Usually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept at the point of completion of wave-e (conservative approach) or to the breakout level of wave-d to get the target of this pattern (aggressive approach).
Trading strategy: Buy on CMP 909 and keeping the SL 760 look for the target of 1600/2100
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ShreeKrishna
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Ending diagonal needs to brake the Low of intermediate correction low , in this case the low of the intermediate correction is 871.55 of 23 May 2022 , then it will give an indicative move suggesting the Trend of correction is ended and its about to resume the Long term of Bullish ( in this case) , Good luck
In my opinion, this wave structure analysis provides a detailed framework for understanding and predicting market movements. 📈 It's fascinating how the waves are categorized into different sub-waves, each with its own internal structure. The idea of confirming entry positions when the price approaches or surpasses the level of wave-d seems like a reasonable strategy, adding a level of confidence to the trade. 💪
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Thank you for your valuable contribution to the TradingView community and keep up the good work!