19-May-2015 5:43 PM
Present Chart - 1st ultimate target 3.092 hit.
1-May-2015 1:25 PM IST
CMP 2.705Swing High: 13.752
Swing Low: 1.888
Based Monthly Chart,
Retracement Levels: 4.668, 6.386, 7.781, 9.176, 10.223 (level to watch if we reach here), 11.153.
If 2.393 supports, I expect to see big up move targeting minimum 6.350-6.500
As per my analysis, we have completed waves A, B and we have started wave C from 2.393.
Deep analysis of Wave B
As per my analysis, we completed waves a,b,c of Wave B at 3.293.
Let us look into Wave c of Wave B.
As per the wave guidelines, Wave 2 retraced wave 1 almost 100% but did not exceed.
Wave 3 extended up to 323.6% of wave 1.
If wave 3 was an extension, then wave 4 is more likely to terminate around the 23.6% and NG retraced wave 3 by 23.6%.
When wave 3 is extended waves 1 and 5 ten to have gains related by equality or the Fibonacci ratio. If you notice NG chart, waves 1 and 5 are of equal length.
In and ending diagonal triangle, the sub waves are 3-3-3-3-3 waves. Here in NG, we could see 3-3-3-3-3 sub waves clearly.
Months, Weeks and Fib Numbers
Based on the above analysis, the down move (Wave B) ended at 2.393.
If the above scenario is correct, Positionally I expect to see 6.350-6.500 in long term.
In short term, I expect to see 2.730, 2.750, 2.810, 2.835, 2.880, 2.900, 2.930, 3.090, 3.200.
Supports: 2.540/2.390.
Buy on dips can be initiated with SL 2.540/2.390 (max).
Better we can wait for 1-2 (i-ii) setup. (To learn more about 1-2 (i-ii) setup visit here)
Any move below 2.390, the above view need to be reanalyzed.
Any move below 2.390, the above view need to be reanalyzed.
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