My yesterday's post had concluded with following Chart & quote:
Q
Q
If this Corrective's first leg is Impulsive then it would remain limited in red-channel.
However if it chalks out a corrective-forms combo-then green channel would be containing it tomorrow.
UnQ
And today,it was the green channel that contained the down-move, indicating that we have entered into a complex Corrective, which may very well be a combo of two-three corrective forms.
And such Correctives normally end with a sharp,deep cut--- but the initial legs are lethargic and shallow.
Initially(continuing from previous labels' hangover),I was labeling as follows:
That is, a zig-zag ABC in following manner:
A=5965-5866=99(Impulse)
B=5866-5925=59
C= a diagonal wherein
sw1=5925-5875=50
sw2=5875-5907=32
sw3=5907-5839=68
sw4 in play--not likely to go above 5907
sw5 to come down again by more than 68 points.
Above zig-zag, on second look, looks quite complicated and forced. Also , B, the Corrective Retracement gets labelled as the swiftest wave ---
So the entire downmove from 5965 to 5839 can ve viewed as a simpler zig-zag in following manner:
And then for the upmove that began today--the target would go above 5907 as well-- something that was indicated by the closure above 34 Hr EMA. Though MACD below zero-line remains a solace to bears.
Then what are the likely targets for today's upmove?
One resistance of 5907 has already been mentioned.
Lets try to find other targets using some other methods:
Andrews Pitchfork:
And my very infantile attempt at Harmonics-- which I am trying to learn under the able guidance of M/s Deepak Sakhiya and Sarthak Ganatra ----
On Daily charts,5/10 DMA cross sustains--- closing was below 5DMA although MACD 12,26,9 had yet to show a bearish cross-over.
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