EW Counts by Raghuvanshi

And the Journey continues----

2012-08-09T22:34:00.002+05:30

It all started by chance.

My inconsistencies in stock market trades led me to interactions on mmb—a forum provided by Moneycontrol.com (which I have not visted even once during last one year—such was the bad taste left--)

By why recall bad part?

It was mmb that got a group of obsessive people together --- RCG,Harshal,Nagraj,Sanjay Bhatia,Guna Sekar, SF,UPS,Sunny and many more---- all attracted by magnetism of one man called WINWATH.

And what a group we made--- our technical discussions seemed to have disturbed some people and the resultant circumstances led to Nagraj floating this blog ---providing an “alternative” forum to our raw energies and discussions.

And one year has passed –Nagraj went to Spain and has chosen to give priority to his MBA and career thereafter, Harshal went to Colombo and has found out that there is more to life ,RCG aka Lalu Prasad –the ever young septuagenarian—and Sunny the Charming Tiger chose to contribute more on FB group and WINWATH?

My Guru WINWATH or WW as we call him lovingly, has no limits----

From A to Z of all stocks, fundamental to government, he has his hands full always—how could he remain limited to a blog---? Occasionally appearing here as Waverider, he would tell me now & then that “ O’ boy !! I am around---

And thus one year passed.

I donot know how many people “learnt” Elliot Wave Principle from my blog but with page-views exceeding 2000 per day,I am sure hundreds have heard the name of Elliot Waves. And that is akin to a seed being sown ---

I feel more confident with my trades. And have started doing much better as a trader---

So have chosen to take this journey to the next destination ---

and in this part of the journey it will be trades & trades all the way --

in new vehicles------

Raghuvanshi's Reality Show ---- http://raghu1965.blogspot.com/

Jackpot Trades --------http://sanjayraghuvanshi.blogspot.in/

And this post may very well be my last post on this blog address.

While Raghuvanshi's Reality Show is an attempt to showcase how starting from Rs.100,000/-(rupees one lac only) we can start trading and to find out REAL TIME how much money can be made in a year from this initial capital.This blog, therefore, would be all about Trades initiated & closed with occasional discussions on various trade anatomies.
Jackpot Trades is conceptualised more as a blog for learners where detailed analysis of Nifty and a few other stocks would be done and proper entry/exit points would be located and explained.
Both these blogs are open for Viewers but comments section is closed. Feedbacks, if any, may be sent to me on email id mentioned below.

Sanjay Raghuvanshi

contact me at sanjayraghuvanshi1965@gmail.com

Nifty on 09-08-2012

2012-08-09T07:23:00.000+05:30

http://raghu1965.blogspot.in/2012/08/anatomy-of-trade.html
(iss anjuman me aapko aana hai baar-baar----- deewaaro-dar ko gaur se pehchaan leejiye)
2.30 Pm

EOD

Had written in the morning:
Q
Depending upon how the news/sentiment etc develop,this 5iv & 5v may not see light of the day at all--and we would see Nifty coming down to 5246(minimum) to announce end of 5th at 5376. Probability of 5iv ending at 5310-5315 and then 5v again going to 5380 is also alive.
UnQ

And based upon this,decided to close all my shorts once Nifty went below 5315.

Now the question is:
Was it 5iv and 5v would go up?
or was it a retracement of 5=5165-5376 and likely to go below 5246 .

I cannot say---and the way it kept hovering in the channel shown above, it also deliberately was hiding that answer. This channel's break would announce the next move---

And our trade initiation would not be this channel break--it would be the outer channel that would lead me into fresh trade:

Raghu

PS: For further details please log on to my new blog:
http://raghu1965.blogspot.in/2012/08/anatomy-of-trade.html

Nifty on 08-08-2012

2012-08-08T09:07:00.004+05:30

In focus would be:

And look for negative divergence on Hour charts for reversals.
10.15 AM
Time to short with SL at day's high
Ist target should be 5264(the boundary line of last gap-up which also happens to be 5 DMA
12.36 PM

4.30 PM

Had to leave immediately after posting the above chart.
And now on coming back I find the ending almost as visualised in the morning,though from 1-3PM it was quite volatile.Phew---

Analysing Failure

2012-08-07T18:33:00.001+05:30

Which failure?
Yes,there have been many during this upmove of 5033-5350*
And behind all these failures was only one reason. This upmove was seen as a retracement of 5348-5033 --either as abc or as WXY--- with the result that instead of looking for opportunities to go long, I was looking for the opportunity to go short. The only long call given was on EOD 26.7.2012 with a target of 5160(from the low of 5033) and it was that one good correct call that has kept the August balance sheet in green----
The pattern being followed was:

And based on this pattern, I was looking for opportunities to short as soon as we crossed 5160. And all of them saw stop loss getting triggered.
And today,when 5348 itself has got breached, we have to put the downmove 5348-5033 in focus and try to figure out where the fault lies.

This downmove of 5348-5033 was seen as a 5 wave Impulse in following way:

(i)=5348-5218=130

(ii)=5218-5267=49
(iii)=5267-5076=191 has very clear fractals:
5267-5169=98
5169-5257=88
5257-5108=149
5108-5144=36
5144-5076=68
(iv)=5076-5126=50
(v)=5126-5033=93
Thus (iii) was extended vis-a-vis (v)

Now the above labels have only one minor aberration that both (ii) and (iv) are shallow retracements. But the shallowness of (ii) has been compensated by deep subwave2 of (iii).

Some of my friends had been suggesting it as a zig-zag abc in following manner:

But even today, when we have come above 5348, I fail to understand how it can be a zig-zag like this when its a=5348-5172 is a 3 wave form? Or should we start considering zig-zags as 3x3x5 forms also? And if we have to go by "visible" wave forms then current scenario would look something like this:

In the end,the most prudent answer that I give to myself is---- we have to follow the correct guidelines,market may or may not follow it.

Also, over-reliance on EW may have its own pitfalls so better to find other TA supports as well.

Raghu

Nifty on 07-08-2012

2012-08-07T08:59:00.001+05:30

Elliot Wave Pattern:

Trendline Resistance:

Hourly Momentum:
Small divergence noticed in Hour charts RSI-14:
Nifty top-5291.25(RSI-14=69.45)-at 11.00 hrs
Nifty top -5293.15(RSI-14=69.34)-at 15.00 hrs

And on the basis these three, the most logical trade for me would be to short with a SL at 5314.
Why 5314?
Ya=5154.25-5246.3=92.05
Yb=5246.3-5164.8=81.5
Yc can be max 1.618xYa=149=5164.8+148.95=5313.75

And a look at the most talked about stock of yesterday----RELIANCE

10.35 AM
As per hourly L/H calculations, the EW counts mentioned above have become invalid with breach of 5214.
However,as a confirmation,I would wait for an Hourly close at 11.00AM to confirm this invalidation.

