Charts has wave marking for EWT on 2 hour time frame for march lows, either we hit the top today already or top is at 27200, coming days will tell and then followed by deep correction.
Structure looks a usual 5-3-5-3-5. Starting with a leading diagonal for wave 1 and also a diagonal structure for wave 3. Complex WXY corrective pattern for wave 4(triangle 5 then connecting wave X and ABC correction). Current wave looks like wave 5 of 5, fib extensions suggests either today we saw the top at 26350 or top could be at 27200, trendline connection wave 1 high with wave X high can call a reversal
If this is true, then we are in for a deep retracement after the high.
now what..wave 5 is going to double the wave 3 high?
bhalla1990
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@sandeepkumarmeenagreaternoida, well just technically speaking
1) Wave 3 cannot be shortest, in this case wave 3> wave1, so wave 5 can extend (and also over extend)
2) it is not uncommon for wave 5, wave e to overshoot(over throw) channels and trendlines, so this is sort of expected
3) next levels at which reaction can be expected -->28780/29100/29700
simple terms, market is just rising euphorically like there is no tomorrow. Also, till the time retailers are net short, fall looks unlikely. When retails positions are net long, we will see a deep correction
Alternatively, my wave counts are wrong, this could be larger degree wave 3 and not wave 5 of initial wave. In that case wave X is wave 5 of 1, wave Y is wave 2, and currently we are seeing wave 3
AniketKabir
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@bhalla1990, I think your third point and second point will be validated by market. Prices may go beyound 29700
bhalla1990
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27200 done, we also had a channel overshoot, expecting reversal before this weekly expiry
AniketKabir
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Perfect
bhalla1990
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@sandeepkumarmeenagreaternoida, hi Sandeep, thanks for your validation and comment. I follow your price and time analysis myself, keep sharing