Now watch the cross-overs on 5 min charts and divergences to take short positions for a fall to sun 4820 levels
And of course the trendline:
.png)
While the orange lines indicate EW channel made by joing sw1 low(5125-4906) with sw3 low(4976-4837) and then drawing a parallel line from sw2 high(4906-4976); the blue line shows a regular trendline joining two tops--
.png)
.png)
Some times the wave forms are so clear--like the 5 wave form -down from today's high--
.png)
I have squared off my short positions as I am expecting a rebound from day's low--
.png)
No bounce-up and day's low broken so weakness confirmed .
1.03 PM
I would take a chance for bounce:
.png)
Playing for the bounce with stop loss at day's law. Target above day's high.
EOD:
Extremely choppy session. Only take-away for my Counts was the overlap of sw4 with sw1 which happened above 4906.
So now we have (v) of Ya doing a 3x3x3x3x3 diagonal from 5125 downwards:
sw1=5125-4906
sw2=4906-4976
sw3=4976-4837
sw4=4837-4922*
.png)
One probability is that sw4 is still in play and we may see another pop-above 4922:
.png)
.png)
guruji,
ReplyDelete4988 is high in sw1 i guess sw2 high is 4976.
or i am making a mistake 4988 high is before 4906 swi completion as it appears to me guruji.
You are correct that sw2 high is 4976.
Deletesw1 high is 5125
ok guruji. so working with ur counts more maybe we can say
ReplyDelete4960 is outer limit bcos 5th has to do 4821 but sw5<139
iggjactly---
Deleteguruji,
ReplyDeletei have a doubt . if its a normal 5 wave impulse(not a diagonal)
can wave 3 of that '5 wave' be a diagonal. i remember having read
it cant be..
Wave 3 can not be a diagonal---- that's true.
DeleteForm of this upmove from 4837 is yet not clear.So relying more on trendline and 5 min cross-overs--
Otherwise also previous correctives have been too sharp and I have faced problems in ascribing 3 wave forms to them---so not attempting ---
guruji,
ReplyDeleteif 5 wave down frm 5125
5125-4956-169
4956-5039-83
5039-4871-168
4871-4954-83
4954-4837-117
one is none extended . other wave 3 internals a diagonal.i cud
find that 2 guidelines broken in this conunt. just thinking whether ya over any possiblity so calculated
I am taking it as a diagonal from 5125 down----so no question of extensions---more discussions after mkt
ReplyDeleteguruji,
ReplyDeleteas u say.
this was a simple 5 wave count. (4 lower than 1)
@guruji
ReplyDeletefrm 4922 wxy done only?? wave 3 smallest in ur labels so wxyxz or
something else