With all the below, HHLEMA is still holding.. hoping for some kind of bounce.. let c.. have a great evening..
Dear Ilango,two queries for your attention please:1) in the charts above the 5th seems to be quite small. isn't it quite unusall. Generally 5th is considered to be as close to 1st in lenght if not larger.2) what type of correction will you consider 'abc' of 4th. Is it a flat/irregular (your view please)? to me the 'abc' of 2nd appears to be a flat. isn't it correct?Regards
Namaste Ilango Sir & Blogmates, Bearish with Caution: Nifty closed below the psychological level of 7600 for the first time this month and looks weak with only meaningful support around 7500 for the time being, resistance getting stronger at 7800..: Option Analysis for 09-07-2014Dedicated Option Open Interest BlogDuplicated at Wordpress SiteThanks & Regards,Sanjay Kr Jaiswal
@ CDG,5th becomes truncated after a strong 3rd. However, this 5th has made a new high but small. Remember this is a tentative label supported by divergence, channel break, etc.What kind of correction in 4th. Is it 4th or waves are likely to sub-divide - more time needed.We need to observe the sub-waves of "a" to get some clues, if not all, of the kind of corrective that is likely to unfold..