Yesterday's micro wolfe met its target but again the bigger move continued to remain downwards. Nifty is continuing to maintain in a downward channel and has made new low today but positive divergence continues to exist.
A look at the broader picture, made me aware that while I was tracking bullish wolves, I totally missed the bearish one, which targets 5918 or so and has almost met its target today.
While the black wolfe may target 5880, the other two should be kept in sight as the end of this downmove is imminent.
Let us now see, how are the APFs shaping up:
Except for the black APF, rest of the APF suggest that the downmove may continue. The lower median line of the black APF may be key for confirming a reversal.
Yesterday, I had shown two counts for a corrective and given count for one of the them. The choice proved to be wrong and the move may be shaping up as per the blue counts as given in the chart yesterday. The counts as such may be like this...
| W |
6112 |
- |
5987 |
= |
125 |
|
|
|
| X |
5987 |
- |
6038 |
= |
-51 |
|
-40.8 |
|
| Y |
6038 |
- |
5880 |
= |
158 |
|
126.4 |
(Projected) |
| Fractals of W: |
|
|
|
|
|
|
| A |
6112 |
- |
6042 |
= |
70 |
|
|
| B |
6042 |
- |
6072 |
= |
-30 |
|
-42.8571 |
| C |
6072 |
- |
5987 |
= |
85 |
|
121.4286 |
| Fractals of Y: |
|
|
|
|
|
|
|
| A |
6038 |
- |
5946 |
= |
92 |
|
|
|
| B |
5946 |
- |
5991 |
= |
-45 |
|
-48.913 |
|
| C |
5991 |
- |
5880 |
= |
111 |
|
120.6522 |
(Projected) |
| T1 |
5899 | |
| | | T2 |
5841.96 | | | |
T3 |
5933.96 |
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