This is my trading file to organise and jot down my take on the market .I do Technical Analysis. This blog is to keep track of my baby steps so that I can look back at my journey .Looking back tells me how far I have come from days when I knew nothing and can go further .It gives me motivation to keep going on even when I am tired. One has to back up trading with their own studies. The charts I post here are 99% inspired from Ilango sir.

Friday, 14 September 2012

EW from 6339

From high of 6339
From the high of 6339 we did WXY at 4531
 From 4531 ,
 First we have to see this wave from 4531 as a 3 or 5 wave ....It does not look like a 5 wave , but its impulsive nature makes me believe that it is a 5 wave .
 so here is the chart
1 probability can be that we are doing zz from 4531 ,
we are in wave C up in 5 waves
A 4531-5630=1099
B 5630-4770=860(78.25%)
C is on , Equality to A gives target of 5869
If we break the move from 4770 ,
W1 4770-5349=579
W2 5349-5032=317(54.74%)
W3 is on Target can be =1.618*W1=5968
If we break move from 5032  further we can say
W3.1  5032-5394=362
W3.2 5394-5216=178(49%)
W3.3 is on again target can be 1.618*W3.1 = 5801

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