April 24, 2017

Neowave analysis of markets

.... As can be seen on the chart above, “g” is the last corrective of the Diametric from Dec’16. The d-f line is like a “baseline”. As per NEoWave, breaking the d-f baseline could can suggest “g” could form into a NEoWave Ending Triangle, which can form into the last corrective of a structure.

Over 61.8% retracement of any leg indicates that the leg was Non-impulsive or Corrective pattern. As per NEoWave, “Impulse” cannot be retraced by more than 61.8%. Remember, all 5 legs of a Triangle are Corrective, label-3, patterns, which means, a Triangle is a 3-3-3-3-3 construction internally.

To maintain the “contraction”, b-leg should preferably remain “smaller” than the a-leg. For this, it should not end below the starting point of a-leg.

Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017424104123.asp

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