I think we will retrace some of this move down, and then fall down in another wave on the 26th-27th turn date. While I thought we would go up to 111.17 first, that's looking unlikely now.
I'm not sure of course, but I think we just started wave 1 down inside wave 3, which means a retracement wave 2 up early next week, and then wave 3 down inside wave 3.
The charts are looking too bearish now to go above Wednesdays' high, so I think next weeks' move up will be to some Fib. level from that high to the low we put in today. Hopefully that makes sense?
I see a move up next week, into the 26th-27th… then another leg down. How high we go up isn't something I don't know? We could already be in wave 3 down… it's hard to say at this point, but I think next week will be worst.
Red, do u think major fall is in now or this is a trap for the bears? Is gap fill necessary? if yes then what about our 17% gap up opening in may 2009 do u think nifty will never fill that gap in future?
Dow Jones Futures support line violated.
http://niftychartsandpatterns.blogspot.com/2010…
Yup. Understand.
Getting close to throwing in the towel on the EW count i have been posting and join the masses that were in P3, but not just yet.
This guy seems to be hitting it out of the park, not sure why i'm fighting it… http://stockcharts.com/def/servlet/Favorites.CS…
I think we will retrace some of this move down, and then fall down in another wave on the 26th-27th turn date. While I thought we would go up to 111.17 first, that's looking unlikely now.
I'm not sure of course, but I think we just started wave 1 down inside wave 3, which means a retracement wave 2 up early next week, and then wave 3 down inside wave 3.
The charts are looking too bearish now to go above Wednesdays' high, so I think next weeks' move up will be to some Fib. level from that high to the low we put in today. Hopefully that makes sense?
Not sure if I follow you Red, 'a move up next week, into' thursday/friday but yet 'next week will be worse'?
I see a move up next week, into the 26th-27th… then another leg down. How high we go up isn't something I don't know? We could already be in wave 3 down… it's hard to say at this point, but I think next week will be worst.
Red, do u think major fall is in now or this is a trap for the bears? Is gap fill necessary? if yes then what about our 17% gap up opening in may 2009 do u think nifty will never fill that gap in future?
Just a heads up… I see a 107.93 FP from 10:50 am this morning.
Dow Jones at 50% retrace level
http://niftychartsandpatterns.blogspot.com/2010…
Interesting… that is certainly possible.
Possible EW Count
http://screencast.com/t/NThkYWY1Mm
1065 looks important, but it would also coincide nicely with the end of wave 1 of 1 of 3 of P3