Cycle : wave 2
Primary : wave A(In case of correction) or wave B(In case of )
Intermediate : wave 4(In case of correction) or wave A(In case of )
Primary 5 has taken a form of an with an truncated 5th intermediate wave.This is followed by 2-4 trendline and wave 4 low breach in a shorter duration then wave 5 took to form giving two stage confirmation of trend reversal.
Possibilities of the form of current correction
Generally wave 2's are ,not necessarily but in general,if that's the case then Intermediate count would be 4 and price should not touch 517 level as per this chart and should make new lower low for intermediate wave 5 of primary A which would then be followed by wave B bounce followed by wave C decline to complete 5-3-5 structure.
If price touches 517 as per this char,then rule of impulse would be violated meaning correction will be a Flat one with 3-3-5 structure of which primary A is done @ 428 and primary B is in progress.Now where this B will terminate cannot be known but depending upon it will be the form of the will be decided upon which we can calculate target for wave C to complete cycle wave 2(considering correction not being an complex one).
Irrespective of either form of correction that we are in wave C is yet to come for both form of correction ( /Flat) hence as per this count longs previously held should be covered in this current bounce once we get a close below previous day low.
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