the low @10302.75 on Feb. 19 is intact and is the important level to the downside, as it is the high of a possible Wave (A) @ 10637.80 on Feb. 08!
I have replaced the impulsive label for a wave c down from chart and set the low for a Wave C of (B) @ 10302.75. At this level the decline following after the Wave (A) high to Wave (B) low (blue) retraced 1.4 of the distance, which is a nearly common target for a Wave C ending a .
The move to the upside since than is yet a „3-up“ and may still develop into a „5-up“. The odds are not clear for now, but the strong a/d-Ratio on Friday, 23 at 6.14 implies the start of a wave 3 of C or the end of the overall correction. Last conclusion is the one with the lower probabilty to my view, because it did not fit well into the overall pattern and as well not to the „Right Look“ to the concept of Wave!
By playing the idea of a of a Wave (C) of B (circle) we have targets @10637.80 or just some tics higher @10662.41 where Wave (C) equals Wave (A) in terms of price. Another common target zone is at 10801-10828. Here the 1.38 FibExt of wave (A) is placed, and second the . from the decline 11171.55-10276.30 is also. Maybe a gap to the upside can occur at Monday, which can be interpret as a „Breakaway Gap“!
A break to the downside before touching the levels I named befor, would implie that the correction is not over and a new low is next to occur and a more complex pattern is on the move.
Have a great weekend....
Questions and Comments are welcome!
Note!---> This analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
Data by NSEIndia.com and moneycontrol.com!
Hi, no breakaway I think. Trouble ahead! Massive correction possible....
May a double zigzag and a w-x-y within a wave 2/b and a c or 3 down can be next
It seams that NIFTY50 is running in nearly semilar patterns as the Dow did...watch this behavior...