13.08.2012 --Pre-market view:
The downmove from 5376 so far can be seen as:
(i)=5376.45-5331.3=45.15
(ii)=5331.3-5368.1=36.8
(iii)=5368.1-5294.25=73.85(163%)
Had it remained within 1.618 times,I would have easily called it an "a-b-c" wave form but not any longer. So going strictly by EW guidelines we are in a 5 wave Impulse to the down. However,in view of recent experiences where markets have shown aberrations,we must bear in mind that if 5331.3 [territory of (i)]is violated on the upside,then this downmove would have the probability of being labelled as an "a-b-c" and the upmove from 5294.25 can very well take us above 5376 to complete 5v.
Following charts would illustrate it better:
.png)
If, however, we donot go above 5331.3 then the downmove would have to be seen as a 5 wave Impulse to the down with the Probability of testing 5264 before a retracement sets in.
.png)
Conclusion:
Breach of 5331.3 on the upside means an up move as 5v to minimum 5352 and even past 5376 before the downmove starts again.[5352 corresponds to 0.62*5i.To recall 5i=5154-5246=92];The red channel on 5 min charts or the larger t/f TL from 6339-5630---downwards should also be watched to find out the end point of this 5v.
Breach of 5311.1 on the downside means the downmove continues and an intermediate top has been formed at 5376 for a few days.5264 should be the support from where a retracement upwards may begin.
EOD 13.08.2012:
Day of extreme choppiness in small range.It confirmed the label of 5v but not before giving hiccups.While I was expecting this 5v to move in following manner:
It decided to first eat our 5311.1 before moving up in following manner:
.png)
And this kind of hiccups can never be mentioned in advance. It has to be dealt with by the man on the spot.
For further progess:
This 5v has to do a minimum of 0.62x5i(5154-5246)=0.62x92=57=5294+57=5351--has been done today. But this 5v's form attained so far is neither a 5w Impulse nor Diagonal.
So some more upmove can be seen tomorrow.
Nifty as it happened on 10-8-2012
Yesterday I advised exiting shorts for two reasons:
1.If the downmove was 5iv then Nifty seemed to have reached its optimum level;
2.It came quite close to testing LTL on 5 min charts.
For details see:
Anatomy of Trade
I would be using this page for intraday updates ----
1.55 PM
A tale of channels again--
.PNG)
EOD
Closed above channel so red channel is the new one to be followed
.PNG)
The downmove from 5376 so far can be seen as:
(i)=5376.45-5331.3=45.15
(ii)=5331.3-5368.1=36.8
(iii)=5368.1-5294.25=73.85(163%)
Had it remained within 1.618 times,I would have easily called it an "a-b-c" wave form but not any longer. So going strictly by EW guidelines we are in a 5 wave Impulse to the down. However,in view of recent experiences where markets have shown aberrations,we must bear in mind that if 5331.3 [territory of (i)]is violated on the upside,then this downmove would have the probability of being labelled as an "a-b-c" and the upmove from 5294.25 can very well take us above 5376 to complete 5v.
Following charts would illustrate it better:
.png)
If, however, we donot go above 5331.3 then the downmove would have to be seen as a 5 wave Impulse to the down with the Probability of testing 5264 before a retracement sets in.
.png)
Breach of 5331.3 on the upside means an up move as 5v to minimum 5352 and even past 5376 before the downmove starts again.[5352 corresponds to 0.62*5i.To recall 5i=5154-5246=92];The red channel on 5 min charts or the larger t/f TL from 6339-5630---downwards should also be watched to find out the end point of this 5v.
Breach of 5311.1 on the downside means the downmove continues and an intermediate top has been formed at 5376 for a few days.5264 should be the support from where a retracement upwards may begin.
EOD 13.08.2012:
Day of extreme choppiness in small range.It confirmed the label of 5v but not before giving hiccups.While I was expecting this 5v to move in following manner:
It decided to first eat our 5311.1 before moving up in following manner:
.png)
And this kind of hiccups can never be mentioned in advance. It has to be dealt with by the man on the spot.
For further progess:
This 5v has to do a minimum of 0.62x5i(5154-5246)=0.62x92=57=5294+57=5351--has been done today. But this 5v's form attained so far is neither a 5w Impulse nor Diagonal.
So some more upmove can be seen tomorrow.
Nifty as it happened on 10-8-2012
Yesterday I advised exiting shorts for two reasons:
1.If the downmove was 5iv then Nifty seemed to have reached its optimum level;
2.It came quite close to testing LTL on 5 min charts.
For details see:
Anatomy of Trade
I would be using this page for intraday updates ----
1.55 PM
A tale of channels again--
.PNG)
Closed above channel so red channel is the new one to be followed
.PNG)
Thank you Sir.
ReplyDeleteSir as usual you and your guidance are great, Thank you sir
ReplyDeleteguruji
ReplyDeletethe 5177 -5940-5195-5740 count in feb july 2011 what is it i asked u u told this weekend so waiting??
from 4770 where are we? is there a change?? or we have entered/done 3.a of diagonal from 4770. any change?? or hazy??
ReplyDeleteTest
ReplyDeletePiyush...If possible..Please put the charts with your studies so that we too can learn..
ReplyDeleteThank you.
@agk,
ReplyDeletei mostly rely on raghu'ji labelling. nothing new
Thank you Piyush for replying me...
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guruji when i try to follow this blog i get this message.