What a day !!!
Kept waiting for "proper point" to short which never came and in the bargain a 100 point upmove was wasted.
It has happened earlier and it will keep happening in future also.
In a way I am happy also that I waited the whole day for proper opportunity only to find in closing minutes that the Count on the basis of which I wanted to short had gone bust----
Frankly speaking,yesterday's downmove--structurally---did look like an Impulse and therefore today's upmove was expected as a corrective abc or a combo but it turned out to be something else.
Sticking to my broader count
.png)
Ya=5342-4789
Yb=4789-5127* fanning out as a Flat wherein:
YbA=4789-5020
YbB=5020-4770
YbC=4770-5127* in play and can go upto 5151
And this YbC has two probabilities:
.png)
.png)
Above 5151 , however,both these Probabilities would be invalid.
And any downmove thereafter will have to be seen as retracement of 4770-5152*
Raghu
Kept waiting for "proper point" to short which never came and in the bargain a 100 point upmove was wasted.
It has happened earlier and it will keep happening in future also.
In a way I am happy also that I waited the whole day for proper opportunity only to find in closing minutes that the Count on the basis of which I wanted to short had gone bust----
Frankly speaking,yesterday's downmove--structurally---did look like an Impulse and therefore today's upmove was expected as a corrective abc or a combo but it turned out to be something else.
Sticking to my broader count
.png)
Yb=4789-5127* fanning out as a Flat wherein:
YbA=4789-5020
YbB=5020-4770
YbC=4770-5127* in play and can go upto 5151
And this YbC has two probabilities:
.png)
.png)
And any downmove thereafter will have to be seen as retracement of 4770-5152*
Raghu
Dear Raghu
ReplyDeleteKindly enlighten at your leisure
If 5151 is taken out during the course of the week, will it march to 5300 in a straight line or will retrace down and if it retraces what will be the level one can expect.
Thanks
If 5151 is taken out today or tomorrow then our labels would be:
DeleteA=4351-5629=1098
B=5629-4770=859
C=4770- upwards for minimum target of 0.62x1098=681=5451 and ideal target of C=A=4770+1098=5868
This C has to be a 5 wave Impulse or Diagonal
Going above 5151 would mean C1 is in play as 4770-5151* and then C2 wouls retrace it by 50-62%.
Thus a retracement to 4900-4950 and then move up again---
That may be the future pattern if 5151 is breached.
Dear Raghu,
DeleteThanks for the reply. Very clearly explained. Seems to be a very interesting week and rather very crucial week ahead.