Nifty Spot
The correction MAY get deeper than I previously thought.The smaller tfs upto daily tf show 5 waves completed. But the weekly and Monthly tfs do not show a 5 wave structure . Hence I am compelled to assume the following.
1. That the current wave from 15200 odd has done ONLY 3 waves on a weekly tf. But has done 5 waves on all other smaller tfs such as hourly and weekly.
2. That we are still in a wave 3 UP and this down wave is just to complete ii/3. Thereafter iii/3 should start.
3. Since I can ONLY see 3 waves so far on the bigger tfs...... it becomes a TRUNCATED wave.... meaning the market wishes to DROP. YYYYYYYYYYYYYYY ?????? Elliott wave theory says wave 3 must do a MINIMUM of 1.618% of wave 1. wave 1 was 12430 x 1.618= 20111. We have done 20222.
4. The down LEGS so far have been very BIG in Nature. On the Weekly chart it shows a single LEG down from 20222 to 19554. and since ALL down wave will play out as an ABC..... there is DEEPAR DOWNSIDE to go
5. Time to be CAREFUL
1. That the current wave from 15200 odd has done ONLY 3 waves on a weekly tf. But has done 5 waves on all other smaller tfs such as hourly and weekly.
2. That we are still in a wave 3 UP and this down wave is just to complete ii/3. Thereafter iii/3 should start.
3. Since I can ONLY see 3 waves so far on the bigger tfs...... it becomes a TRUNCATED wave.... meaning the market wishes to DROP. YYYYYYYYYYYYYYY ?????? Elliott wave theory says wave 3 must do a MINIMUM of 1.618% of wave 1. wave 1 was 12430 x 1.618= 20111. We have done 20222.
4. The down LEGS so far have been very BIG in Nature. On the Weekly chart it shows a single LEG down from 20222 to 19554. and since ALL down wave will play out as an ABC..... there is DEEPAR DOWNSIDE to go
5. Time to be CAREFUL
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