I started from scratch and did some measuring once again. It is probable that we have completed 1st wave for now and starting ABC correction against it. I have labeled those main corrections and waves on my chart. Even tho I have more bullish counts considered, this one is supported by good sell volume.
7200 is 50% retracement which is the most probable termination point for 2nd waves. We have to think if that move from the lows was impulsive then next one is corrective and should be more time consuming. So lets see how that plays out.
Good Luck!
7200 is 50% retracement which is the most probable termination point for 2nd waves. We have to think if that move from the lows was impulsive then next one is corrective and should be more time consuming. So lets see how that plays out.
Good Luck!