11.05 AM
Time for me to be out of action--- shall be on the sidelines to understand the new pattern.However,I have not yet let go off my shorts as I expect the trendline to act as a resistance and overbot Hourly will force a dip--that would be the best time to off load shorts.
EW counts,though,have been invalidated.
Came out of shorts--- as the two trendlines resistance have been broken.

11.34 AM
A dip had to come---but only when I let my shorts go---
I still believe the Hourly overbot have to cool off before making further upmove--- and this cool off in what manner and upto what point I cannot say now as my EW counts have been thrown into dustbin---

12.10 PM
Today morning,premarket,I had given three reasons for shorting:
EW wise--count has got invalidated.
Trendline--has been breached(currently we are into 4th Hour candle above that trendline.
Divergence in Hour chart--non-existent in today's fresh highs.

So on all three parameters shorts are ruled out.
Then should we go long---?
I would give myself some more time before answering that--
In my trading style--though not infallible as demonstrated many times including today-- buying at break-outs is not preferred. Instead I prefer to buy at supports when Hourly is oversold and similarly I prefer to sell at resistance where Hourly is overbot.
So I am not attempting to go long--
1.26 PM
Looking for next trendline resistance,daily charts show that he trendline from the two tops--6339-5630 is very close, somewhere around 5360

And that gives me my fresh labels:

And the following channel may indicate beginning of 4th subwave of (v) to take us to 5280 again:

2.36 PM
This is how ideally the fractals of (v)--an extended (v)--should take place

But notice that there has been no divergence negative divergence vis-a-vis RSI so far.
So it is more likely that we would straight-away hit 5360-5365 where the Trendline joining previous two tops at 6339-5630 is currently running.

And in the chart above,please donot miss the Price-RSI divergence---Nifty has gone above previous high of 5348 but RSI has not breached its previous high.
3.05 PM
5 min charts indicating negative divergence:

EOD:
Close to a very Important trendline--- but the correct time to create shorts --my indication being a negative divergence on Hourly charts--did not appear today--- EW wise,would like to delve deeper one of the Probabilities now is a Leading Diagonal from 4770--
4770-5124=354
5124-5017=107
5017-5348=331
5348-5033=315
5033-5350*=317

And as per this Probability we should not go above 5364---somewhere the above mentioned TL is running presently.

In view of Trendline,upside looks limited now---
But no negative divergence appeared on Hour chart today. Tomorrow we may go above 5350 again and if RSI fails to make a new high,that should be the point to short, with a tenative Stop-loss at 5365( going by above EW probability).
With these thoughts I would close today's diary.

Raghu

Trading Nifty on 06-08-2012

2012-08-05T23:16:00.001+05:30

I had started Friday morning with following pattern:

And my words were:

An Intraday pull back of 60-odd points can again bring us up in 5240 zone--- to complete B(c) and in view of the negative sentiments developed overnight,I would not be surpised if the last subwave(v) of B(c) remains truncated i.e. doesnot go above the high of subwave(iii) i.e. 5246.
So the B wave from 5033 upwards gets labelled as:
B(a)=5033-5150=117
B(b)=5150-5078=72
B(c) in play from 5078 upwards and cannot do more than 1.618xB(a)=5267 and so the likelihood of its playing out as a diagonal is very high:
(i)=5078-5218=140
(ii)=5218-5154=64
(iii)=5154-5246=92
(iv)=5246-5210* in play
and (v) yet to play out.

UnQ

And Nifty did exactly that---- found support at 5164.8 and then moved up----

Then why my blog visitors like Kunal Seth are angry with me?

May be because these labels donot foresee Nifty going above 5257 and in view of good upmoves in American and European Markets, some people feel that I have cheated them and blame me for being wrong 8 out of 10 times.

I just wish to state that my endeavour is to share in detail my thought process as an Elliot Wave follower and trader. And I never claim to be s super-man. I am as fallible as anyone else in this market.

And as far as making or losing money is concerned, my new blog at Jackpot Trades and the REALITY SHOW therein is meant to bring forth that aspect only.

So keep watching---"Haath kangan ko aarsi kya---will shall very soon have the evidence.

Now let me get back to business:

This pattern was guided by EW principle that a 5 wave Impulse is followed by a 3 wave Corrective(or a combination of correctives) which normally retrace 38.2% to 80% of the Impulse,though theoretically a retracement upto 99.9% of Impulse is possible.

As the above principle makes it very clear--- a good band of length(38-99.9%) and several corrective forms are probable for this upmove. And that makes the work of any EW follower quite tough--- as we have noticed while moving up.

One probability was --- this up move could have ended at 5218 as a simple zig-zag B corrective in following way.

And though we did go down from 5218 but turned up from 5155 to continue upwards.

So the current probability of B(c) fanning out as a Diagonal instead of simple Impulse was considered.

As a diagonal also B(c) is not allowed a move beyond 5257 because:

c1=5078-5218=140

c2=5218-5155=63

c3=5154-5246=92

c4=5246-5165=81

c5= can not do more than c3 so max length possible is 5165+92=5257.

Thus above 5257 this Probability will also become invalid.

But will that make EW invalid or will that make my illustrations laughable?

May be to some.

But not to me. My endeavour is to follow the market on daily basis and initiate trades wherever a Probability appears. If that probability becomes a reality,I earn money.If it becomes invalid,then my stop losses get triggered.And that's how it will remain for all times to come.

Now lets concentrate on next Probability (if tomorrow we get a gap-up above 5257).

It will not be a rush up to 5350 and beyond----

Because it is the B wave in play and its move above 5257 would tell us that instead of a simple zig-zag form,it is fanning out as a combination of correctives--WXY- wherein

W=5033-5218=185

a=5033=5150=117

b=5150-5078=72

c=5078-5218=140

X=5218-5154=64

a=5218-5174=44

b=5174-5206=32

c=5206-5154=52

Y=5154-5220*and likely to go above 5257

a=5154-5246=92

b=5246-5165=81

c= 5165---upwards and how much above 5257?

