Now in this post I only seek to guess what can come next and how one can trade it.
Remaining with trend is important now... even then more imp part is to remain safe.
This channels is what we would use as primary guiding light.
See the rest of DETAILS in Image.
((Open Image in new window and Zoom to see clear image))
2 comments:
Hi Rajeev,
Sorry for not knowing the EW that well, but can You have the wave 3 to be smaller than wave 5? or Should we combine existing wave 1 and 3 and declare that we are in Wave 3 currently?
Suneel Sharma
Hello Suneel
Good Morning.
In this count
Wave 1 = Wave 3
and Wave 5 = 2.6 times Wave 1
(assuming wave 5 goes to 3630)
Normally Wave 3 is largest in a Elliott 1,3,5 impulses.
But many times wave 5 extends.. (or even wave 1 is the largest)
Wave 5 especially extends at ends of slow rallies which starts to catch speed and lot of trend following or momentum chasing sets in during the later stages of the run up..
Prices encounter little resistance and keep running till there is fuel left.
While we focus on EW count it is also imp to use other concepts which helps in swing trading.
The count shown in the image suits well from other angles also.
Leaving all counts aside it makes sense to take profit at channel top and purchase again at lower channels.
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