looks like double correction to me
Primary degree: Red
Intermediate degree: Black
Minor degree: Blue.
Current Count:
Primary: wave Y
Intermediate: wave C
Minot: wave wave 3
complex correction's are identified by price movement confined in channel.Here we can see this phenomenon happening.wave Y has taken a form of an zigzag corrective pattern of which wave A and B is done and wave C is under progress.As the internal structure of zigzag is 5-3-5 we are right now in wave C sub-wave 3.Here wave C as per my understanding has taken a form of terminal impulse meaning wave 4 decline will be sharp and enter will enter wave 2 zone giving us minimum target for wave 4 till 6477(highest point of wave 2).
Currently wave 3 is in progress and before 2 day's we had spinning top kind of candle formation which was followed by a close below it's low in yesterday's trading session meaning we have already got one trend reversal signal hence if in coming 2 days price breaks important TL along with 7320 level then we can assume that wave 3 is done and wave 4 has commenced. Don't short until then.On the upside if the price crosses 8000 in tomorrow's trading session then we can assume wave 3 is still in progress and in that case we can expect price to move in upper channel rasistance zone.
Conclusion:
1)Fresh long only above 8000 with a stop of friday's low 7725.
2)For swing trader who is already long, trade's should be monitored carefully and stop-loss of 7320(previous swing low) should be maintained
3)Fresh short only advisable on faster retracement below 7320 in coming 2 days.
Primary degree: Red
Intermediate degree: Black
Minor degree: Blue.
Current Count:
Primary: wave Y
Intermediate: wave C
Minot: wave wave 3
complex correction's are identified by price movement confined in channel.Here we can see this phenomenon happening.wave Y has taken a form of an zigzag corrective pattern of which wave A and B is done and wave C is under progress.As the internal structure of zigzag is 5-3-5 we are right now in wave C sub-wave 3.Here wave C as per my understanding has taken a form of terminal impulse meaning wave 4 decline will be sharp and enter will enter wave 2 zone giving us minimum target for wave 4 till 6477(highest point of wave 2).
Currently wave 3 is in progress and before 2 day's we had spinning top kind of candle formation which was followed by a close below it's low in yesterday's trading session meaning we have already got one trend reversal signal hence if in coming 2 days price breaks important TL along with 7320 level then we can assume that wave 3 is done and wave 4 has commenced. Don't short until then.On the upside if the price crosses 8000 in tomorrow's trading session then we can assume wave 3 is still in progress and in that case we can expect price to move in upper channel rasistance zone.
Conclusion:
1)Fresh long only above 8000 with a stop of friday's low 7725.
2)For swing trader who is already long, trade's should be monitored carefully and stop-loss of 7320(previous swing low) should be maintained
3)Fresh short only advisable on faster retracement below 7320 in coming 2 days.