wave countscycle: wave 1
Primary : wave 4
Intermediate : wave C
Minor : wave 5
Target zone for Minor 5
@49.55 : 100% extention of intermediate A from B top
@47.05 : 61.8% retracement of primary wave 3
@44.35 : 123.6% extention of intermediate A from B top
If price goes below 44.50 then it would invalidate this count,as wave 4 cannot enter wave 1 zone.
Confirmation Sign's for end of primary wave 4:
1)Further from here in the target zone box if we get a reversal candle in the form of hammer,bullish pericing,bullish engulfing
2)This should be followed by a close above it's high on the next day would suggest end of primary wave 4
3)Additional confirmation would be in the form of breach of upper channel band along with volume
4)An momentum divergence on RSI or MACD
5)Price crossing and closing above 10 day SMA.
If above scenario occurs one can get long with the closing stop of low made on the reversal candle in the target area box.Target for primary wave 5 on the upside through wave 1-3 extention from wave 4 low's is coming @ 72(38.2% extention) and 86(61.8% extention)
Impulse count or labelling shown here is done by following basic elliot wave impulse rules.
