After the five wave rise stock has given a 3waves corrective move in the form of wxy. Considering this correction as a wave 2 completion on larger degree, one should go long on current levels keeping SL of 170 & target for higher in 5 wave impulsive rally. the immediate target should be 220/240
Drawing fibo.taking lowest point of 22/5/20 as 100% and highest point of 8/1/21 as 0% retracement started just from 61.8% (171) and getting resistance from 50% (192).Buy signal will generate after daily close occurs above 192.
ronilshah
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sorry sir for correcting second time your view is correct but wave labeling is not correct i have some point may be i am wrong
1) correction started from 29/05/19 to 22/04/20 it is in five wave pattern so we can put there either 1 or A
2) as per your analysis you have correctly identified 5 wave structure where you have put wave 1 but it will come as A
3) your double correction analysis is also correct but its not wave 2 its wave b
4) now the up trend will come it will come in five wave because its wave c and where wave c will end it will be the end of wave b target is approximately 351 where wave c is equal to wave a and then it will come down and complete wave c
please feel free to comment if i am wrong
TradingSutra
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@ronilshah, counting and labelling are different , nothing is wrong or right. You are anticipating the correction. I can say ur interpretation as wrong because at any instance the ABC can take form of WXY . there are 13 different corrective patterns. It can be 1 of A of a larger ABC . So you cannot simply say IT IS WRONG !! But what I am concern about the PRICE and the current wave. whether it is A or W or 1 the direction is up. you can label it as A doesn't matter. Take example of EURUSD, you can label the previous fall as ABC/WXY or even 1-2-3-4-5 aas leading diagonal.
TradingSutra
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@ronilshah, My count is 100% correct for the current situation !!! so you must not use the word ''not correct'' !!
TradingSutra
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@ronilshah, If you want to label A then you can designate A after the completion of (i) , (ii), (iii) , (iv), (v) . This is more promising as per your view. But for the current situation you must follow this count only which I have published. Thank you !
subodh83in
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Falling Channel breakout should indeed confirm the breakout and start of wave 3