Sir says ,
Most 4th waves break the trendline briefly and then start their 5th wave. Accordingly, if you connect the 1st(5201) and 4639(suspected 3rd) and draw a parallel line from the 2nd(5317), Nifty has broken out of it 3 days ago and staying well above it. For this reason alone, the 4th wave scenario is rejected.
There are 2 possibilities:
"X" done at 5400(5382) and in the next downmove of "abc", "a" done at 4639, the "b" is on. If it exceeds 5223(80%), then the alternate view:
"X"'s abc to be read as:
a: 4720 to 5400(5382)
b: 5400 to 4639(Irregular)
c: 4639 to .....(Could clear 5223 to 5350 or 5400 & more)
Below mentioned Option 1 and Option 2 get rejected .
Most 4th waves break the trendline briefly and then start their 5th wave. Accordingly, if you connect the 1st(5201) and 4639(suspected 3rd) and draw a parallel line from the 2nd(5317), Nifty has broken out of it 3 days ago and staying well above it. For this reason alone, the 4th wave scenario is rejected.
There are 2 possibilities:
"X" done at 5400(5382) and in the next downmove of "abc", "a" done at 4639, the "b" is on. If it exceeds 5223(80%), then the alternate view:
"X"'s abc to be read as:
a: 4720 to 5400(5382)
b: 5400 to 4639(Irregular)
c: 4639 to .....(Could clear 5223 to 5350 or 5400 & more)
Below mentioned Option 1 and Option 2 get rejected .
