This is the 12 Months chart we see 5 Wave Upward Impulse is complete;
We have gone in the Lower degree further into the Monthly chart;
The Lower Degree for the Monthly charts is The Daily chart hence we are verifying the Wave A (Monthly) in The Daily chart;
Here we see Wave A of Monthly chart is a Flat structure ( For reference please find out what is a Flat Structure as per Elliott Wave Theory)
Now Wave B (Monthly)
Generally Wave B, Wave 2 or 4 are complex wave where there are more than one correction structures formed;
This is a Type 2 Zigzag where Wave A or C atleast one of them has to be a Proper Simple Impulse (Where Wave 4 doesn't overlap Wave 1 area)
Here the Wave 4 was a Complex Correction which confused me the last time for a start of a Downtrend; but Leading DIagonals are also formed in Zigzags;
So we have the Wave 5 which is a 5 Wave Impulse Upward which will complete the Correction forming in Wave B;
So this is the Logical reasoning verified and explained Wave by Wave.
So we have two Conclusions here:
1). For Now this is a Long till Wave 5 is complete;
2). With the Completion of the 5th Wave the Wave B of the Monthly chart completes;
So we have a Flat structure formed in the Monthly chart which is 3 Waves for Wave A ( refer to Wave A of Monthly verified in The Daily ).
This 5th Wave confirms the Completion of the Wave B which is again a 3 Wave structure;
According to the rules of the Flat structure when Wave A and B are 3 Waves each and Wave B has retraced Wave A by more than 80%
So now there are two possibilities after the completion of this correction there can be an X Wave downward and one more correction;
There can be a downward 5 Wave Impulse giving us the biggest fall till date;
Will post when I have a confirmation ;
FOR NOW
I appreciate responses; both good and bad;
Happy Trading PPL
:)