We completed 5 wave rally and entered a correction. As per EW guidelines after an impulsive move the corrective structure ends in the territory of Wave 4. Here we can clearly see a sharp bounce towards 9600 from the potential support zone (Wave 4). This Relief Package High is going to be a crucial pivot for the short to medium term. As long as we remain below this high we can say bears will have upper hand.
Broadly we are stuck in range of 8900-9600. This is preferred wave count in which case we may see a rally towards 9280-9330 at least. However the higher time frames are suggesting weakness. On the other hand we have cluster of supports around 8900. So broadly we conclude that we are in a no trading zone.
Your observation is right .. But the entire structure is corrective. This is a 60 mins chart & on daily it is the ABC corrective pattern in Wave 4
abhitrader
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this elliott wave structure is wrong.this the violation of basic rules.4th wave doesnt enter in to the wave 1 territory.its a terminal pattern,leading diagonal.its all ready broken