Going strictly by EW pattern,we should see a level of 5890-5900 again tomorrow morning:
Thus, while yesterday,X was being visualized as a zig-zag taking us to 5915 levels, today's moves have forced us to see it as a regular Flat.
Overall ,markets were looking tired and volumes were very low --- or may be all the participants were waiting for the major event from RBI getting over before taking any pro-active stance.
Today's price action gave us a fresh wolfe wave possibility also:
And a look at Pitchfork:
In short,all the above patterns--- subjective as they are-- point to a rise in early morning as X.C doing a minimum 5876 and then a fall.
However,if RBI springs a positive surprise,then this label of X would dramatically change into an Impulse from 5839 upwards with:
sw1=5839-5886=47
sw2=5886-5850*
sw3---rising sharply and going above 5965
Hour Chart:
Daily Chart:
Overall ,markets were looking tired and volumes were very low --- or may be all the participants were waiting for the major event from RBI getting over before taking any pro-active stance.
Today's price action gave us a fresh wolfe wave possibility also:
And a look at Pitchfork:
In short,all the above patterns--- subjective as they are-- point to a rise in early morning as X.C doing a minimum 5876 and then a fall.
However,if RBI springs a positive surprise,then this label of X would dramatically change into an Impulse from 5839 upwards with:
sw1=5839-5886=47
sw2=5886-5850*
sw3---rising sharply and going above 5965
Hour Chart:
Daily Chart:
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