As we can clearly see, we're in ABC correction of Elliot waves. Also, the Double top @10900. C wave would take us around 9400 points, also the overall 0.5 Fib level.
@girish24007, if wave count 3 in the diagram is right then as you say its not 4 anymore. Wave 4 cannot go higher than 3, so I don't think you are right. The only other alternative I see is that, the 5 in this count is actually 3 and the A then becomes 4 and actual 5 has just started. We will know for sure which is right when it breaks below 10k or above 11.8k.
@neotheicebird, Valid points. But since wave 2 was a simple way wave 4 becomes a complex correction wave. In this case it has formed an (abc) pattern. We have crossed the 5th wave and are in a ABC correction and the (B) wave is already coming to an end. The (C) wave is taking place and it is going to be a pretty long correction, Perhaps complex or simple..
Also, its forming an head n shoulder pattern, No Denying, This is the most feared pattern for the bulls.
Only time will tell. :)
Cheers..
girish24007
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Til wave 3 your analysis is correct after that wrong. We are in wave 4 currently & wave 4 is currently forming expanded flat understood. First understand theory 100 percent then do the analysis & trade it.
ankitgoel2407
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Can you count 5 waves from 9950 to 11760? If no..then how 5 ended? It was neither ED