If c=a=92 then it points to 5165+92=5257

but c can go as much as 1.618*a=149=5313.

And the pattern in that case would look something like this:

As this range of 5258-5313 looks quite large, let me put in some extra effort to further fine tune it.

There exists a gap--5267-5300.

So if 5267 is breached,5300 would be the perfect point to short with Stop-loss at 5314.

Thus it combines two factors:
1. EW
2.Trendline

My third factor, divergence on momentum charts, should be noticed first in 5 min charts and then in Hour charts to pick up the best shorting point near 5300.

Lets see which Probability becomes a reality--- B doing an abc till 5257 or B doing a WXY above 5257.
Whichever Probability occurs, I am looking forward to C downwards giving me good gains.

And yes,please do see my post on Hindalco in Jackpot Trades.
2.39 PM
Pl notice the negative divergence that has appeared in the 5 min charts. While Nifty scaled new heights at 5292+ but momentum indicaters failed to cross previous highs.
This completes the third factor that I follow before initiating trades.
Nifty is likely to test 5300 and if this negative divergence persists,that would be the best time to short with a SL at 5314.

EOD

Finally decided to bifurcate the new blog.
Reality Show would be "open"--- pl find the link on the top right hand side corner.
Jackpot Trades would be for invitees only.

Let us keep the journey smooth.

Raghu

Why not make the new blog "OPEN"?

2012-08-04T11:08:00.002+05:30

Thanks to the enthusiastic response from my friends--some of them have given very encouraging feedbacks-- the list of Invitees to the new blog has gone more than one hundred.
And the Blogspot administration says you can have at the most 100 invitees including the blogger.
Am in a fix but in no mood to go "open".

While emails of new posts in the blog would be sent to the enlisted invitees automatically,updates on previous pages would be not informed.So please look for updates in the seperate pages--particularly stocks--occasionally.

For the requests over and above the permitted number,I would be adding them in google circles to send emails seperately.
Enjoy your week-ends.
http://sanjayraghuvanshi.blogspot.in/2012/08/reality-show-from-rs100000-to-in-year.html

SSR

Nifty on 03-08-2012

2012-08-03T07:28:00.001+05:30

"Markets are the most entertaining places on the face of the Earth.They are like a card game, a chess game, and a horse race all rolled into one. The game goes on at all hours—you can always find action.

Trading is the most exciting activity that a person can do with their clothes on. Trouble is, you cannot feel excited and make money at the same time."

-Dr. Elder Alexander

Join the REALITY SHOW with a difference:
http://sanjayraghuvanshi.blogspot.in/2012/08/reality-show-from-rs100000-to-in-year.html

As this blog would be open to invitees only, those interested may send their word of interest to me at my email id -- sanjayraghuvanshi1965@gmail.com

-------------------x----------------------

So a gap-down to 5180 and then a rise to 5250 and then beginning of larger downmove as C to sub 5000 --this is how I am seeing the August series fanning out. 150DMA at 5164 may very well be today's downpoint. And please donot forget that 5267 is the upperboundary for these labels. Violation of 5267 would make these labels invalid. For traders,therefore,the stop-loss for shorts remains at 5267.
9.45 AM
First hurdle of the day.Part booking of shorts advised.

10.09 AM

If anyone chooses to go long--I am not doing so,but would short again at higher levels--one must put a stop loss at day's low.
10.45 AM
As pointed out by Piyush, the downmove doesnot remain a zig-zag below 5172 as a=5246-5210=36;b=5210-5231;c=5231-5270*=61 means c has exceeded its limit of 1.618 and become extended so the downmove has to be termed (i),(ii) and extended (iii) fro 5231 downwrds----
And thus the higher degree downmove is on as---
A=5348-5033
B=5033-5246
C=5246--downwards normally C=A=315 gives a target of 4931
Minimum is 0.62xA=195=5050
So all shorts should be held for positional gains now---

11.35 AM
Trying to locate next trendline support in view of major fall indicated :

12.03 PM
150 DMA seems to have supported--reaction upmoves may be handled with the help of following channels:

12.22 PM :
Did anyone read my post on L & T in Jackpot Trades yesterday ?
If yes--then must be a happy person now--

1.40 PM

1.50 PM
Markets always have one extra hidden in its sleeve.
While I was expecting an ideal 5 wave Impulse as:
5246-5210
5210-5231
5231-5165
5164--upward not going into 5210--
but by going into 5210 it has informed that Ist Impulse was over at 5165.(besides filling the gap created in the morning---)

So the C wave to the down from 5246 should be seen as:
C1-5246-5165=81
C2-5165-5210.1*

EOD:
Can I cannot help laughing---I wrote in the morning,quoting Elder Alexander,that mkts. are the most entertaining places--and look how it played out--

So now that
C1=5246-5165=81
C2=5165-5220=55(68%) and following channel seems to be in play:

And as I write this,some doubts are creeping in my mind:
B(c)=5078-5246 was not complete as a 5 subwave diagonal in the morning so should we not continue with our labels as B(c) still in play :
(i)=5078-5218=140
(ii)=5218-5155
(iii)=5155-5246=92
(iv)=5246-5165
(v)=5165-5220*

While the internal fractals of (iv) as 5246-5210;5210-5231;5231-5165 donot allow me to term it as a zig-zag(as c can not do more than 1.62*a) but then absence of 4th & 5th subwaves coupled with the fact that 5155 remained unbreached, makes me mention this Probablity also as still ON.
And if so,then we may go upto 5165+91=5256

So all shorts to have their Stop-losses at 5258 (and not at 5247)and target at sub-5000.

Good bye,have a nice week-end.

PS:
Bulls may say that we got support at 150DMA and closed above 20 DMA again,But I would become bullish only above 5258.
However,I must mention that today's mid-day turnaround was something which had been missing from our markets of late.

Nifty on 02-08-2012

2012-08-02T08:28:00.002+05:30

A REALITY SHOW with a difference:
http://sanjayraghuvanshi.blogspot.in/2012/08/reality-show-from-rs100000-to-in-year.html

To celebrate the first anniversary of my blog,I wanted to do something different. Something REAL. Something that I know everybody wants but nobody says---- can someone show real money being made from the markets consistently. And if yes,then how consistently?
I thought I would start it--- and thats what this blog is all about--- starting 16-8-2012.

