Question being asked for last two days was:
Is the 'B' over at 5792 or not:
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So is B over at 5725??
A positive divergence in Hour charts would have led me to answer that in affirmative---but MACD 5,34,5 is not showing it--- though RSI - 14 has shown some loss in momentum:
.png)
In view of the above another low below 5725 can not be ruled out----
But I see 5664 as holding fort---
Now whether this new low( below 5725) occurs after a sizeable bounce:
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or as the following pattern:
.png)
is more of an academic exercise as the wave is still developing and not only the above two but many more probable wave patterns can also be postulated.
As we approach 5700, I would start taking long positions as soon as positive divergence appears on Hour charts--- with stop loss at 5663 and target above 5971.
Some other charts of interest are:
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Is the 'B' over at 5792 or not:
and this question was answered today----
.png)
So is B over at 5725??
A positive divergence in Hour charts would have led me to answer that in affirmative---but MACD 5,34,5 is not showing it--- though RSI - 14 has shown some loss in momentum:
.png)
But I see 5664 as holding fort---
Now whether this new low( below 5725) occurs after a sizeable bounce:
.png)
.png)
is more of an academic exercise as the wave is still developing and not only the above two but many more probable wave patterns can also be postulated.
As we approach 5700, I would start taking long positions as soon as positive divergence appears on Hour charts--- with stop loss at 5663 and target above 5971.
Some other charts of interest are:
.png)
.png)
.png)
.png)
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