On Friday, I had posted the following Chart :
.png)
and said:
Q
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.
UnQ
We opened on a new high and drifted down during the day--- while catching exact high is very difficult(we may have a repetition of today's move tomorrow as well),I am posting a single chart which shows a downmove to 5970 levels may happen soon:
.png)
And a simplified EW pattern would appear like this:
.png)
.png)
.png)
Q
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.
UnQ
We opened on a new high and drifted down during the day--- while catching exact high is very difficult(we may have a repetition of today's move tomorrow as well),I am posting a single chart which shows a downmove to 5970 levels may happen soon:
.png)
And a simplified EW pattern would appear like this:
.png)
Though an alternate labelling suggests that shorters would be kept frustrated for some more time:
.png)
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