Posting a probable EW count ,(which may be contrarian at this moment),showing the start of the minor 5th wave of the intermediate wave since 4786,this week.
Few pointers justify it ,like-
-Relentless FII buying and almost peanut selling in this correction from 5550 to 5350.
-Option Analysis showing confident buildup at 5400 puts and that of calls at 5600,which suggests bullishness and may be a new high near 5600 levels,where this 5th wave of the intermediate wave from 4786 ends and the A-B-C correction starts then.
-The Bearish tone setup in the start of the Sept. series will keep the majority short or at the sideways.
thanks AARVEE for the constant alert to the shorts :)
Pls try to follow-up this wave count chart regularly..
Dear AAR VEE,
I am agree with you that "buildup at 5400 puts and that of calls at 5600,which suggests bullishness and may be a new high near 5600 levels "
The worried part is that in spite of a up move there is no sign of NF O.I.deletion,though it is understandable that this is just a beginning for new series,but this also indicates the "load" which NF will have to carry during this up move.Instead of O.I. addition NF needs replacement of old bulls by new ones.It will be more favorable for any up move from here.Let us see. We will try to find out the answer after today's EOD Bhavcopy
Another quick alternate count
1 as it is
2 as it is
3 ends at now marked iii
4 ends at now marked iv
5 ends at now marked 3
A ends at now marked 4
B ends at 5510 / 5545
Thanks for the alternative count
but some how the time taken by 5th(around a week only) and the A (same )doesnot goes with the overall waves counted as 1,2,3,4.
They look more like minutte wave than minor waves in this count.
The biggest problem in EW is the different ways to count it - no two EW counts are the same.
I would have counted it different from both the above as a b c d e.:)
ya very true ,different people different perspective.
just learning ew and labelling.
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