So the last trading hour saw 5722 getting breached and now it has become a "buy at dips" market till Deepawali at least which is likely to see a new yearly high.
The 5 wave Impulse looked complete at 11.00AM(with Nifty at 5721) and this top was done with a negative divergence so it looked as if a 3wave Corrective would follow and retrace at least 38.2% of 5583-5721=138 i.e do 5721-53=5668 or test at least 34 Hr.EMA at 5675 but that didnot happen and as the TL is not breached we have to infer that the Impulse is still in progress:
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Now 5958 has become a distinct possibility.
EW patternwise many Probabilities are there--- I would mention a few of those here for academic purpose only:
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The 5 wave Impulse looked complete at 11.00AM(with Nifty at 5721) and this top was done with a negative divergence so it looked as if a 3wave Corrective would follow and retrace at least 38.2% of 5583-5721=138 i.e do 5721-53=5668 or test at least 34 Hr.EMA at 5675 but that didnot happen and as the TL is not breached we have to infer that the Impulse is still in progress:
.png)
EW patternwise many Probabilities are there--- I would mention a few of those here for academic purpose only:
.png)
.png)
.png)
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