Elliott Rule Wave 2 can never go beyond the start if wave 1. Here the start of micro wave 1 is 9370 . Which according to my labelling is the 1st wave of submimutte wave 3 . So if 9370 is not taken out it may be a very long move . If 9370 is taken out then re labelling would be required .
Elliott guideline : Wave 2 is a deep wave , which is what we see here .
Since (W) A-B-C was not enough we had a big move it had to be an X wave . So now A of Y is complete , which was a clear 5 way impulse down . B of Y has reached 4th wave of one lesser degree . The last C of Y is left . Now 1:1 projection of W wrt Y from the end of X is 9390 . That is where this correction should end . May be B may go further up . But best place for long should be 9390 with SL at 9370.
Comments
joel-vg
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Can you please update the chart for today if you get time please ?
AJAYSHARMA
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@joel-vg, 1 minute chart . Degrees are incorrect . U will get general view .
15 minute chart showing the end of 5 wave move with Elliott channel .
Bias is downwards . Think short below 9370 . Otherwise better no trade at all .