Weekly price has given a 2wk swing reversal. Only a move below 2772 will give a short term weakness and below 2660, more severe weakness.
Current uptrend will face resistance at 2860-2865 and clearing the same will give strong momentum(Probably after some consolidation..)
2 comments:
thanks for the reply...For the final 5th subwave fall ,how do we approx the point for target...say in the dow chart for the 3rd broader wave ,after drawing the parallel lines one could have said the 5th can stop at arnd 6800 or 6300...but it did at 6300 in this case ...Shld we again rely on divergences and "OB" readings here which indicates that there was a further downside.
hi Shaq,
The "OB" readings & -ve div were in the hourly which got adjusted with the intra moves of the last 3 days and with today's strong break above 2860 after the weekly buy signal, the scenario changes to "All upmode-week, day & Hour". This calls for "buy on dips till a 2 day swing reversal for short term trading & 2-week swing reversal for medium term trading.
As I felt an impulsive kind of move in the "D" leg(Now this count is invalid), I had given 2772 - - 2815 as the break out range for a faster move.
Let us rely on prices more than other studies..For making a higher high, we require "2970" need to be scaled. Post that action, if any weakness sets in , reentry can be done on declines.
Best regards.
ilango
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