Nifty seems to have completed Double zigzag now. Second Part marked inside Square seems to have completed 3-3-5 Flat Correction which took support at 5161. Tomorrow Resistance @ 5211 & 5235.
Hi Venkatesh, good job on the blog. I'm no expert.....but maybe this entire fall is a very simple formation, where B ended at 5135 with a simple abc. Then we went up in C(i) to 5380 odd. Since then, we have been in the abc of C(ii). What do you think?
Hi, Simple or ZigZag should be in the form of 5-3-5 whereas here in this double zigzag is 3-3-3-x-3-3-5. Usually double zigzag will make such formations. In your case as u have mentioned B ended @ 5135 means which part you have taken as A?? If you have taken the rise form 4531 to 5630 as A and a fall upto 5136 as B then also its wrong, because B should retrace upto 61.8% atleast. Hope you got the answer
Hi Venkatesh, good job on the blog. I'm no expert.....but maybe this entire fall is a very simple formation, where B ended at 5135 with a simple abc. Then we went up in C(i) to 5380 odd. Since then, we have been in the abc of C(ii). What do you think?
ReplyDeleteHi, Simple or ZigZag should be in the form of 5-3-5 whereas here in this double zigzag is 3-3-3-x-3-3-5. Usually double zigzag will make such formations. In your case as u have mentioned B ended @ 5135 means which part you have taken as A?? If you have taken the rise form 4531 to 5630 as A and a fall upto 5136 as B then also its wrong, because B should retrace upto 61.8% atleast. Hope you got the answer
DeleteB can retrace just 38.2%.....isn't it?
ReplyDelete