The breach of 60.18 invalidated my previous preferred count and I hope the shorts/PEs were closed at this point. The setup needs to be reviewed. A look at long term charts reveals the following important zones:
Any dip to blue median should be used for going long. The support is seen around 59.5-59 zone and if this is conquered by bears, then 56 odd levels should come in a hurry. But for now, let us see 62+ before initiating a short.
EW wise, the situation has changed and I am contemplating on the following counts (there are other alternates but let us get the clarity first)
It may be over but can finish anywhere between 60.42657-62.45979. Any shorts should have a tight SL now and one should wait for going long near or below 59.5.
Any dip to blue median should be used for going long. The support is seen around 59.5-59 zone and if this is conquered by bears, then 56 odd levels should come in a hurry. But for now, let us see 62+ before initiating a short.
EW wise, the situation has changed and I am contemplating on the following counts (there are other alternates but let us get the clarity first)
| 1 | 51.365 | - | 55.875 | = | -4.51 | ||
| 2 | 55.875 | - | 52.89 | = | 2.985 | -66.1863 | |
| 3 | 52.89 | - | 61.535 | = | -8.645 | 191.6851*** |
| Fractals of 3 | |||||||
| i | 52.89 | - | 55.14 | = | -2.25 | ||
| ii | 55.14 | - | 53.64 | = | 1.5 | -66.6667 | |
| iii | 53.64 | - | 61.535 | = | -7.895 | 350.8889*** | |
| Fractals of 3.iii | |||||||
| (i) | 53.64 | - | 56.005 | = | -2.365 | ||
| (ii) | 56.005 | - | 55.1 | = | 0.905 | -38.2664 | |
| (iii) | 55.1 | - | 60.755 | = | -5.655 | 239.1121 | |
| (iv) | 60.755 | - | 58.965 | = | 1.79 | -31.6534 | |
| (v) | 58.965 | - | 61.535 | = | -2.57 | 108.6681 | |
It may be over but can finish anywhere between 60.42657-62.45979. Any shorts should have a tight SL now and one should wait for going long near or below 59.5.
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