Nothing new to be added --only yesterday's conclusion:
Q
I expect current upwave to fizzle out betwwen these two levels i.e. 5866-5886.
UnQ
The tentativeness in yesterday's EOD Hour chart's divergence had indicated that a new top above 5844.6 would come. And although today's last hour surge missed it by 0.5 points but the intraday dip and rise ensured that a more pronounced Hourly Divergence would be in place as a fresh top gets formed above 5844.6.
Today's closing minutes were forming a Butterfly on 5min charts:
On a higher degree a CRAB can be observed:
Thus we have numbers varying from 5866(78.6% retracement of 5971-5477),5887(EW pattern 5th wave's max) and 5898( above illustrated Crab's maximum 110x3.618 from 5500), defining potential reversal zone of current upmove.
If negative divergence in Hour Chart persists as we complete above patterns, our labelling of this upmove as Yb= retracement of Ya(=5971-5477) is valid and reversal would start from 5865-5900 range.
However, if negative divergence disappears, we may have to look for a higher degree retracement (and not the current one of 5971-5477). Short positions in abovementioned range with a Stop-loss at 5910 is suggested. This suggestion of short positions are subject to persistence of negative divergence.
Q
I expect current upwave to fizzle out betwwen these two levels i.e. 5866-5886.
UnQ
The tentativeness in yesterday's EOD Hour chart's divergence had indicated that a new top above 5844.6 would come. And although today's last hour surge missed it by 0.5 points but the intraday dip and rise ensured that a more pronounced Hourly Divergence would be in place as a fresh top gets formed above 5844.6.
Today's closing minutes were forming a Butterfly on 5min charts:
Thus we have numbers varying from 5866(78.6% retracement of 5971-5477),5887(EW pattern 5th wave's max) and 5898( above illustrated Crab's maximum 110x3.618 from 5500), defining potential reversal zone of current upmove.
If negative divergence in Hour Chart persists as we complete above patterns, our labelling of this upmove as Yb= retracement of Ya(=5971-5477) is valid and reversal would start from 5865-5900 range.
However, if negative divergence disappears, we may have to look for a higher degree retracement (and not the current one of 5971-5477). Short positions in abovementioned range with a Stop-loss at 5910 is suggested. This suggestion of short positions are subject to persistence of negative divergence.
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