MAJOR CORRECTION ON THE CARDS.EXIT LONGS.END OF IMPULSE CYCLE

WE ARE IN WAVE 2 OF INTERMEDIATE DEGREE OF WAVE 5 OF WAVE 5 PRIMARY DEGREE OF WAVE 5 CYCLE DEGREE.LOOKS LIKE UPTREND IS ABOUT TO END.TIME TO EXIT AS AFTER THIS WE WILL BE HAVING CYCLE DEGREE CORRECTION WHICH CAN DRAG PRICES SIGNIFICANTLY LOWER AND WHICH WOULD LAST FOR LONGER PERIOD.CURRENTLY PRICES ARE AT 548,LOOKING AT THE PRICE PATTERN AND VOLUMES IT SEEMS THAT WE MIGHT SEE IT FORMING ENDING DIAGONAL OR WEDGE PATTERN.ANY BOUNCE BETWEEN 594-617 SHOULD BE USED TO EXIT LONGS.

I HAVE TRIED TO FOLLOW MOST OF THE RULES WHILE LA BELLING THE CHART,IF ANYONE FINDS IT INCORRECT THAN PLEASE SUGGEST YOUR VIEWS.

DISCLAIMER:I AM AMATEUR ELLIOT WAVE THEORY PRACTITIONER AND MAY TAKE POSITION ON SOME IDEAS THAT I POST.ANYONE READING MUST UNDERSTAND THE RISK AND NOT JUST ACT UPON MY VIEWS.

Comment:

As suggested stock has started correction.Every bounce should be used to exit longs.As of now wave B can take has taken price up from yesterday's low of 503 and can continue to further take prices higher depending upon the nature of correction(regular,expanded,running flat or Zigzag).But personally i feel one more leg of this correction is remaining hence offload longs in this bounce