While the preferred Count and Labels remain the same:
.png)
global clues indicate a gap up opening.
So the crucial question is how high would we go?
Counting the 5 waves from 4770:
(i)=4770-4898=128
(ii)=4898-4848=50
(iii)=4848-5059=211
(iv)=5059-4994=65
(v)=4994-5085* ideally (v)=(i) so a test of 4994+128=5122 is likely
Also as we see this upmove(4770-5085*)as YbC where:
YbA=4789-5020=231
YbB=5020-4770=250
YbC=4770 upwards in play
As per my manual(I follow Prechter's EW Principle),P 89, in a Flat wave C may do upto 165% of wave C.
So YbC can,maximum do upto 165%of YbA(=231)=381+4770=5151
.png)
Trade set-ups should be done accordingly.
10.10 AM
.png)
10.23 AM
.png)
.png)
1.00 PM
Opening range has broken down
Now one should shift from 5 min time frame to Hour Time frame indicaters and see what MACD/Stoch cross-overs are indicating
5 min charts:
.png)
Hourly charts:
.png)
2.30 PM
2.50 PM
Hope my posts reg Hour chart were useful
:-)
3.10 PM
As per my labels, we are now in Yc
Ya=5342-4789=553
Yb=4789-5124(as Flat)
Yc= to do min 0.62*Ya=343
Target, therefore,is--4781
EOD
Daily charts show trendline could not be broken:
.png)
Hourly charts show cross-overs in MACD and Stochastics--5ema/10ema cross-over, though has not occurred.
.png)
.png)
.png)
global clues indicate a gap up opening.
So the crucial question is how high would we go?
Counting the 5 waves from 4770:
(i)=4770-4898=128
(ii)=4898-4848=50
(iii)=4848-5059=211
(iv)=5059-4994=65
(v)=4994-5085* ideally (v)=(i) so a test of 4994+128=5122 is likely
Also as we see this upmove(4770-5085*)as YbC where:
YbA=4789-5020=231
YbB=5020-4770=250
YbC=4770 upwards in play
As per my manual(I follow Prechter's EW Principle),P 89, in a Flat wave C may do upto 165% of wave C.
So YbC can,maximum do upto 165%of YbA(=231)=381+4770=5151
.png)
Trade set-ups should be done accordingly.
10.10 AM
.png)
.png)
.png)
Opening range has broken down
Now one should shift from 5 min time frame to Hour Time frame indicaters and see what MACD/Stoch cross-overs are indicating
5 min charts:
.png)
.png)
Hope my posts reg Hour chart were useful
:-)
3.10 PM
As per my labels, we are now in Yc
Ya=5342-4789=553
Yb=4789-5124(as Flat)
Yc= to do min 0.62*Ya=343
Target, therefore,is--4781
EOD
Daily charts show trendline could not be broken:
.png)
.png)
.png)
This comment has been removed by the author.
ReplyDeleteDear Raghu
ReplyDeleteExcellent analysis and more so commendable follow up of trade set up guided by you. Kudos to you. What makes me different with your help is I am able to look at the market differently.
I am extremely lucky to have your guidance
"Hourly charts show cross-overs in MACD and Stochastics--5ema/10ema cross-over, though has not occurred".
ReplyDeleteSir,does that mean that your target for Yc is certain or there is still chance for upside?
That is my preferred probability.
DeleteWho can be certain about the mkts.?
If you find someone-- run away from him.
And if you find God,leave this market and stay in His feet---
:-)
Kya baat kya baat Guruji.
ReplyDeleteWell said.