Medium term channel is approaching its UTL (currently around 6050):
The labels as a zig-zag looked simple:
A=4531-5630(Impulse)
B=5630-4770
C=4770-5885*
However the form of this C is not getting clear to me.
And maximum hinderance to its labeling is caused by the fractal 4770-5348 which is a 3 wave zig-zag and once C's labeling as 3x3x3x3x3 diagonal became invalid(with C4 from 5815 downwrds failing to enter C1 territory) I am not able to find a convincing alternate labelling---so EW patterns may be kept in abeyance for a few days---
Channels, Andrews Pitchfork and divergence in Momentum indicaters would be our guides in this while:
EOD Post:
Though the upper range of 5915-5920 remained untested,lower range of 5860-65 was breached indicating weakness--- corrective has set in but how deep can it go???
Counting Impulse from 5548 upwards:
Break down of blue channel would be first indication of deeper Corrective:
A=4531-5630(Impulse)
B=5630-4770
C=4770-5885*
However the form of this C is not getting clear to me.
And maximum hinderance to its labeling is caused by the fractal 4770-5348 which is a 3 wave zig-zag and once C's labeling as 3x3x3x3x3 diagonal became invalid(with C4 from 5815 downwrds failing to enter C1 territory) I am not able to find a convincing alternate labelling---so EW patterns may be kept in abeyance for a few days---
Channels, Andrews Pitchfork and divergence in Momentum indicaters would be our guides in this while:
First signs of fading momentum were seen when price upmove failed to keep pace with red TL in the chart above. Also a small negative divergence could be seen in Hour chart:
And following two pitchfork's tell me that today's support is at 5860-65 and resistance is 5915-20
Though the upper range of 5915-5920 remained untested,lower range of 5860-65 was breached indicating weakness--- corrective has set in but how deep can it go???
Counting Impulse from 5548 upwards:
Break down of blue channel would be first indication of deeper Corrective:
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