Thursday, September 16, 2010

EOD -1

A pullback seen today,after the negative diversion indicated yesterday.

Now the 2d volume profile shows start of some short term correction (pull back/cooling off )

5d volume profile shows 5795 level as immediate support for this pullback.

Probable EW count has helped much to ride these waves.The Third wave may have ended today and the Fourth corrective has started.Usually in a strong uptrend the Fourth wave may end somewhere near the fourth subwave of a lesser degree i.e 4th of the Third.The probable area for a bounce may be 5775-5795 region(it concurs with the 5d volume profile also ), starting the Fifth wave of this upmove since 5350.


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