Continuing with my wave-labels:

And while we struggle to "find & fit" the correct labels,channel breaks try to give us a hint that one wave is over and other is getting started:

So the B wave from 5033 upwards gets labelled as:
B(a)=5033-5150=117
B(b)=5150-5078=72
B(c) in play from 5078 upwards and cannot do more than 1.618xB(a)=5267 and so the likelihood of its playing out as a diagonal is very high:
(i)=5078-5218=140
(ii)=5218-5154=64
(iii)=5154-5246*=92
(iv) and (v) yet to play out.

Going by the weakness and TL break in last hour,seems we shall start with (iv) in the morning to recover as (v) later.
(iv) can not go below 5154 and (v) can not go above 5267 and that define's today's range.

10.45 AM
The first hurdle:

1.42 PM

Channel to be used to book profit on shorts---

EOD as usual (iv) wave was difficult,grinding,boring--is it over? I cannot say--only thing,channel broke--

Nifty on 01-08-2012

2012-07-31T23:17:00.001+05:30

Thus we have
A=5348-5033=315
B=5033-5234* in play can at the most do 80% of A=252=5285
B(a) looks like over today at 5034 as a 5 wave form=5033-5234=201
5033-5150=117
5150-5078=72
5078-5218=140
5218-5154=64
5154-5234=80
Thus the 3rd subwave is 175 % of 5th subwave and Ist subwave is 146% of 5th subwave.
B(b)=5034 downwards should start now to retrace 50-62% of B(a)=5135-5100 band.
B(c) would then come up again.

My above labels are guided by the negative divergence in Hour charts which are in overbought zone.
And to keep these labels valid the current upmove should not go above 5241 as that would not keep the 3rd subwave of B(a) as extended vis-a-vis 5th subwave.

So the trade for next two days is SHORT with a Stop-loss at 5241 and target-1 below 5154 ;
target 2=5135;target3=5100

Refer following trendlines during this down move

11.45 AM
currently I am gazing at this chart:

Stop loss for shorts is now at 5234 and first target for part booking of profit is 5188
The long shot looks like this:

12.35 PM
First trade of the day got busted---
Shall wait now--

12.50 PM
Next probability says we should not go above 5267:

2.00Pm
Just to recollect---(for late comers?? lol!!)
A=5348-5033
B retracing A
62%=5228
77%=5275

That means percentage wise we have retraced sufficient.
Now lets take form
Formwise we have to take a 3 wave Corrective form B(a),B(b)B(c).
As per the move till now it appears we have done
B(a)=5033-5150=117
B(b)=5150-5078
B(c)=5078 upwards in play
This B(c) can not do more than 1.618xB(a).
So an upper limit of 117x1.618=189+5078=5267 is fixed.
Now let us look at the form of this B(c).
Looks like doing a Diagonal:
sw1=5078-5218=140
sw2=5218-5154
sw3=5154-5246*(66% of sw1)

EOD
A flat day with ending very close to yeterday's but very important from the point of view of our pattern-position as it gave a new definition to our position vis-a-vis the pattern:

Trading Nifty on 31-07-2012

2012-07-30T20:55:00.000+05:30

To repeat:

(i)=5348-5218=130

(ii)=5218-5267=49

(iii)=5267-5033=234[180% of (i)]

(iv) 5033-5206*=173

a=5033-5150=117

b=5150-5078=72

5149.95-5093.3=56.65

5093.3-5113.65=20.35

5113.65-5077.65=36

c=5078-5206*=128

And this has so far been on expected lines.

However the channel for (iv) has not been tested as it should have done for an ideal zig-zag abc.

Also no negative divergence so far has been noticed(although when I look at the previous two tops,no negative divergences are noticed there as well).

Territory of (i) starts at 5217.8 and (iv) is not supposed to enter (i) so I initiated shorts at EOD with Stop-loss at 5218 and target below 5033 to complete an ideal 5 wave Impulse to the down.

And what if 5218 is breached?

That I would mention in the morning---of course before market hours--

On 5218 getting breached following probability would be preferred by me:

sw1=5033-5150=117

sw2=5150-5078=72

sw3=5078--5220(imagining 5218 gets breached).

This sw3 is likely to go upto 1.6xsw1=187=5265 and over all labels would be

A=5348-5033=315

B(in play)=5033-5265*(expected)

C to start =A= 5265-315=4950

Accordingly the shorts should keep stop loss at 5268.

9.22 AM

Although we have come below 5205 now but the opening minutes have changed the labels----as we have breached 5218.

All rises have to be shorted --shorts closer to 5267 would be the best---with Stop-loss at 5268 and target below 5000.

9.35 AM

A few of my friends have been suggesting,particularly in view of the TL break that I should consider an immediate bottom formed at 5033 in following manner:

And they say that it is in sync with my overall labels of upmove from 4770 being a C wave with 3x3x3x3x3 form in following manner:

C1=4770-5348(3 wave)

C2=5348-5033(3 wave) and 55% retraced

C3 in play and would test 5600

Although market is supreme and a positive surprise from RBI can see markets rushing up but going by my understanding of EW this probability is not my preferred one at present.

In fact I am waiting for the Hourly close at 10.00AM to see if it closes above 5222(Hourly closing low of (i)=5348-5217.8.)

11.45 AM

Being the conservative that I am,I am considering the labels as I was doing till today morning:

To repeat:

(i)=5348-5218=130

(ii)=5218-5267=49

(iii)=5267-5033=234[180% of (i)]

(iv) 5033-5218

(v)5218---downwards--- minimum 0.62x(i)=81=5137

Below 5137 I would look for weakening momentum to close my shorts and go long again.

Stop loss for shorts at 5207 now

(v) not going below (iii)--a probable truncation---usually does not take place in A wave.
And also a truncation usually takes place only if (iii) is super extended which is not the present case.
So logically we should go below 5033

2.12 PM
Tough day---SL gets triggered. Better to sit aside and wait for EOD

2.40 PM
Still waiting for Hourly close above 5222 to officially invalidate the count.

EOD: Finally closed above 5222 to confirm the invalidation of labels.
Not a good day.
For two reasons:
1. Doubts crept in mind as it breached 5218 in opening minutes and then went down -- such close shaves are not frequent but I was happy to see the red, particularly when after RBI policy the red persisted.
And the 11.45 chart posted( just notice the channel support and upmove after that)--
2.Seeing profitable positions not getting converted into real time gains is painful--and this is what happened today.

