Pre-Market View:
Past few days have shown a volatile market during which swift moves of 100 points in both directions were made making it very difficult to properly label them.
I had expressed my dissatisfaction with sw4=5927-5839 for its being too swift for a fourth wave
And yesterday I was again dissatisfied with sw5=5839-5965 for not complying with the form of either an Impulse or Diagonal and looking like a 3w form.
In view of the above two factors, I am relabelling the Impulse from 5548 in following manner:
sw1=5548-5638=90
sw2=5638-5593=45
sw3=5593-5927=334
sw4=5927-5839=88 as a running flat wherein
a=5927-5839=88
b=5839-5965=126
c=5965-5866=99
sw5--started from 5866 upwards yesterday and should ideally go above 5965
CHANCES OF THIS sw5 GETTING TRUNCATED ARE QUITE HIGH(MINIMUM OF 0.62XSW1=56=5922 HAS TO BE DONE) and in that case we may see a very fast & furious downmove.
P.S. sw4(b) has done 143% of sw4(a) whereas guidelines provide for a maximum of 138.2%. However, despite this limitation I have chosen to stick to above labels.
EOD Post:
Thus the minimum of sw5 was done but is sw5 over?
Till will go below 5866,it can not be said that sw5 is over and has become a truncated 5th wave of Impulse.
But other indicaters have turned distinctly negative:
Closure below 34 Hr Ema and MACD going below zero line being the most prominent ones.
A tick below 5866 will lead to a fast downmove and most probably a gap-down would trigger it.
However trading above 5866 would keep the Probability of sw5 completing its course alive.
Past few days have shown a volatile market during which swift moves of 100 points in both directions were made making it very difficult to properly label them.
I had expressed my dissatisfaction with sw4=5927-5839 for its being too swift for a fourth wave
And yesterday I was again dissatisfied with sw5=5839-5965 for not complying with the form of either an Impulse or Diagonal and looking like a 3w form.
In view of the above two factors, I am relabelling the Impulse from 5548 in following manner:
sw1=5548-5638=90
sw2=5638-5593=45
sw3=5593-5927=334
sw4=5927-5839=88 as a running flat wherein
a=5927-5839=88
b=5839-5965=126
c=5965-5866=99
sw5--started from 5866 upwards yesterday and should ideally go above 5965
CHANCES OF THIS sw5 GETTING TRUNCATED ARE QUITE HIGH(MINIMUM OF 0.62XSW1=56=5922 HAS TO BE DONE) and in that case we may see a very fast & furious downmove.
P.S. sw4(b) has done 143% of sw4(a) whereas guidelines provide for a maximum of 138.2%. However, despite this limitation I have chosen to stick to above labels.
EOD Post:
Thus the minimum of sw5 was done but is sw5 over?
Till will go below 5866,it can not be said that sw5 is over and has become a truncated 5th wave of Impulse.
But other indicaters have turned distinctly negative:
Closure below 34 Hr Ema and MACD going below zero line being the most prominent ones.
A tick below 5866 will lead to a fast downmove and most probably a gap-down would trigger it.
However trading above 5866 would keep the Probability of sw5 completing its course alive.
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