The expectations of yesterday's post fructified as expected in the morning, however, subsequent moves stretched beyond expectations. I continue to believe that the move from 5990 downwards was a corrective, despite the fact that nothing seems to indicate towards a corrective. While a casual look suggests that the move could be an LD, I am grossly influenced by emergence of wolfe wave patterns in various time frames and some other indicators, which suggest that the fall may already be over or may be left with a couple of points more. Today another wolfe wave emerged, which targets 5975, and augments the wolves that are targeting 6040 and 6100. This wolfe wave is depicted in red in the chart below.
The most acceptable counts for a corrective move for the fall today is depicted in Black and an alternate, which leaves some more room for the fall, is depicted in Blue.
The fractals for the corrective marked in Black are:
The Trade Setup:
Continue as per yesterday's post. SL for shorts may shift to 5991.
The most acceptable counts for a corrective move for the fall today is depicted in Black and an alternate, which leaves some more room for the fall, is depicted in Blue.
The fractals for the corrective marked in Black are:
| Possible Counts as a corrective: | |||||||
| W | 5990.9 | - | 5967.7 | = | 23.2 | ||
| X | 5967.7 | - | 5984.35 | = | -16.65 | -71.7672 | |
| Y | 5984.35 | - | 5953 | = | 31.35 | 135.1293 | |
| T1 | 5961.15 | T2 | 5946.766 | T3 | 5969.966 | ||
| Fractals of W: | |||||||
| A | 5990.9 | - | 5975.6 | = | 15.3 | ||
| B | 5975.6 | - | 5980.6 | = | -5 | -32.6797 | |
| C | 5980.6 | - | 5967.7 | = | 12.9 | 84.31373 | |
| T1 | 5965.3 | T2 | 5955.814 | T3 | 5971.114 | ||
| Fractals of Y: | |||||||
| A | 5984.35 | - | 5956.55 | = | 27.8 | ||
| B | 5956.55 | - | 5972.2 | = | -15.65 | -56.295 | |
| C | 5972.2 | - | 5953 | = | 19.2 | 69.06475 | |
| T1 | 5944.4 | T2 | 5927.164 | T3 | 5954.964 | ||
The Trade Setup:
Continue as per yesterday's post. SL for shorts may shift to 5991.
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