0) Until 5EMA goes above WMA, bearish scenario persists. 5EMA = 118.41 and WMA = 118.92
1) Buy signal in MACD
2) Closed above WMA(15) and below 15 SMA, 21 SMA, 50 SMA
3) Note that, last few times, every MACD buy in day chart, follows a big fall.
4) WMA to use for Oct 31 is: 118.92
One hour Chart:
1) 21hrSMA has done bullish cross with 34hr SMA.
Red 4th wave is still going on. As indicated in the image, c of last 3 in 3-3-3 (zigzag) is just started.
5min Chart:
1) looks like 4th wave is heading towards 129.67 or 131. (129.67 is golden ratio of red-3rd wave; 131 is the red-diagonal channel's top)
2) Another significance in this region is, it is visible from Day chart that, On Oct 14th, one can see a gap down open: from 144.10 to 132.25.
10min chart:
1) This suggests that ABCDE has completed with false break out at E.
2) This means, it can make a move towards south (towards bottom of the channel)
Possible bullish strategy:
Once price breaks ACE line on closing basis, go long. Till price reaches 129, stay in long. Then wait and watch.
It could either fill the gap above 132.25 or move down in the diagonal as indicated in the 5min chart.
Possible bearish strategy:
To be derived from the observation done in 10min chart observation.
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