Let me get back to the pattern chart posted two day ago--

Now this pattern has to be seen as below:

Courtsey Piyush Sharda we have a better explanation for A as a 5 wave form:

The 5 subwaves of A:

(i)=5348-5218=130

(ii)=5218-5267=49
(iii)=5267-5076=191 has very clear fractals:
5267-5169=98
5169-5257=88
5257-5108=149
5108-5144=36
5144-5076=68
(iv)=5076-5126=50
(v)=5126-5033=93

Thus we have
A=5348-5033=315
B=5033-5234* in play can at the most do 80% of A=252=5285
B(a) looks like over today at 5234 as a 5 wave form=5033-5234=201
5033-5150=117
5150-5078=72
5078-5218=140
5218-5154=64
5154-5234=80
Thus the 3rd subwave is 175 % of 5th subwave and Ist subwave is 146% of 5th subwave.
B(b)=5034 downwards should start now to retrace 50-62% of B(a)=5135-5100 band.
B(c) would then come up again.

My above labels are guided by the negative divergence in Hour charts which are in overbought zone.
And to keep these labels valid the current upmove should not go above 5241 as that would not keep the 3rd subwave of B(a) as extended
Raghu

Nifty on 30-07-2012

2012-07-30T13:58:00.003+05:30

1.55 PM

3.25 PM

Looking for Perfection ???

2012-07-30T01:06:00.002+05:30

Looking for Perfection ???

'The stock-market includes some of the most brilliant minds and some of the deepest pockets on Earth. Arguing with this group is dangerous business, and it has to be done very cautiously.There is no certainty, only odds. Here you have two goals—to make money and to learn. Win or lose, you have to gain knowledge from a trade in order to be a better trader tomorrow. Scan your fundamental information, read technical signals, implement your rules of money management and risk control. Now you are ready to pull the trigger. Go!"

---Dr. Elder Alexander

Following newspaper reports and TV channels,one gets enamoured by "break-outs" and"break-downs". These two terms get so deeply ingrained into our mindset that despite being "the cause" of a retail trader's accumulated losses, one never stops looking for them to enter fresh trades. Losses are blamed on luck as it was a pure bad-luck that when I entered the long side of a trade on "break-out"(or short side of trade on "break-down"),it turned out to be a "false break-out"(or "break-down").Has anyone kept a detailed record of losses caused by "false" break-outs/breakdowns vis-a-vis profits generated by the "real" ones ?

Second in my list is cross-overs---- 5/10 emas cross-over being the most common.While at smaller t/f(upto an Hour),it may be a good idea to initiate trade on these x-overs, waiting for it to happen on Daily charts would only give some "butter-milk" while cream would be usurped by smarter ones who "catch it early".

Third ,and though not the last one but I would keep it at that, is the lure of buying Out of Money(OTM) Options that proves to be the nemesis of many a retail traders.

I have mentioned these three reasons as the major mental-blocks of retail traders as during my discussions with fellow traders in my brokers' place, on FB groups & blogs --- these are the most debated points, so much so that in real life interactions I have stopped raising them ---

:-)

Then what guides me in my trades?

Primarily same things which guide any other trader--

1. Trendlines(channels);

2. Momentum indicators like RSI,Stochastic & MACD;

3. EW labels.

Then how am I different?

Let me try to give brief explanation--rest will be done by my trade - illustrations as we move along---

In trendlines,I see instead of break-outs/breakdowns, the potential of reversal---and momentum indicators (through overbot/oversold levels & divergences) and EW counts help me in calculating my odds for/against such reversal.

If such a reversal happens, it gives me major gains but if it doesnot ,my losses are very limited.

And thats what trading in stock-market is all about ---maximizing gains and minimizing losses.

Dear friends

13-08-2012 is the first anniversary of this blog. To take my endeavour a step further,I am initiating a new blog titled "Jackpot Trades" the link to which appears on the right hand side bar of this blog.

This post is the first post of that blog and it would be open to invited viewers only.Those who are interested in getting an invite to my new blog ,may drop in a word at my email ID -- sanjayraghuvanshi1965@gmail.com
(corrected now)
As far as today's trade set up is concerned, my detailed EOD post of 27.07.2012 should suffice---

Raghu

Nifty : EOD 27-07-2012

2012-07-27T20:56:00.001+05:30

50DMA=5106
100DMA=5154
150DMA=5149
200DMA=5103
Thus Nifty has closed below all major DMAs indicating weakness but is our (iv) over?

To repeat:

(i)=5348-5218=130

(ii)=5218-5267=49

(iii)=5267-5033*=234[180% of (i)]

(iv) 5033-5150*=117=50% of (iii) retraced.

As the gap-up does not allow us to confirm the wave-form and percentage wise there is a good chance of (iv) being over, I turn to RSI/Stoch in Hour charts to see how it stands:

And it tells me that there is scope of (iv) continuing on Monday to give us a 3 wave form in following manner:

a=5033-5150=117

b=5150-5078=72

5149.95-5093.3=56.65

5093.3-5113.65=20.35

5113.65-5077.65=36

c=5078--up by minimum 0.62x117=73=5151

In these days of global uncertainties,gap-ups and gap-downs because of some global events have become very common.However,despite the gap-up /gap-down, market falls into its overall pattern very fast. So in the most likelihood we would open gap-up on Monday morning but not go very much up. If we open up in the gap 5160-5198,we may go on to fill the gap .Otherwise this gap is likely to act as a good resistance giving us 5160 as the shorting point.

Thus we have two shorting points--5160 and 5198.Stop loss for shorts so created would be 5218(territory of (i).

Now let us think "ulta"---if some global mishap occurs and we open with a gap down then we shall have to label (iv) as over at 5150 and (v) in play.As (i)=5348-5218 was 130 points,this (v) has to be minimum 0.62*130=81 i.e. minimum (5150-81=5069)--so a gapdown below 5069 would mean (v) in play which would ideally take us below 5033 .

Then 4990-5020 should be used for going long again.

Thus net-net ,as a thumb-guide,one can use following TLs for initiating a trade---finetune your entry on long or short side by looking for divergence/x-overs in 5 min charts:

In this manner,remembering our pattern would not allow gap-up or gap-down to dislodge us.

Trading Nifty on 27-07-2012

2012-07-27T09:00:00.000+05:30

Today is the first day of August series.
I am attempting--on the basis of my EW labels--following roadmap for the series:

To explain it further,I see the first half of the series oscillating in 5175-5000 range and would be paeking around 5225 .From the peak of 5225 we would fall to sub 5000 levels again by the end of the series.

