Let me start with a day chart where various ema s are plotted ..
Keeping a watch on hourly close and hour high and low ema will be equally important .
5 Day ema again below 10 day ema . Indicating -ve bias .
We did close above hour low ema , but we have to close above 5 hour ema and then 5 high for any trend change presently.
Positional it is a short , as the prices still closed below 5 day close ema . .
EW possibilities
If we look at Fibo % ..
If we are done with W4 at 5171 and are in W5 then
For last rise 5 Ema took support at 34 Ema , Now again it is touching 34 ema , tomorrow we will see if this results in another rise or a fall .
5 Day ema again below 10 day ema . Indicating -ve bias .
We did close above hour low ema , but we have to close above 5 hour ema and then 5 high for any trend change presently.
Positional it is a short , as the prices still closed below 5 day close ema . .
EW possibilities
If we look at Fibo % ..
If we are done with W4 at 5171 and are in W5 then
We have done 78.6% of last rise . If we go above 80% then possibility that we are in W5 to up gets invalidated , probability of being in 'C' to down increases .
things I will keep an eye on 21st March.
ORB ,
5day ema and its positioning with 34 day ema .
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