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- Thread starter amitt29
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Todays gap down signified beginning of wave 3 down which is under extension.The subsequent recovery was wave 2 of 3,a zigzag,which got completed at intraday high of today.Another bout of selling and or gapdown is on cards tomorrow.
On alternate count fronts also only 1 count suggests an upmove tomorrow,which is the zigzag flat count which got completed today.Another possible count suggests wave B of DblZigZag starting from 4428 got completed at todays intraday high.Where wave A ended at low of today.
So on two possible counts it suggests continuation of downtrend tomorrow.Only one count suggests an upmove.
The levels to hold for upmove wud be 4335-4311-4273.
Down move cud see these levels taken out in gapdown and stare down at 4223.
The bearish count will be negated if we take out 4440 tomorrow.
PS if readers face difficulty in following EW count i can switch to only levels.No big deal.
On alternate count fronts also only 1 count suggests an upmove tomorrow,which is the zigzag flat count which got completed today.Another possible count suggests wave B of DblZigZag starting from 4428 got completed at todays intraday high.Where wave A ended at low of today.
So on two possible counts it suggests continuation of downtrend tomorrow.Only one count suggests an upmove.
The levels to hold for upmove wud be 4335-4311-4273.
Down move cud see these levels taken out in gapdown and stare down at 4223.
The bearish count will be negated if we take out 4440 tomorrow.
PS if readers face difficulty in following EW count i can switch to only levels.No big deal.
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So it ended on a flat note.Care to note that market has been revolving around 4430-4403-4380-4357.In between it slipped a low of 4267 yesterday.Todays close doesnt augur well,although it closed just flat.
On count front still i am of the view that 3rd wave down has extended so when the 3rd of 3rd or 5th of 5th comes(which shud be tomorrow),it cud be a huge gapdown.Min 50 points on Nifty.
On the alternate count front the dbl zigzag that completed yesterdays low,starts a new impulse up of which wave 1 finished at todays high and wave 2 is underway or finished,will most likely finish at around 4311 tomorrow.And start 3rd wave up.
Such is the state of the markets.
Moves in either way cud be quite explosive.
On count front still i am of the view that 3rd wave down has extended so when the 3rd of 3rd or 5th of 5th comes(which shud be tomorrow),it cud be a huge gapdown.Min 50 points on Nifty.
On the alternate count front the dbl zigzag that completed yesterdays low,starts a new impulse up of which wave 1 finished at todays high and wave 2 is underway or finished,will most likely finish at around 4311 tomorrow.And start 3rd wave up.
Such is the state of the markets.
Moves in either way cud be quite explosive.
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