Thank You Sir!
@prabhanshuthanks for the levels
A 5-waves done from 5982 to 5913.
Parminder.. my understanding, this is not correct pattern for inhs. Your neckline could be shoulder and right neck is yet to built. Neckline may be from 6033my understanding and may be wrongDouble top target achieved at 5915.
index making lower highs and lower lows
Sirji. . It was quite tough test today. Please suggest your preferred ew counts. From chart, you marked 5982 as 2 and another at 6044 (aprx). What price action week confirm/negate that 2 is done at 5982?
@ Prabhanshu,A close below Day low EMA ( 5850 ) also coinciding with Week Pivot would be a good reference.Raghavendra
@Ilango sir,can we count 5 wave from 5866 too? or from 5826? my counts are confused..can you please help? i am of opinion that a probable 3 wave done from 5826 or may be from 5866 ...this was 4th in 5 waves down and final 5th is pending..please clarify your count.thanks and regards
@ Prabhanshu Raman,A 5 waves done at 5913. Hence, break of 5913 would be bearish.A close below 5931 would be initial bearish signal for ST.A fall below 5886, 61.8% would likely negate the 2nd target. More so below 5857, 80%.
@ sarvesh sharmaI state here whatever I see & perceive. It need not be the correct one but it is my "obvious one".Who can correct or validate your labeling?- Only the market.
Master considering weekly trend which is up....how should one approach if nifty close below 5931???will it be a sell on rises???
Or will it be considered as pause???
Any one suggest bank nifty movement today ...?
GA Master, There is clear -ve divergence in HrSlow Macd, 14 hrRSI, 5D, HrFast Macd, 9 hrRSI . Is this sufficent indication to take short call on nifty?
@ sudharsan,Weekly trend is "UP" BUT it has lost its upward momentum with a close below WHEma.Hence, the prices are not able to make much headway in the lower T/F, the day. Prices rallied this far from 5701after a close above DLEma on 01st Oct, followed by a close above DEma & DHEma.If prices close below DHEma, it would make the ST(Day) in alignment with MT(Week) and bearishness would return.There are two distinct supports:Rising 34 Hr sma(5868) aligning with Hour channel.Cluster support @ 5811-5826.Bigger falls get confirmed below 5810.
Thank you Master
@ prakashbkc,Critical resistance-5970 coincided with "5974", 61.8% of the fall from 6143 to 5701.And it coincided with Hour weakness.You make an intraday short at the 1st target by EW-"5979".Now you must watch the retrace towards ....38%-593950%-5948.Strength above "5956 or 5968".At present, bull & Bears are locked in an equal tussle. A weakness signal from Day T/F will tilt it to bears. Non-signal will keep bulls alive to reverse the weekly "loss of momentum".
--> backwonderful to see this Sea of Orange :-)
again towards new low.....
New Post Done.
"correct labeling or obvious one".Now sub wave a,b c in on wave 2 achieved 61.8% 5980,78.2% 6020. Major top will for Bollinger view 6046 & c=a 6070,Then Wave 3 will start.