Yesterday's Hour Chart:
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Today's Update:
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Discrepancy in pattern was that wave 4 didnot do the dip projected by me as abc (pl see yesterday's post) and the gap-up didnot allow the scope to go long.
Now, the 5w pattern from 5823 upwards can be seen as:
1=5823-5940=117
2=5940-5843=97
3=5843-6068=225
4=6068-5989=79
5=5989-6083*=94
whether the 5th wave has ended?
Difficult to answer that,though the MACD 5,34,5 bearish cross after negative divergence in Hour chart is the first indication of that.However, possibility of a few whipsaws before setting on downward journey cannot be ruled out.
Now where do we place this 5w Impulse = 5823-6083 in bigger picture??
.png)
.png)
While Linear Charts show that Upper Trendline of Channel is getting tested and the Negative Divergence in Momentum charts adds greater signifcance to it-- indicating a deep correction in the offing.
However, the Log Chart hints at possibility of more peaks within the channel after a not very deep dip as the Upper Trendline in Log Chart has not yet been tested.
It remains to be seen,therefore, whether the anticipated dip would be just a retracement of Impulse 5823-6083 and limit itself to 50%= 5953 or 62%=5922 or goes deeper as a Corrective of Higher Degree.
Will Monday give us an Evening Star??
.png)
Lets see if we can keep trading below 6050 on Monday.
.png)
Today's Update:
.png)
Discrepancy in pattern was that wave 4 didnot do the dip projected by me as abc (pl see yesterday's post) and the gap-up didnot allow the scope to go long.
Now, the 5w pattern from 5823 upwards can be seen as:
1=5823-5940=117
2=5940-5843=97
3=5843-6068=225
4=6068-5989=79
5=5989-6083*=94
whether the 5th wave has ended?
Difficult to answer that,though the MACD 5,34,5 bearish cross after negative divergence in Hour chart is the first indication of that.However, possibility of a few whipsaws before setting on downward journey cannot be ruled out.
Now where do we place this 5w Impulse = 5823-6083 in bigger picture??
.png)
.png)
While Linear Charts show that Upper Trendline of Channel is getting tested and the Negative Divergence in Momentum charts adds greater signifcance to it-- indicating a deep correction in the offing.
However, the Log Chart hints at possibility of more peaks within the channel after a not very deep dip as the Upper Trendline in Log Chart has not yet been tested.
It remains to be seen,therefore, whether the anticipated dip would be just a retracement of Impulse 5823-6083 and limit itself to 50%= 5953 or 62%=5922 or goes deeper as a Corrective of Higher Degree.
Will Monday give us an Evening Star??
.png)
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