A breach of lower trendlines and rush to sub 5040 is expected by me today:
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And to recall EW labels, Yb is over at 5159.9 and Yc started for minimum 343 points(0.62*Ya).
July should see us testing 4800 and ideally going below 4770.
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(i)=5500-5136=364
(ii)=5136-5378 but ending at 5342
(iii)=5342-4789=553 extended vis-a-vis (v)
(iv)=4789-5020=231
(v)=5020-4770=250
As a Corrective cannot be a 5 wave form,this downmove 5629-4770 can be termed only as A with B doing 4770 upwards--
.png)
July should see us testing 4800 and ideally going below 4770.
.png)
8.40 AM
Positive opening expected and SL as per EW is at 5172.
Prolonged moves in 5100-5200 range( more than 15 days now) have made it difficult to label waves in this tight range and ,therefore, better to rely on channels --- shown below is the channel for upmove from 5095
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And on a higher degree:
.png)
As I have some household errands to attend to, intraday updates may not be possible today--
Have a nice trading day ahead--
9.21 AM
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WXY count from 5629 downwards has fallen(invalid now) and to me the best Count is what I had mention in my reply to Jeevan's post in the morning:
Q
And let me add here,above 5202 my WXY labels become invalid and then I would be also be labeling the downmove 5629- onwards as ABC but not in the abovementioned manner. My labels would be:
(i)=5500-5136=364
(ii)=5136-5378 but ending at 5342
(iii)=5342-4789=553 extended vis-a-vis (v)
(iv)=4789-5020=231
(v)=5020-4770=250
As a Corrective cannot be a 5 wave form,this downmove 5629-4770 can be termed only as A with B doing 4770 upwards--
UnQ
This B is a zig-zag abc which I would try to configure at EOD.
Targetwise 61.8% retracement of A=5629-4770=859 would mean 5302
50% retracement would mean 5200
Though the move within channel is looking like:
a=4770-5124=354
b=5124-5017=107
c=5017- upwards minimum 0.62*a=5236
DOnt you think.... the minutte count from march declince is a correction, which you have labeled W,X,Y.....
ReplyDeleteI should say wave Y has finished @ 4800 area.... this could be only an XX wave or a alternation wave 1.....
nifty may run into either wave Z or wave 2.........
As Y has to be a 3 wave form,It can not be said to be over at 4770.
ReplyDeleteThose who say that 4770 was the bottom,label it as ABC with
A=5630-5171=459
B=5171-5500=329
C=5500-4770=730 counting C as
(i)=5500-5136=364
(ii)=5136-5378=242
(iii)=5378-4789=589(1.618 of (i)
(iv)=4789-5020=231
(v)=5020-4770=250
I am not following it as I believe (ii) of C=5136-5378 was an Impulse and cannot be taken as a Corrective.
And let me add here,above 5202 my WXY labels become invalid and then I would be also be labeling the downmove 5629- onwards as ABC but not in the abovementioned manner. My labels would be:
Delete(i)=5500-5136=364
(ii)=5136-5378 but ending at 5342
(iii)=5342-4789=553 extended vis-a-vis (v)
(iv)=4789-5020=231
(v)=5020-4770=250
As a Corrective cannot be a 5 wave form,this downmove 5629-4770 can be termed only as A with B doing 4770 upwards--
at midnight dow was 174 down because of health bill in usa today gap up in nidian market from 5149 to 5250 has o be filled up may be that drives nifty to 5000 than position can be understood today is news driven and technical do not matter if german does not approve than today parliament meeting there
DeleteGuruji,
ReplyDeleteI am expecting gapup .. If 5159 broken, then 5172 stop loss mentioned yesterday is valid right.
Yes Stop-loss for shorts at 5172
Deleteranga je are yu shorting
DeleteYes..But now planning to exit my shorts at today's low...
Deleteguru je guide pls
ReplyDeleteMarket has broken out of a range-- and shorts should be avoided. Thats all I can say. If one feels that the bus on the longs side has been missed--let it be. Wait for next opportunity but avoid knee jerk reactions--
DeleteGuru ji!
ReplyDeleteWhat shuold be good level to buy with proper stoploss, reply when you are comfortable.
at midnight dow was 174 down because of health bill in usa today gap up in nidian market from 5149 to 5250 has o be filled up may be that drives nifty to 5000 than position can be understood today is news driven and technical do not matter if german does not approve than today parliament meeting there
ReplyDeleteDelete
Sir,
ReplyDeletePlease advise can we get out of Lanco Infra @ Rs.15/- now?
Kukkuji had correct wave count since long....
ReplyDelete