Pre-Market View:
The FDI news may cause a small gap-up today but as much of that has already been factored in so I donot see runaway upside before a Corrective retracement--5929 and 5944 are the resistances as per channels on 5 min charts.And as divergence was visible in Hour charts by yesterday EOD, I am inclined to believe that the Impulse from 5548 would end at the abovementioned levels.
EOD Post:
So the opening saw 5929 as perfect point to slide down,
Midday found 5834 as a good support and
EOD saw 5944 as a resistance again------
But it is not as perfect as it may appear superficially.
While the morning's downslide 5927-5838=89 can be termed sw4 as far as price-action is concerned:
sw1=5548-5638=90
sw2=5638-5593=45
sw3=5593-5927=334
sw4=5927-5838=89
sw5=5838-5942=94
makes a perfect 5w Impulse but completion of sw4 & sw5 in a single session remains an enigma.And so does the form of this sw4=5927-5838 which was not a copy-book Corrective SW4 form by any means.
Algo trading has brought these anomalies alongwith it and for Elliot Wave followers trying to figure out time-action alongwith price-action , it has complicated the matter.(Mayawati's support in Rajya Sabha cannot become an alibi)
So the opening saw 5929 as perfect point to slide down,
Midday found 5834 as a good support and
EOD saw 5944 as a resistance again------
But it is not as perfect as it may appear superficially.
While the morning's downslide 5927-5838=89 can be termed sw4 as far as price-action is concerned:
sw1=5548-5638=90
sw2=5638-5593=45
sw3=5593-5927=334
sw4=5927-5838=89
sw5=5838-5942=94
makes a perfect 5w Impulse but completion of sw4 & sw5 in a single session remains an enigma.And so does the form of this sw4=5927-5838 which was not a copy-book Corrective SW4 form by any means.
Algo trading has brought these anomalies alongwith it and for Elliot Wave followers trying to figure out time-action alongwith price-action , it has complicated the matter.(Mayawati's support in Rajya Sabha cannot become an alibi)
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