Double zig zag for wave b is over ? Has (c) started for ((iv))
The low of 747 was actually an end of wave (a) and Cummins was going up in a wave (b) . It seems to be a good short for June futures . It seems the double zig zag has ended as the channel to the down side was broken tday and the move was impulsive. There can also be a third zig zag but that would be rare . Even if the 3rd zig zag is there the move is corrective and hence destined to go down .
Top of wave b was an exact 0.618 percent retracement of wave (a) . Since the retracement deeper than 50% so we should expect wave C to go down by 0.618 % extended from the end of wave B . i.e 794 or 0.786 i.e 704 . We will need to see at which point the five wave structure is completed If it goes below 700 then the entire labelling would not be motive but corrective so more downside . Which seems unlikely . sl for the trade should be 1027 .
Top of wave b was an exact 0.618 percent retracement of wave (a) . Since the retracement deeper than 50% so we should expect wave C to go down by 0.618 % extended from the end of wave B . i.e 794 or 0.786 i.e 704 . We will need to see at which point the five wave structure is completed If it goes below 700 then the entire labelling would not be motive but corrective so more downside . Which seems unlikely . sl for the trade should be 1027 .