@masterthe correction today occur in 5 waves from 6156 so can we expect a zig-zag (5-3-5)?same as we did in 3 waves down a flat(3-3-5) in previous week?thanks.
Sir, wave (I) and (iii) are almost same and seems normal. So can we say that wave (v) will be extended one with targets of 100-161.8% of distance travelled between start of (I) to end of (iii)???
@ anmpatel ,If (iv), zigzag. It need not be always a=c.A 5 can conveniently be relabelled as abc also.Go by the first obvious observations; keep the others on standby incase prices deviate from the current map.
@ Prabhanshu Raman,Do not expect the (iii) to be always the biggest. The rule states: 3rd wave should never be the smallest.In case the 3rd becomes smaller than the 1st, it becomes easier to make the "Should not break ceiling number" for the 5th with the use of that rule.
in case of 4th should we expect C to do a minimum of 61.8% of A
Ilango Sir i am using mt4 for hourly chart refer, it not like Ur chart,when i maximize or minimize to view not good view one,which software ar u using
Thanks SirBear flag with breakdown below 6076?
@Prabhanshu,to me it seems already broken, but then i am not good at identifying flags
Dear Ilango Sir & Blogmates,OI Table Update at 1:00PM, Pivot-6134, R1-6164, S1-6113, VWAP-6128Support still very good at 6000 and resistance getting strong around 6200, a range of 6000-6200 for the next couple of days possible…Thanks & Regards
@AlyI could see 2 flags as of now. 1. Bear flag for the fall from 6156-6057 with breakdown below 6078 with sl at 61002. Bull flag from 6957-6099 with Breakout above 6092 with sl at 6082let's c which one will get validated.
To add, Bull flag already triggered for the target of 6110 and 6135 with sl at 6082
Bearish: 6107 6118 ... is 50%-61.8% retrace of the last fall from …… 6156 to 6057 80% is - 6136 If weakness is to return, it should be around 6107 6118 Strength gets confirmed above 6118 OR 6136
Thank you Sirji, as always ... Nowadays, i cut paste your comments and keep reading it throughout the trading day, it really helps a lot :) Regards,
T1 achieved for Bull flag. . Let's c whether t2 will also get through or not
6102 Sup and Res at 6124
Dear VRJ rammanohar 6102 breaks. is any next tgt? how could u say it is support?
Sir how could we confirm that the weakness retuning from 6118?
respected llango sir is there any chance of iv getting completed at low of day and we r in v(i)
dear master after fall retrace and got resisted at 6118 so can say weakness started and keep it as stop loss for short which was generated at 5156ar. nitin modak
General observation:When it becomes tough for Nifty to trade "convincingly" above it's Hr JNSAR,then the chances of running correction (at-least) or vice versa are there..
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