Pre-Market View:
For today's move, I would make following channel as my guide:
EOD Post: Channelwise update:
For today's move, I would make following channel as my guide:
And EW wise, for labelling the current upmove from 5548 upwards,would wait to see how the current Impulse from 5594 progresses:
As the length of Diagonal was 5548-5638=90, if length of current Impulse from 5594 remains limited to 5740(i.e. less than 1.618x90) then whole upmove(from 5548) would be labelled as zig-zag 'abc' and on a higher degree called Yb which would be seen as a retracement of Ya=5777-5548.
EOD Post: Channelwise update:
EWwise update:
As Diagonal=5548.65-5638.2=89.55
Corrective=5638.2-5593.55=44.65
Impulse(mimimum)=0.618x89.55=55.35=5648.9 was missed by a whisker as Nifty made a high of 5647.4
So copy-book ideal labels say that the minimum of a zig-zag from 5548.65 upwards has not been done and therefore the wave-form has to be completed by going further high.
For a zig-zag,therefore, we have to label it as:
A(Diagonal)=5548.65-5638.2=89.55
B(Corrective)=5638.2-5593.55=44.65
C (by guideline of aleration cannot be a diagonal) in progress from 5593.55 upwards and can do a maximum of 1.617xA=5738.35
Please bear in mind that the minimum for this C (as illustrated earlier) was missed by a whisker only.
As Diagonal=5548.65-5638.2=89.55
Corrective=5638.2-5593.55=44.65
Impulse(mimimum)=0.618x89.55=55.35=5648.9 was missed by a whisker as Nifty made a high of 5647.4
So copy-book ideal labels say that the minimum of a zig-zag from 5548.65 upwards has not been done and therefore the wave-form has to be completed by going further high.
For a zig-zag,therefore, we have to label it as:
A(Diagonal)=5548.65-5638.2=89.55
B(Corrective)=5638.2-5593.55=44.65
C (by guideline of aleration cannot be a diagonal) in progress from 5593.55 upwards and can do a maximum of 1.617xA=5738.35
Please bear in mind that the minimum for this C (as illustrated earlier) was missed by a whisker only.
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