study :- on weekly time frame major impulse phase is on verge to mature,, 20 year cycle is on verge to mature,, now if corrective wave unfolds there can be price wise and time wise correction on index..
Wave 1 is of around 5510 points ,, wave 3 is or around 10175 points which is longest and strongest wave of impulse phase and perfectly 2 time of wave 1,, wave 5 is of around 5600 points almost same as wave 1..wave 2 have corrected around 78.6% of wave 1 which is perfect retracement as per theory.. wave 4 have retraced around 50% of wave 3 which is also as per theory..
divergence :- Price is consistently making higher high from the peaks of wave 3 to wave 5,,where is making Lower high high divergence,, historicaly most of time it is observed that when there is divergence and touch 70 levels it tends to fall.. at the moment is almost at 70 levels.
Chart pattern :- formation structure can be seen in whole impulse phase,, where line are well respected through the cycle.. at the moment index is trading around the resistance line of the pattern,,and overbought as per concept of price action..
I think wave 5 will be extended as wave 1 and wave 3 are not extended
Also time taken for Wave 5 suggests that it is probably not ended as Wave 1 took 8 years wave 3 took 12 years while wave 5 we cant expect to end in just 8 months ...
Kindly take this as well into consideration . As i am new may be wrong so kindly correct me for possibilities...