Hi, Thanks for providing the update. I am also following the same labeling in my setup. I have a few questions if you can please answer.
1. The correction target should lie in the wave territory of 3 and 4 of previous degree. The maximum target should be low created by wave 4 i.e 17254, but you have marked 17338 and 17174 based on channeling.
For channeling the method says to connect 1 and 3 and draw a line parallel to low of wave 2 to get target of wave 4. Can you please clarify?
2. Also do you see completion of wave 5 of 3 in lower time frame. Based on this setup and ongoing waves, I see minimum projection till 17800 as 1.0 X multiple of wave 1.
Will appreciate if you can take the time to respond. I am trying to learn.
Thanks.
Amique_UK
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The price has already started to fall. Is this pullback wave 4 of 5 of 3?
@Kinnari_Prajapati, But I still don't see 5 wave structure completed for wave 5 in lower time frame.
similarRhino62112
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Good it’s started coming down as per your analysis. What level we can expect today closure ?
Anupam_Trade_it
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thank you for sharing this however for intraday any effect ,price action or momentum etc extinguishes in 30 min . So this 1 hr time frame may be lagging?
1. The correction target should lie in the wave territory of 3 and 4 of previous degree. The maximum target should be low created by wave 4 i.e 17254, but you have marked 17338 and 17174 based on channeling.
For channeling the method says to connect 1 and 3 and draw a line parallel to low of wave 2 to get target of wave 4. Can you please clarify?
2. Also do you see completion of wave 5 of 3 in lower time frame. Based on this setup and ongoing waves, I see minimum projection till 17800 as 1.0 X multiple of wave 1.
Will appreciate if you can take the time to respond. I am trying to learn.
Thanks.