Would be putting up the above chart during the course of the series to monitor our progress.
Happy trading---
12.06 PM
The (iv) of A,supposedly in play from 5033 upwards is retracing (iii)=5267-5033=234
50% reracement means117=5150--done
62% means 145=5178
This (iv) has to be a 3 wave form --abc-- but in a gap-up one is left guessing.
Ideally a gap-up means an Impulse---in current case a of (iv)=5033-5130
then b=5130-5102=28
c minimum 0.62*a=60 means 5162 should be seen---

2.38 PM

EOD

Would post the detailed Nifty probabilities during week-end---
For now,let me try looking into RBI policy through SBI charts----

Oersold on daily charts
Positive divergence on Hour chart
resting on trendline
EW says exp flat done--
Is it waiting for RBI policy to go to further down or jump-up from this perfect point?

Nifty EOD-26-07-2012

2012-07-26T16:53:00.002+05:30

So my morning's observations that:
Q
if Nifty goes below 5057,then this downmove would no longer remain a 3 wave form and shall have to be labelled:
sw1=5348-5218=130
sw2=5218-5267=49
sw3=5267-5055*=212(163% of sw1) extended rd wave of a 5 wave form
sw4=to retrace this sw3 by 50% or more i.e. go upto5160 again.

This particular Probability is being mentioned primarily because of two factors:
1. RSI not being in oversold zone in daily charts
2.Time taken by the downmove from 5348 is not much.
UnQ

proved correct and the downmove from 5348 has to be now labelled as A of ABC corrective(called C2)in play. To make the perspective clearer let me again repeat the previous episodes:

Thus C1=4770-5348=578(3 wave form)

C2(also to play out as a 3 wave form ABC whose A is in play as a 5 wave Impulse with an extended subwave(iii) in following manner:

(i)=5348-5218=130

(ii)=5218-5267=49

(iii)=5267-5033*=234[180% of (i)]

Now I believe that this (iii)would have ended today---for two reasons--

1.Positive divergence between RSI and Price--

2.Fractals of this(iii) are quite discernible and can be seen as:

5267-5169=98

5169-5257=88

5257-5077=180(184%)

5077-5127=50

5127-5033*=94

thus making a picture perfect 5 wave form--though this last subwave can do more(upto 1.6x98=157)--so any further downslide should be used to go long with stop-loss at the 5127-157=4970 point.

In view of the deeply oversold Hourly indicaters,positive divergence and picture perfect 5 wave form for subwave(iii)--I expect Friday to take us into green territory for 2-3 days as subwave(iv) of A.

To repeat:

(i)=5348-5218=130

(ii)=5218-5267=49

(iii)=5267-5033*=234[180% of (i)]

(iv) to start now and as (ii) had retraced only 38%of (i)--and also the deep oversold position of many Nifty stocks--I expect (iv) to retrace minimum 50% of (iii) i.e.115 odd points

so 5160---here we come again

Raghu

Nifty on 26-07-2012

2012-07-26T07:53:00.001+05:30

As C1=4770-5348=578 in 27 trading sessions
C2 if it retraces 50% of C1,its target is 5059
and if it retraces 61.8% of C1,its target is 4990
C2 also has to be a 3 wave corrective form
so far it has completed 11 trading sessions and today would be its 12th i.e. time taken vis-a-vis C1 has been only 44% so far and although a 3 wave form is nearing completion,RSI-14 is not in oversold zone as yet.
I am labelling this C2's fractals as:
A=5348-5218=130
B=5218-5267=49
C=5267--downwards
c1=5267-5169=98
c2=5169-5257
c3=5257-5077
c4=5077-5120* in play currently and likely to remain limited to 5150
c5--down again to complete C as an ideal 5 wave form

This c5 has to be minimum 0.62*c1 and maximum 1.6*c1 i.e. it can range from 61-157 points i.e if c4 ends at 5150 then c5 can bring Nifty down to a range of 5089-4993
If it does only upto 5057 the abovementioned fractals of C2 would hold good with
A-5348-5218=130
B=5218-5267=49
C=5267-5057*(projected)=210
However,if Nifty goes below 5057,then this downmove would no longer remain a 3 wave form and shall have to be labelled:
sw1=5348-5218=130
sw2=5218-5267=49
sw3=5267-5055*=212(163% of sw1) extended rd wave of a 5 wave form
sw4=to retrace this sw3 by 50% or more i.e. go upto5160 again.

This particular Probability is being mentioned primarily because of two factors:
1. RSI not being in oversold zone in daily charts
2.Time taken by the downmove from 5348 is not much.

On the contrary,if today morning,we go above 5169 then we shall have to conclude that an immediate bottom has been formed at 5077 and gear up for another 200 points upmove--to take pause at 5350 levels.

Then how to set up trade in the light of all the above details---with different probabilities?
I would go short near 5150 with stop-loss at 5170 and target minimum 61 points down from day's high.
And if 5169 is taken out then it would be time to go long at all dips for target 5350.

9.25 AM
This trendline breach would say that c4 is over----but the time taken is too small---would it mean that only A of c4 over--- that sounds more logical--

looks like diagonal A=5077-5126=49
B in play
C to go up again:

Name:Sanjay Singh
Present City:Gurgaon

10.24 AM
This is for ribu--- but with a caveat---these being very small degree waves,I donot consider them tradable but for understaning the concept you should follow them--

10.45 AM

Likely road map for the day---put stop losses properly---Happy trading--I'm off for the day

Raghu

Nifty on 25-07-2012

2012-07-25T07:47:00.001+05:30

Starting premise remains same as yesterday:

If 5097 gets breached in the morning itself(i.e c3 gets extended),we may see an intraday recovery to 5150(as c4) but again fall to levels below c3(to complete c5).

