This was a momentous week. The third wave of many levels seem to have met. The decline has started (as was projected last week :-D). You found that here first. In my opinion this decline is a natural short term correction and is a sign of an uptrend.
Long Term: The long term trend is up. We are significantly closer to pre-covid highs. That would be reached. But after a lot of drama as I detail in the medium term and the short term view.
Medium Term: In the medium term, the market is going to gradually. The third and fifth waves of a number of levels are coming to an end and they would result in the ensuing temporary correction. If my analysis is correct, I don't think it will go below 11,950.
Short Term: The short term tend is down. We seem to have completed one and a half leg of a zig-zag correction. The other half could take the market to as low as 11,240. I would recover a bit in the fifth wave after that. But will again start declining as the fifth wave gets over.
How will I trade this? Go long with the target as 11,570 and additional long taken at 10,900. And then hold till Friday for next leg of the strategy.
As always, I might be right. I might be wrong. I am always learning. Trade at your own risk.
Long Term: The long term trend is up. We are significantly closer to pre-covid highs. That would be reached. But after a lot of drama as I detail in the medium term and the short term view.
Medium Term: In the medium term, the market is going to gradually. The third and fifth waves of a number of levels are coming to an end and they would result in the ensuing temporary correction. If my analysis is correct, I don't think it will go below 11,950.
Short Term: The short term tend is down. We seem to have completed one and a half leg of a zig-zag correction. The other half could take the market to as low as 11,240. I would recover a bit in the fifth wave after that. But will again start declining as the fifth wave gets over.
How will I trade this? Go long with the target as 11,570 and additional long taken at 10,900. And then hold till Friday for next leg of the strategy.
As always, I might be right. I might be wrong. I am always learning. Trade at your own risk.