Markets were in sideways corrective mode last week . The insight of correction continues this week also as perceived since the start of the Month. 5730 remained unconquered in the sideways markets as analyzed last week .
The sideways B wave may have ended in a simple Flat correction and a Tweet in this regards was posted before the last session start .
Twitter Updates may be followed at https://twitter.com/aarveethirdeye
So we may have started the C wave down of the correction from 5722.
Fibonacci Target for the Short term may be in the range of 5585-5515 for the correction which has the probable EW target in this range also.
The correction may reach the target zone of 5585-15 this week where one should be cautious on the short side and look for bottoming out signals in line with the Larger Trend which still is Up with prices above 50dma as of now.
12 comments:
Thanks RV, God Bless You
Dear AAR VEE!
Very good analysis & crystal clear charts, keep continue your good work.
Rgrds,
Kumar
Dear AAR VEE Sir, thanks for the update on EW counts :)
very clear and precise analysis rv
Dear Anonymous,Kumarji ,SP and Piyush
Thanks for leaving ur comments.
EOD 21-10-12 :
Looks like the B corrective may not have ended as expected downmove didnt materialize.Option play moves in expiry week is making counts more complex.
The move from todays low looks like an a-b-c move with 5waves of a and 3 waves of b were done , the c from 5691 looks like making an ed with its a-b done.(a=5658-5715=57 b =5715-5691 now c if=a=57=5748 apprx.)
Still looks like a corrective continuation and it would be prudent to keep s/l of 5730 on closing basis and 5760 on trading basis.
EOD 21-1012 CONTD-----
Also if its a ZigZag move from 5634 then a=5634-5722=88 , b=5722-5658 ,
c=a=88=5746 apprx. so by these counts we may be in v-c .also s/l may remain same by these counts also giving similar target.
Will review on close above 5750 now.
Dear AARVEE!
Truth always leads to the victory,
Happy Dussehra to you and your Family.
Rgrds,
Kumar
Happy Dussehra aarvee..:)
WISHING A HAPPY VIJAYDASHMI ,DUSSEHRA TO ALL OF YOU !!! .
HOPE THE DAY LEADS TO INTROSPECTION,IDENTIFICATION OF SOME EVILS/SHORTCOMINGS AND EFFORTS TO OVERCOME THEM.
ENJOY !!!
@Kumarji ,
Wish You and Family the same.All the Best
Regards.
EOD 23-10-12.
----------------------
The Trend remains down in short term exerting pressure in that direction as analyzed.
The eod probability of another leg up left got negated at open with break of 5 min trendline without making a new high. The downward journey continues in short term.
Just for B wave count justification one may also see an ascending Triangle pattern probability in the wave B completing the subwaves a-b-c-d-e on 22-10-12. watch the break of hrly trendline from 5634-5658-5681 for further weakness to the target zone as analyzed in this post.
The probability of C to show its hands on expiry day and next session increases now that the upward range break not happening and giving signal that path of least resistance is down in short term.
@Bizagra -
Wishing you the same .
cheers !!!
Dear AARVEE! Truth always leads to the victory, Happy Dussehra to you and your Family. Rgrds, Kumar
Post a Comment