If 5097 remains unbreached,we may keep grinding & inching upwards----as c4 to build a diagonal C ---

UnQ

To recall the downmove from 5348 till this day:
A=5348-5218=130
B=5218-5267=49
C=in play from 5267 downwards--can do a maximum 1.6xA=5056 as an Impulse or diagonal
c1=5267-5168=99
c2=5168-5257=89
c3=5257-5104*
(i)=5257-5197=60
(ii)=5197-5220=23
(iii)=5220-5108=102
(iv)=5108-5144=36
(v)=5144---should do minimum 0.62*(i)=37.5=5106 and ideally (v)=(i)=60=5084

As the next wave expected is c4---so it is likely to be all grinding and slow moving day--worsened further by series-expiry day being very close--- Intraday direction is likely to be up--
How much up?
Depends upon the ending of (v).If 5097 is breached,today's intraday upmove would not go above 5160.
If 5097 remains unbreached,we may cross 5200 if not today then tomorrow

10.04AM
Watching closely:
c1=5267.15-5169.05=98.1
c2=5169.05-5257.75
c3=5257.75-5096.35*=161.4(164% of c1)

so c3 has become extended subwave .
c4, therefore would not go into c1 territory---retracement to be limited to 5140-5160 band now--

1.59 PM
one 5 wave form looks complete:

so a small retracement to 5100 and then a push up to 5140 is likely

3.10PM
May keep hanging here itself---to open with a gap-up in the 5140-5150 band and then come down to sub 5075 levels tomorrow--

3.26 PM

Hammer on daily charts:

EOD
c4.a=5076-5119=43
c4b=5119-5105=14
c4c--- 5105+ minimum 27=5132 is likely tomorrow

And then a slide down again as c5 to do minimum 0.62*c1=61 points meaning if we do 5140 in the morning as c4c then c5 doing its minimum 60 points would not take it below 5076(today's low)--- and a truncated c5 would mean a fast retracement to beginning of C i.e. 5267-----
so tomorrow morning--5140
Intraday low minimum 5080--

Rest as we proceed--

Raghu

Nifty on 24-07-2012

2012-07-24T07:34:00.000+05:30

As A was a fast & furious Impulse, chances of C being a diagonal were always emphasized by me.
A had taken 45 trading sessions--
C has already done 36 sessions and now the likelihood of its taking the form of a 3x3x3x3x3 diagonal is very high.Going by Fibonacci correlation,it may take upto 73 sessions(1.618 times) to reach its target. This Target Ideally C=A=5900+

Now lets have a look as to how this C has done so far:
(Please bear in mind that now we are taking C as fanning out in the form of a 3x3x3x3x3 diagonal:

Now,as shown in the chart above:
C1=4770-5348=578
C2=Targets 50% retracement=5059-----62% retracement=4990
Inside the C2:
A=Impulse=5348-5218=130
B=5218-5267=49
C=5267 downwards in play can do a maximum of 210 points(1.6xA)=5056
c1=5267-5168=99(as a diagonal)
c2=5168-5257
c3=5257-5108*=149(150%)--this is where we stopped yesterday--ideally this c3 should be doing minimum 1.62*c1 and that is why yesterday I had given the target of 5097.
By not doing 1.62*c1, doors were kept open for c4 to go above 5168(even upto 5257) and c5 to come down again by more than 149 points

So today,if we open below 5097,then we may go upto 5150-60 (as c4 )and come down again (as c5) to end the wave at 5060-5070.
However,if 5097 remains unbreached then we may go up to not only fill the gap at 5198 but even upto 5225 --in following manner:

Conclusion:
If 5097 gets breached in the morning itself(i.e c3 gets extended),we may see an intraday recovery to 5150(as c4) but again fall to levels below c3(to complete c5).
If 5097 remains unbreached,we may keep grinding & inching upwards----as c4 to build a diagonal C as shown in the chart above.
2.50PM

Why I wrote C3(if ended) because the subwave4 of C3 might have played out as an Exp Flat as shown in chart below--keeping the option of subwave5 of C3 open to go below 5097

EOD:
Nothing more to add----C4 & C5 are in pending list.And C3 has not become extended as yet(keeping the option of C playing a diagonal--with C4 going into C1 territory---open.)
As number of shorters--primarily because of global sentiment---being very high,they are likely to be squeezed by a slow,grinding but ascending C4 going upto even 5225----however this probability assumes that C3 will not get extended i.e. Nifty will not go below 5097 tomorrow at opening time.
If it does,then C4 will be shallow and remain below 5160--- but remember even if we open below 5097, we will keep grinding the whole day tomorrow in 5100-5160 range.

Raghu

Trading Nifty on 23-07-2012

2012-07-23T08:35:00.001+05:30

Starting from my last posted chart & quote:

Above EW position is based on strictly the wave form. The Impulse 5168-5258=90 has to be retraced by a 3 wave corrective. Though it has already retraced 60 points out of 90(66%) but not as corrective 3 wave form.So on Monday we may open at 5230-5235 levels to slide down to sub 5195 once again to complete the wave form as shown in chart above.
UnQ

In view of global clues,the expected opening of 5230-5235 looks unlikely and instead we are likely to open gap-down. Now the crucial question is --will 5168 hold? If it does then our previous labels hold good wherein:
A=5348-5218=130
B=5218-5267=49
C=5267-5168=99

However, if 5168 does not hold then we have to modify the labels as:

A=5348-5218=130
B=5218-5267=49
C=5267- downwards as an Impulse or Diagonal wherein
C1=5267-5168=99
C2=5168-5257=89
C3=5257 downwards(if extended) should do 1.62x99=160=5097
(200 DMA currently stands at 5099)
As per trendlines--first support is indicated at 5135 levels:

9.10 AM
As 5168 breached at end of pre-open itself---we have to take C3 in consideration from 5257 downwards

12.30 PM
No Price-RSI divergence noticed so far---

EOD

As C3 has not done 1.62xC1 so depending upon how C4 acts--probability of a diagonal can not be ruled out--i.e.we may fill the gap tomorrow and then come down again by more than 150 points---

Trading Nifty on 20-07-2012

2012-07-20T09:05:00.001+05:30

Let these two channels be our guides for the beginning

EOD:

Trading Nifty on 19-07-2012

2012-07-19T05:45:00.000+05:30

Daily charts show that the LTL of upward channel has been tested but 5DMA-20DMA bearish cross-over,RSI-14 at 52.6 and MACD are not signalling any end of downmove as yet. Being lagging indicaters they have only that much of significance but had RSI been in oversold zone while this LTL was getting tested,I would have gone for OTM longs but not now.

But Hour charts(shown below) are showing upward momentum building up--5/10ema &MACD bullish cross-overs and RSI still half-way from overbot point shows room left for more upmove.

Whether the upward momentum building up in Hour Charts sustains and gets transmitted to Daily charts or it fizzles out remains to be seen.

When I try to match my labels with Channel,I get following Probability:

Only hitch here--as already mentioned--is that logically on completion of C3(ii)TA indicaters should have come into oversold territory in Daily charts(which they have not).

