Context
BSE looks like it topped out at Wave B, and the price action since then is starting to align with a fresh downside leg.
Wave Count View
Wave A completed in five waves with extended wave 3, Wave B retraced as a controlled three, and the drop from 2960 fits the profile of a leading diagonal for Wave 1 of C.
Bearish Case
As long as 2960 holds, the bias stays firmly on the downside. A proper C-wave should unfold in five legs, and the early structure is already pointing that way.
Conclusion
Momentum favours the bearish interpretation unless the invalidation level is violated. Wave 2 will tell us whether the market wants to continue this decline or flip the script.
Disclaimer: Edu Only. DYOR.
BSE looks like it topped out at Wave B, and the price action since then is starting to align with a fresh downside leg.
Wave Count View
Wave A completed in five waves with extended wave 3, Wave B retraced as a controlled three, and the drop from 2960 fits the profile of a leading diagonal for Wave 1 of C.
Bearish Case
As long as 2960 holds, the bias stays firmly on the downside. A proper C-wave should unfold in five legs, and the early structure is already pointing that way.
Conclusion
Momentum favours the bearish interpretation unless the invalidation level is violated. Wave 2 will tell us whether the market wants to continue this decline or flip the script.
Disclaimer: Edu Only. DYOR.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.