EW count

This probable EW count is for academic interest only.

Labeling

Intermediate Wave- starts from the upmove of 4786


Minor wave-‘5th’ of the above (shown in daily chart)


Minute wave- ‘iv’ th of the 5th minor (shown in daily chart)


Minutte wave- ‘c’ wave of the ivth Minute of the 5th Minor ( started day before yesterday in 5 wave move down, 4th Subminutte of this completed)

Inferences:

-‘5’ th Subminutte of the ‘c ’ Minutte of the ‘ iv’ th Minute of the ‘5th’ Minor to start.
Can go down below yesterday’s low. This ‘iv’th Minute should not go below 5452 ,as per hard EWrules.


-A positive diversion may develop near the end of this ‘iv’th Minute wave.


-Trendline break of the ‘c’ of  'iv' th down  ,will start the ‘vth’ of the ‘5th’.It can end truncated or go on to make a new high.

Corelations

-As per Market Profile we know that 5465 area is a high volume zone,providing good support .So the ivth Minute may end near here.


-FII’s have been buying relentlessly ,The vth of the 5th minor may end making a new high sometime in the Sept .series.


-Option analysis of Aug. suggests a expiry above 5500 and below 5600.so the ivth Minute may end near 5465 and vth minute’s ,subminutte waves can take it to the above zone.