The moderator had informed that my earlier post lacked information so providing my detail analysis..
The whole correction seems complete with a XYZ move. Here Y =1.27 W and C = 1.27 of both the W and the Y wave.
The channel connecting the B waves on the top was broken at the bottom which indicates the current correction trend got over. However to confirm that correction is over the parallel channel has to be broken on the upside. which is around 96. The current correction extended below 0.618 of the up move.
So i presume that it has started its move up.. and currently it looks like an ABC move or even an impulse move which will be known as it evolves. Could be the 1 and 2 is done with 2 correcting 0.382 (after a elongated flat), or just a three wave ABC move up in which case it might be forming still another X wave.
However i presume that the correction is over and an impulse move might be developing... Only time will tell... hence gave only a target of 76 earlier which seems to be an immediate target. However i personally think we will be seeing some really good moves as the waves unfold.. So lets wait for the waves to unfold and tell its story....
Also it can be noted that an inverted Head and Shoulders is in the making.
As of now its bullish with a stop loss of the recent lows ...
Just my view and analysis of the chart - trade on your own risk
The whole correction seems complete with a XYZ move. Here Y =1.27 W and C = 1.27 of both the W and the Y wave.
The channel connecting the B waves on the top was broken at the bottom which indicates the current correction trend got over. However to confirm that correction is over the parallel channel has to be broken on the upside. which is around 96. The current correction extended below 0.618 of the up move.
So i presume that it has started its move up.. and currently it looks like an ABC move or even an impulse move which will be known as it evolves. Could be the 1 and 2 is done with 2 correcting 0.382 (after a elongated flat), or just a three wave ABC move up in which case it might be forming still another X wave.
However i presume that the correction is over and an impulse move might be developing... Only time will tell... hence gave only a target of 76 earlier which seems to be an immediate target. However i personally think we will be seeing some really good moves as the waves unfold.. So lets wait for the waves to unfold and tell its story....
Also it can be noted that an inverted Head and Shoulders is in the making.
As of now its bullish with a stop loss of the recent lows ...
Just my view and analysis of the chart - trade on your own risk
