In my yesterday's post I had concluded:
Q
As illustrated in chart above, B(c) has to logically go above B(a) i.e. 5939.
B(c) has done its minimum though and probability of B(c) failure( i.e. its going above 5939) can not be ruled out.
Probability of a gap-up above 5939 followed by sharp fall as Wave C of Corrective can not be ruled out.
UnQ
And the three things happened :D
i) We opened with a gap up;
(ii) B(c) failed (to go above B(a);
(iii) Sharp fall as Wave C of Corrective --
As Elliot Waves guidelines mention that one truncation (or failure) cannot be followed by another, this C has to go below A (i.e. below 5823)
Ideally C=A=142 means a target of 5929-142=5787 and it happens to be 34 DMA as well though there are good supports at 5810 zone also.
Hour chart:
.png)
Daily Chart:
look most bearish with 5/20 DMA bearish cross today
.png)
For tomorrow its advantage to bears---
Q
As illustrated in chart above, B(c) has to logically go above B(a) i.e. 5939.
B(c) has done its minimum though and probability of B(c) failure( i.e. its going above 5939) can not be ruled out.
Probability of a gap-up above 5939 followed by sharp fall as Wave C of Corrective can not be ruled out.
UnQ
And the three things happened :D
i) We opened with a gap up;
(ii) B(c) failed (to go above B(a);
(iii) Sharp fall as Wave C of Corrective --
As Elliot Waves guidelines mention that one truncation (or failure) cannot be followed by another, this C has to go below A (i.e. below 5823)
Ideally C=A=142 means a target of 5929-142=5787 and it happens to be 34 DMA as well though there are good supports at 5810 zone also.
Hour chart:
.png)
look most bearish with 5/20 DMA bearish cross today
.png)
No comments:
Post a Comment