So my first target has been met--- above 5755 and 61.8% retracement of the downmove 5972-5477 at 5782.
But is the retracement ,labelled as Yb by me, over???
I donot know. Infact, feel that my looking for a Corrective wave form in retracements has let me down quite frequently and therefore instead of copy-book Corrective forms like zig-zag,flat,triangle and combination of these -- I should be looking at retracements more as Fib percentage. To elaborate and illustrate my point, a look at the downmove 6112-5477 and retracements(upside) therein--- wave X=5664-5971 did not show any Corrective form. Similarly wave 2 of Ya=5792-5945 also did not show any Corrective form.
And even today morning,I was expecting a dip below 5669 to complete a Corrective form for retracement starting from 5732 but that also didnot materialize. In chart below the abovementioned waves have been illustrated in Circles--
And therefore it becomes very difficult to say on the basis of form whether a retracement is complete or not.
However, at today's EOD, a 5w form 5495-5794 looks complete:
And on the face of it, the whole upmove from 5477 can be labelled as:
If above labels get played out then the downmove should get restricted to 5669(as W4 normally restricts upto sw4 of W3) and today's high of 5794 would get breached again(as W5) before any sizeable downmove begins.
However AP Tool's median has got tested
And the Shooting Star last hour candle as well as divergence portends beginning of a downmove
Whether this shooting star represents only beginning of W4 capable of taking us to 5669 only or it would get transformed into an Evening Star denoting the beginning of Yc to levels below 5477 ---- cannot be said in this point in time.
But is the retracement ,labelled as Yb by me, over???
I donot know. Infact, feel that my looking for a Corrective wave form in retracements has let me down quite frequently and therefore instead of copy-book Corrective forms like zig-zag,flat,triangle and combination of these -- I should be looking at retracements more as Fib percentage. To elaborate and illustrate my point, a look at the downmove 6112-5477 and retracements(upside) therein--- wave X=5664-5971 did not show any Corrective form. Similarly wave 2 of Ya=5792-5945 also did not show any Corrective form.
And even today morning,I was expecting a dip below 5669 to complete a Corrective form for retracement starting from 5732 but that also didnot materialize. In chart below the abovementioned waves have been illustrated in Circles--
And therefore it becomes very difficult to say on the basis of form whether a retracement is complete or not.
However, at today's EOD, a 5w form 5495-5794 looks complete:
And on the face of it, the whole upmove from 5477 can be labelled as:
If above labels get played out then the downmove should get restricted to 5669(as W4 normally restricts upto sw4 of W3) and today's high of 5794 would get breached again(as W5) before any sizeable downmove begins.
However AP Tool's median has got tested
And the Shooting Star last hour candle as well as divergence portends beginning of a downmove
Whether this shooting star represents only beginning of W4 capable of taking us to 5669 only or it would get transformed into an Evening Star denoting the beginning of Yc to levels below 5477 ---- cannot be said in this point in time.
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