While the latest upmove from 5095 can be seen as a 5 wave Impulse form:
(i)=5095-5160=65
(ii)=5160-5126=34
(iii)=5126-5317=191(294%)
(iv)=5317-5266=51
(v)=5266-5295* and should do minimum 0.62*65=40.5=5307 or ideally 65 points=5331 to complete the 5 wave form.
And such a wave would be a copy-book 5 wave Impulse.
In actual practice, it has been noticed that sw4 and sw5 get subsumed within sw3 if sw3 is 300% or more of sw1.
So tomorrow's opening will tell us whether we are going to have a copy-book 5 wave form taking us above today's high of 5317 upto 5331 or we start by going below 5266(today's low) which would force us to accept that Impulse from 5095 had indeed ended at 5317.
Following two trendlines are likely to gel with our EW labels as we proceed:
.png)
.png)
One of my friends pointed out the absence of various emas/smas and pivot points in my posts. I find it almost impossible to remember those and instead take help of developing channels to pin-point the wave-ends and beginnings.
e.g. now I have following channels ready:
.png)
While Blue channel contains today's moves,Orange channels would help me to figure out tomorrow's moves if Black channel is not breached.
And if Black channel gets breached that would signal an end of Impulse from 5095 at 5317 and I would brace myself for a retracement to 5190-5220 zone (approx. 50% of 5095-5317) if not more.
9.19 AM
.png)
9.50 AM
.png)
12.30 PM
.png)
So part profit should be booked.
TSL at 5302 advised
12.53 PM
As we move,one must learn making channels like this
.png)
1.19 PM
TSL for shorts now at 5289
2.41 PM
Does it ring a bell?
3.00 PM
(i)=5095-5160=65
(ii)=5160-5126=34
(iii)=5126-5317=191(294%)
(iv)=5317-5266=51
(v)=5266-5295* and should do minimum 0.62*65=40.5=5307 or ideally 65 points=5331 to complete the 5 wave form.
And such a wave would be a copy-book 5 wave Impulse.
In actual practice, it has been noticed that sw4 and sw5 get subsumed within sw3 if sw3 is 300% or more of sw1.
So tomorrow's opening will tell us whether we are going to have a copy-book 5 wave form taking us above today's high of 5317 upto 5331 or we start by going below 5266(today's low) which would force us to accept that Impulse from 5095 had indeed ended at 5317.
Following two trendlines are likely to gel with our EW labels as we proceed:
.png)
.png)
One of my friends pointed out the absence of various emas/smas and pivot points in my posts. I find it almost impossible to remember those and instead take help of developing channels to pin-point the wave-ends and beginnings.
e.g. now I have following channels ready:
.png)
And if Black channel gets breached that would signal an end of Impulse from 5095 at 5317 and I would brace myself for a retracement to 5190-5220 zone (approx. 50% of 5095-5317) if not more.
9.19 AM
.png)
.png)
.png)
TSL at 5302 advised
12.53 PM
As we move,one must learn making channels like this
.png)
TSL for shorts now at 5289
Does it ring a bell?
Goodmorning Guruji
ReplyDeleteWish you a successful Day !
Thank you Sir for teaching the importance of channeling.
ReplyDeleteguruji in 3*3*3*3*3 diagonal if i remember correctly sw5>3>1
ReplyDeletebut here sw1>3
I thought it can be either sw1>3>5 or Sw5>3>1
DeleteBut as you mention,I 'll recheck.
guruji u mentioned that for 3*3*3*3 5>3>1
Deletefor 5*3*5*3*5 1>3>5
Arey nahi yaar !!!
Deletehttp://ewcountsatniftyparadox.blogspot.in/2012/02/nifty-eod-06-02-2012.html
ReplyDeletehere ur diagonal post
Inference drawn is incorrect.
DeleteA diagonal can be 3x3x3x3x3 or 5x3x5x3x5
but either sw1>3>5
or sw5>3>1.
In fact,some people say that an ending diagonal can be only 3x3x3x3x3 whereas leading diagonal can be 5x3x5x3x5
But their internal ratio has to be either sw1>3>5 or sw5>3>1.
(there is no argument about it)
And in my observation when 4th goes into Ist(a necessity for a diagonal),3rd is never extended. In fact,I used to believe that in case of a diagonal,none of the waves should be extended,but recently the move from 5020-4770 proved me wrong.It was a diagonal(as 4th went into Ist)and the 5th wave was extended--- though it broadly fell in the category of sw5>sw3>sw1.
(these are my understandings as on today)
thanx for detailed reply guruji
ReplyDeleteHi: Leading diagonals as a EW construct are tough to defend...
ReplyDeleteAfter all, why should an impulsive market exhibit corrective tendencies in its first bullish move? A better explanation would be that the bear was still on and the bull started only later at what we count as end of 2
Dear KRG:
DeleteI believe LD/ED particularly in its 3x3x3x3x3 forms were EW attempts to explain accumulation/distribution.Currently however amateur people like me who try to explain each of 5 minute moves (as they are unfolding)include it in their repertoire of labels to explain each pause---and success rate,therefore, is not great.