The counter trend rally that began from 21800 levels might be taking shape of a zigzag
and could extend up to 24300 levels, before reversing lower again. Please note that structurally there is no change until 26000 resistance remains intact. Furthermore, we have altered the wave counts with a lower degree Wave ii termination in place at 24800 levels. The same degree Wave iii
could be unfolding since 24800 highs and may produce 5 waves down, forming an extension as higher degree Wave (3) progresses. If the above structure holds well, prices should stay below 24800 levels going forward. Also note that the downside projections would be revised further lower as Wave iii
of Wave (3), might be unfolding as an extension. Overall bearish
momentum remains until prices stay below 26000 levels for now.
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