So we have to keep an eye on alternate labels which see C3(ii) not over as yet:

Then what would be the deciding factor for choosing one label out of the above two?
5267.1 is the threshold
If we tick above 5267.1 we should be ready for a fast & furious upmove as C3(iii)

First indication would come from the form of upmove from 5169 started yesterday--- if it takes a 5 wave form then balance shall tilt in favour of bulls. It has so far done:
5169-5201=32
5201-5186=15
5186-5223*=37 so far---
if Nifty opens above 5238 that would be an indication of a 5 wave form

Trading strategy for the day would depend upon the opening---
If we open above 5238 then we shall have a green day and all dips should be bought ---and playing short should be avoided.
And if we happen to tick above 5267.1 during the day--- longs should be kept overnite---
10.30AM
Gap ups does not allow one to find out wave form so with today's gap up we are not able to assign a form to the upmove 5169-5257.55.
But normally gap ups mean Impulse so the most logical choice form me is to take this 5169-5257.55=87 as an Impulse which is currently getting retraced---and may get retraced to even 80%=70=5187
Other probable retracement points are-38%,50% and 62%.

12.38PM
As mentioned earlier,very difficult to decipher the wave-form when a gap occurs but to me it seems:

EOD
Listless day as far as Nifty's intra-day moves are concerned but the threshold 5267.1 was not breached but formwise this upmove of yesterday and today can not be seen as a corrective form so the emphasis on the labels:
A=5348-5218=130
B=5218-5267.1
C=5267.1 downwards wherein
C1=5267.1-5169=98
C2=5169-5257.55* looks weak now because not only does this C2 doesnot have corrective's characteristics but also it has retraced more than 90% of C1 breaking two important trendlines in following manner:

.

So the other Probability of
A=5348-5218=130
B=5218-5267.1
C=5267.1-5169
and fresh upwave from 5169 looks to have more weightage now.

Though the final word would come with a breach of 5267.1 only----

Trading Nifty on 18-07-2012

2012-07-18T08:49:00.001+05:30

In Hour Chart the Price- RSI divergence is indicating short-term upmove:

Does this short-term upmove has a chance to get converted into a larger upmove?
Current indicaters negate it as on Daily Charts not only the LTL of current channel has not been tested but also we are nowhere near oversold zone.

The Downmove started from 5348 is being seen as a zig-zag Corrective ABC wherein:
A=5348-5218=130
B=5218-5267=49
C=5267---onwards can do 0.618*A to 1.617*A
Has done a diagonal wherein
sw1=5267.1-5217=50.1
sw2=5217-5245.8(Flat)
sw3=5245.8-5191=54.8
sw4=5191-5236.25(gap so form not identified)
sw5=5236.25-5181.7*=54.55

As in a diagonal sw5>sw3>sw1 so sw5 is still short of it.
And it indicates the Probability of going below 5181.7.
Now within this sw5 we can see a diagonal:
5236.25-5196=40.25
5196-5212.25=16.25
5212.25-5181.7=30.55
5181.7-5198=16.3
5198----can go down maximum by 30.5(in this case sw1>sw3>sw5) i.e.5167.5

So one should go long as we come below 5181 with SL at 5167.4
However if we go above 5212.25 first then this microscopic last leg should be forgotten and C from 5267.1 downwards should be seen as having done its C1=5267.1-5181.7=85.4 and above 5212.25 C2 should be seen in play---likely to retrace upto 62%of C1=5235 or 77%=5247.
Then we should initiate shorts at around 5245 and above with Stop-loss at 5267.15

These are the two trade set-ups I see as of now---
Best of luck.

2.10 PM
Part booking pf longs advised

Pl put TSL for remaining longs at 5186.25 and do another part booking at 30x1.6=48+5186=5234 or at trendline shown below:

2.51 PM
Moving TSL to 5213
3.28
All positions squared off

EOD:
Faced lot off problem in posting updates----
No shorts created as SL of 5267.1 was very far off---
Lets see how it fans out tomorrow

Trading Nifty on 17-07-2012

2012-07-17T08:33:00.001+05:30

Yesterday's closing Chart was:

And it offers a very good trade set-up today if seen alongwith global clues. If we open above 5217 treat the gap-up opening as C4.a=5091-5225*(likely) and wait for it to complete a 3 wave zig-zag(most likely as C2 was a Flat) and then Short near 5240 with stop loss at 5245.85 for a drop upto minimum 5185
Trendline shown in the following chart is likely to be a good point to short:

10.45 AM
A grinding day ahead wherein I expect the price to oscillate in 5210-5240 range in following manner:

11.50 AM

1.40PM
Was out of scene for some time C4 has to be a 3 wave Corrective---and I was looking at it to be a zig-zag but its form has not yet been manifested---zz seems to be ruled out--

2.17PM

2.45 PM
Minimum target for C has been reached but wave-forms in this last leg are not clear.
So again falling back on TLs

3.04PM

3.25 PM
Ideally speaking--we should see 5173 before upmove---in following manner---though by going below 5186,one degree higher counts have been satisfied---

In the above chart C has done more than 0.62*A but C is capable of doing upto 1.617*A and please do not play OTM longs because the daily charts are very bearish and the C mentioned above may only be C1=5267.1-5181.7*=85.4
C2 may go up to say 61.8% of C1=5235
C3 may come down again----

C can be said to be over when we tick above 5267.1----

Thus it will become a "buy on dips" market only above 5267.1.
Till then better to "sell at rise" with SL at 5267.15

But the Hour Charts and Price-RSI divergence shows that tomorrow we may move up==

Trading Nifty on 16-07-2012

2012-07-16T09:09:00.001+05:30

Downmove from 5348 is being seen by me as zig-zag ABC in following form:

Now the question is whether A ended on Thursday at 5217.8 or it ended on Friday at 5017.00
If we take A to have ended on Thursday then Friday's move 5217.8-5267.1 can be seen as B and C can be seen as having started from 5267.1 to do minimum 0.62*A=81=5186
If today we go over 5267.1 it would be established that A ended on Friday only at 5217 and B upwards is in progress.
If we fail to go above 5267.1 and breach 5017 then A=5348-5017.8;B=5217.8-5267.1 and C=5267.1 downwards in progress
1150 AM

12.37 PM

If however the UTL gets broken and we go above 5260 then following labels:

And this manifests the pit-falls of EW as the smallest degree waves are open to forming many patterns

3.15 PM

EOD: