In my previous post I had mentioned about there being two probabilities at 5937
1. "A' of Corrective ABC complete and B upward started:
2. "A" having completed only 3rd wave and upmove from 5937 being 4th wave supposed to go upto 6040 and then 5th wave to go below 5937 to complete "A"
I was more inclined towards the Probability No.2 as no positive divergence was noticed at 5937 and new low below 5937 was likely to generate it.
But today's intra-day action (catch intraday price-action on charts in our FB group http://www.facebook.com/groups/jackpottrades/# ) showed that indeed we are into B with A having ended at 5937.
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How much this B would retrace is anybody's guess but one may take help of channels as shown below to follow price action:
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My personal belief being 78.6% retracement of A=6229-5937 comes to 6167 and B is unlikely to go above it. 61.8% targets 6117.
1. "A' of Corrective ABC complete and B upward started:
2. "A" having completed only 3rd wave and upmove from 5937 being 4th wave supposed to go upto 6040 and then 5th wave to go below 5937 to complete "A"
I was more inclined towards the Probability No.2 as no positive divergence was noticed at 5937 and new low below 5937 was likely to generate it.
But today's intra-day action (catch intraday price-action on charts in our FB group http://www.facebook.com/groups/jackpottrades/# ) showed that indeed we are into B with A having ended at 5937.
.PNG)
.PNG)
.PNG)
My personal belief being 78.6% retracement of A=6229-5937 comes to 6167 and B is unlikely to go above it. 61.8% targets 6117.
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