internal waves within our preferred wave 4 bias discussed earlier.
as one can see, i have sub-divided wave 4 into A(3 wave zig-zag), ongoing B(3 wave flat). therefore wave 4 also becomes a flat. wave C after B can become truncated if support area(above 2631) is respected.
support and resistance areas are also marked by ellipses.
dotted arrows showing the speculated projected directions of mkt movement for monday and afterwards.
update: ongoing B above structure changed to 3 wave zig-zag from flat, others remain same as given earlier.
***only for academic purposes.
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Sunday, November 16, 2008
my projected wave 4 scenario...
Posted by
abhay r somkuwar
at
1:24 PM
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6 comments:
Interesting. I had posted this few days back looks like bearish flat the probable choice.
http://rishtrader.blogspot.com/2008/11/nifty-analysiselliott-view.html
nice blog ur having, we seem to be having some agreement on wave counts.
ab sir one question how do u decide whether market is sell on high or buy on dip.
Regards
its simple meet, depends which direction mkt is trending(according to short/medium term etc.) and if it is in the beginning or end of the rally:)
but sir the biggest problem is how to know whether rally is ending or not.is there any signs to know about that also.
Regards
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