LT Weekly follow up and track

May 10

Since the channel has been broken wave iii is complete and we are in a wave iv . It has reached wave 4 of one lesser degree . Since wave iii is a 5 wave move with and extended wave 1 , we can expect correction till wave 2 of one lesser degree ie the blue patch shown . Note we can initiate buying only when reversal with support occurs eg Hammer , Morning star , Moribozu , Engulfing green etc . buying then will be considered established only when the highest high of these formations are traded with support . Regards