Let me post what I see: a double zig-zag painful correction in the market, where positional buy is only above 42,000 levels (closing basis). People will get trapped on both sides and until and unless, you are ready to read this complex correction in a minute way, making money will be challenging in the coming 2 to 3 months of time.
I prefer to trade lightly in the coming few months.
Techno Funda on double zig-zag:-
Double Zigzag Correction is a complex corrective wave pattern that appears in Elliott Wave Theory. It is a variation of the standard Zigzag correction that consists of two zigzag patterns separated by a complex correction in the opposite direction. The double zigzag correction can occur in both bullish and bearish markets and is considered a corrective wave that corrects the previous impulse wave.
The Double Zigzag Correction is identified by the following characteristics:
The correction consists of two zigzag patterns, labeled (W) and (Y). The zigzag patterns are separated by a complex correction labeled as (X). The correction ends with a final zigzag pattern, labeled as (Z). The (X) wave is usually longer and more complex than the (W) and (Y) waves. The (W) and (Y) waves are usually equal in length. The Double Zigzag Correction is a time-consuming correction that can take a long time to complete. It is usually seen in markets that are undergoing a strong trend reversal. The pattern is useful for traders who are looking for a countertrend trading opportunity, as the pattern provides a clear entry and exit point for trades.
It is important to note that the Elliott Wave Theory is a highly subjective method of analysis, and the accuracy of any wave count is subject to interpretation. Therefore, traders should use caution when using the Elliott Wave Theory as a basis for trading decisions and should always use additional technical and fundamental analysis to confirm their trading decisions.
Always trade what you see, not what you feel. Always enjoy trading and avoid trading when you are mentally disturbed.