You all know I am labelling the current upmove from 4789 as Yb which is retracing Ya=5342-4789=553;
50% retracement means 5065 and 61.8%=5130
As Ya had an extended 5th wave,the guideline of retracement gives us two most probable retracement levels wherein the extended 5th either gets fully retraced(i.e. upto 5125) or gets retraced to the end of 2nd subwave of the extended wave(i.e.4976)
Timewise, as Ya had taken 21 days,I believe Yb may take minimum 8 days.
How helpful these guidelines would be only time will tell but main take-away is that current market direction is up so we should follow buy at dips strategy
This Yb has to be a Corrective 3 wave form simplest of which is a zig-zag.
The way this upmove has shaped up so far:
4789-4956=167-5 wave form
4956-4804=152(91%)-3wave zig-zag form
it seems to me as A of a zig-zag Yb is in play wherein:
sw1=4789-4956=167
sw2=4956-4804(ended at 4809.8)
sw3 in play from 4809.8 upwards
(i)=4809.8-4907.7=97.9
(ii)=4907.7-4858.6=49.1
(iii)=4858.6 upwards by min 1.62*(i)=158.6 gives us a target of 5017
20 day sma is at 5007 so our testing 5017 today is quite probable
Where this sw3 ends would be quite interesting to note because A of Yb may act as not only as a 5 wave Impulse but as a Diagonal also.
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50% retracement means 5065 and 61.8%=5130
As Ya had an extended 5th wave,the guideline of retracement gives us two most probable retracement levels wherein the extended 5th either gets fully retraced(i.e. upto 5125) or gets retraced to the end of 2nd subwave of the extended wave(i.e.4976)
Timewise, as Ya had taken 21 days,I believe Yb may take minimum 8 days.
How helpful these guidelines would be only time will tell but main take-away is that current market direction is up so we should follow buy at dips strategy
This Yb has to be a Corrective 3 wave form simplest of which is a zig-zag.
The way this upmove has shaped up so far:
4789-4956=167-5 wave form
4956-4804=152(91%)-3wave zig-zag form
it seems to me as A of a zig-zag Yb is in play wherein:
sw1=4789-4956=167
sw2=4956-4804(ended at 4809.8)
sw3 in play from 4809.8 upwards
(i)=4809.8-4907.7=97.9
(ii)=4907.7-4858.6=49.1
(iii)=4858.6 upwards by min 1.62*(i)=158.6 gives us a target of 5017
20 day sma is at 5007 so our testing 5017 today is quite probable
Where this sw3 ends would be quite interesting to note because A of Yb may act as not only as a 5 wave Impulse but as a Diagonal also.
.png)
12.50 Pm
A round below day's low is possible again.
a=4931-4889(3 wave)
b=4889-4927(3wave)
c=4927 to below 4889 as Impulse
.png)
1.25 PM
P use 4919 as threshold.
If crossed upwards then upmove would continue
2.08 PM
It has been very complicated upmove from 4889
It was a diagonal---
.png)
3.25 PM
The Diagonal 4889-4935 has got retraced as a 3 wave form to 4913.
Looks ripe for creating longs.
EOD
Extremely small range and what choppiness within that--!!!
Shifted to 1 min charts and it helped a lot .
May get a gap-up on Monday morning.
Hello Sir,
ReplyDeleteHow Is your progress regarding GANN Studies which sometime back u mentioned in your blog.
It takes a long time to understand the astro-mixed Gann calculations.But some dates are very important---particularly June 21---- May see a major trend reversal around that.
ReplyDelete