Based on the Corrective pattern for Impulse 5548-5965, I was looking at a level of 5865 for today.
But we made a low of 5843--- and that puts a question mark on the pattern.
Yesterday's Chart
Today's update:
Although overtly,nothing may look violated but there are some significant observations to be made.
1. The arm [labelled B(a)] in chart above=5824-5929= 115 had retraced 81% of Diagonal 5965-5824 but as its form was not a 3 wave form so it was labelled as B(a) only ,though optimum retracement was done;
2. The (so far) 3w move [labelled B(b)]= 5939-5843=96 has retraced 83% but no positive divergence is visible.
3.Today's gap-down opening, combined with lack of positive divergence and a look at bearish Daily charts where we have closed below 20DMA-- make me more inclined to the belief that B might already be over at 5939 and we may already be in C from 5939 downwards and Monday may see us opening with a gap-down again and rushing to 50 DMA at 5740.
And Hour Chart again:
But we made a low of 5843--- and that puts a question mark on the pattern.
Yesterday's Chart
Although overtly,nothing may look violated but there are some significant observations to be made.
1. The arm [labelled B(a)] in chart above=5824-5929= 115 had retraced 81% of Diagonal 5965-5824 but as its form was not a 3 wave form so it was labelled as B(a) only ,though optimum retracement was done;
2. The (so far) 3w move [labelled B(b)]= 5939-5843=96 has retraced 83% but no positive divergence is visible.
3.Today's gap-down opening, combined with lack of positive divergence and a look at bearish Daily charts where we have closed below 20DMA-- make me more inclined to the belief that B might already be over at 5939 and we may already be in C from 5939 downwards and Monday may see us opening with a gap-down again and rushing to 50 DMA at 5740.
And Hour Chart again:
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