Gap-down is imminent.
Our Counts are:
Ya
(i)=5342-5154=188
(ii)=5154-5279=125
(iii)=5279-4988=291(155%)
(iv)=4988-5125=137
(v) in play;has to do minimum 161.8% of (i)=304=4820
Seems to be fanning out as as 3x3x3x3x3 diagonal
sw1=5125-4906=219
sw2=4906-4976
sw3=4976-4837=139
sw4=4837-4922
sw5 should not go by more than 139 i.e. 4783
.png)
9.20 AM
Our labels have survived the openings onslaught.
Remember sw5 has to be a 3 wave form and 4922-4796( today's low so far) is only first subwave.
11.00 AM
.png)
11.40 AM
.png)
12.23 PM
We are unlikely to go above 4825
.png)
1.00 PM
.png)
1.45 PM
.png)
Mind the trendline also before intiating shorts:
.png)
2.13 PM
.png)
3.12 PM
.png)
3.25 Pm
4922 breached would mean Base formed at 4789.
EOD:
The day has ended as quite an anti-climax--- I wrote in the morning:
Ya
(i)=5342-5154=188
(ii)=5154-5279=125
(iii)=5279-4988=291(155%)
(iv)=4988-5125=137
(v) in play;has to do minimum 161.8% of (i)=304=4820
Seems to be fanning out as as 3x3x3x3x3 diagonal
sw1=5125-4906=219
sw2=4906-4976
sw3=4976-4837=139
sw4=4837-4922
sw5 should not go be more than 139 i.e. 4783
Now the question is: has sw5 (and Ya)ended at 4789?
Only a tick above 4923 can confirm that---
till then possibility of another down-leg remains open.
sw5(a 3 wave form)---was 4922-4789 a 3 wave?
If yes--then we are done with Corrective Ya.
If not then we have done only one subwave of sw5=4922-4789=133
2nd subwave in progress. Usually retraces max. 80% =106.4=4895 as we have done 4908 today so that tilts the balance in favor of bulls. But final verdict would be out only above 4923.
Above 4923 would mean Ya=5342-4789=553 over
Yb started from 4789 upwards--50% retracement meaning 275+4789=5064. 61.8% meaning 5130.
Raghu
Our Counts are:
Ya
(i)=5342-5154=188
(ii)=5154-5279=125
(iii)=5279-4988=291(155%)
(iv)=4988-5125=137
(v) in play;has to do minimum 161.8% of (i)=304=4820
Seems to be fanning out as as 3x3x3x3x3 diagonal
sw1=5125-4906=219
sw2=4906-4976
sw3=4976-4837=139
sw4=4837-4922
sw5 should not go by more than 139 i.e. 4783
.png)
Our labels have survived the openings onslaught.
Remember sw5 has to be a 3 wave form and 4922-4796( today's low so far) is only first subwave.
11.00 AM
.png)
.png)
We are unlikely to go above 4825
.png)
.png)
.png)
.png)
.png)
.png)
4922 breached would mean Base formed at 4789.
EOD:
The day has ended as quite an anti-climax--- I wrote in the morning:
Ya
(i)=5342-5154=188
(ii)=5154-5279=125
(iii)=5279-4988=291(155%)
(iv)=4988-5125=137
(v) in play;has to do minimum 161.8% of (i)=304=4820
Seems to be fanning out as as 3x3x3x3x3 diagonal
sw1=5125-4906=219
sw2=4906-4976
sw3=4976-4837=139
sw4=4837-4922
sw5 should not go be more than 139 i.e. 4783
Now the question is: has sw5 (and Ya)ended at 4789?
Only a tick above 4923 can confirm that---
till then possibility of another down-leg remains open.
sw5(a 3 wave form)---was 4922-4789 a 3 wave?
If yes--then we are done with Corrective Ya.
If not then we have done only one subwave of sw5=4922-4789=133
2nd subwave in progress. Usually retraces max. 80% =106.4=4895 as we have done 4908 today so that tilts the balance in favor of bulls. But final verdict would be out only above 4923.
Above 4923 would mean Ya=5342-4789=553 over
Yb started from 4789 upwards--50% retracement meaning 275+4789=5064. 61.8% meaning 5130.
Raghu
For wave form to complete two more subwaves have to play out.
ReplyDeleteOne upwrds( retracing 4922-4796)and then one downwards again------.If on completion of all these,4783 survives then these labels would be validated.
Your question tells me that your understanding of EW is quite elementary so please spend some more time with it before initiating trades on the basis of EW---
hi,
ReplyDeleteI have one request,if you can mention the time frame of the chart it will be very helpful to understand wave count. Please mention like 2min , 5min, 30min or so time frame on chart.
Dear Smit,
DeleteAll my Intra-day charts are 5min charts.
I put up Hourly / Daily charts only at EOD or Pre-market to illustrate the broader perspective.
Going by the wave form so far,we are still doing the first subwave of sw5 from 4922 downwards(as a 5 wave):
ReplyDeleteshown in the chart also:
4922-4872
4872-4891
4891-4796
4796--as a flat doing 4796-4823-4789-4825 likey
Then down from 4825 to sub 4789 level
If ,howevr, we go above 4834 then first subwave of sw5 would be taken as over at 4789 and its retracement would be taken to have begun from 4789 upwards. This retracement may do anything from 38% to 80%---
ReplyDeleteSir good after noon
ReplyDeletepls seggest me a book on EW
visite this web link
Deletehttp://www.wavetimes.com/
there is one books, its very simple to understand,
Yes they are like regular ABC
ReplyDeletethanks for posting a wave counts, its very helpfull for me,
ReplyDeleteits encourage me restart my trading,
thanks