Here the matter of concern is where, the complete structure is heading towards?
Is it towards further complex correction or correction has now been ended? Let's find out.
Here, BNF has completed, ZIGZAG correction as per Elliot's standard rules. (Till Period 08-03-2022)
ZIG ZAG waves personality
Patten- ABC
Sub waves- A(5,3,5), B(A,B,C) & C(%,3,5)
Fib retracement for wave C: Can't go beyond 61.8% of wave (A)
From here, It has gone up to 38782. So, here the question is, is it the connecting wave X or it's another pattern.
CASE -1: If its WAVE X:
The retraced move and as per mentioned counting it could be (WAVE-1) , which has ended @ 33000 and now its the time retracement of wave 2.
(Here, important point to note is (WAVE-2) can go till the start of (WAVE-1 (in some cases)), but can't go beyond origin of wave 1.
In this case we have to wait we have to wait for proper price action at FIB levels starting from 61.8%.
CASE-2: If it's not WAVE X:
As per the price action & waves personality, it could be FLAT that might end at around the the top of the channel having sub structures as ABC (A: 3 sub waves, B: 3 sub waves & C: 5 sub waves)
and if it's not FLAT the correction might go in the form of triangle. (No visual waves formation of BNF in form of triangle till now)
Now time for trading plan.
Expecting the retracement is impulsive in nature (could be the last leg i.e. wave C). Buy on ever dip preferred having SL below 50% FIB levels (from Sub wave 2 to expecting wave 3 in market hours)
Is it towards further complex correction or correction has now been ended? Let's find out.
Here, BNF has completed, ZIGZAG correction as per Elliot's standard rules. (Till Period 08-03-2022)
ZIG ZAG waves personality
Patten- ABC
Sub waves- A(5,3,5), B(A,B,C) & C(%,3,5)
Fib retracement for wave C: Can't go beyond 61.8% of wave (A)
From here, It has gone up to 38782. So, here the question is, is it the connecting wave X or it's another pattern.
CASE -1: If its WAVE X:
The retraced move and as per mentioned counting it could be (WAVE-1) , which has ended @ 33000 and now its the time retracement of wave 2.
(Here, important point to note is (WAVE-2) can go till the start of (WAVE-1 (in some cases)), but can't go beyond origin of wave 1.
In this case we have to wait we have to wait for proper price action at FIB levels starting from 61.8%.
CASE-2: If it's not WAVE X:
As per the price action & waves personality, it could be FLAT that might end at around the the top of the channel having sub structures as ABC (A: 3 sub waves, B: 3 sub waves & C: 5 sub waves)
and if it's not FLAT the correction might go in the form of triangle. (No visual waves formation of BNF in form of triangle till now)
Now time for trading plan.
Expecting the retracement is impulsive in nature (could be the last leg i.e. wave C). Buy on ever dip preferred having SL below 50% FIB levels (from Sub wave 2 to expecting wave 3 in market hours)