The low of today might be the start of fifth wave If so it is first wave. But we should not jump at the conclusion that there will be straight away rally. some pull back is likely. and let us be ensured that the today's low is not violated. dollar index is rallying and dow has corrected from in real market trading. Hence we can get an opportunity to enter at low level. with stop loss at today's low. I fear to post in trading view. One of my post of 5 th august has been copied.
@bijoy2526 I was confused, whether the low created is the A wave of correction or the correction was already completed with the start of 1st wave as you point out.
But this rally could also be a B wave with C pending. What do you think?
bijoy2526
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@Amique_UK, B wave is normally 3 wave then in C wave we normally come down in five wave .But the rise is not 3 wave. It appears to be impulsive. you can check smaller time frame.15 minutes or 30 minutes.
Amique_UK
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@bijoy2526, Yes I made the same argument to myself. :-)
Lets see, if it breaks this low than it will be a C. If it only retraces partially and keeps consolidating here than it is definitely wave 2.
But this rally could also be a B wave with C pending. What do you think?