Wave C is in-progress for the correction. First Target is 8151 and Second Target is 8119 based on Fib's. The market seems to have the strength to bounce back but global markets may peg it down and the correction may continue.
The easy money is made. It will be difficult to determine if the next move is sub-wave 1 of wave 5 or extended correction.
Trade closed: target reached:
The C Wave has extended and is in the last phase of correction.
cannot explain all the logic -better google Elliot Wave analysis and read about it . Waves are normally labelled 12345 and the sub waves are roman I to v and correction waves abc. We are in correction wave 4 . I am looking if it is a simple zig zag correction. This could be the last wave of correction so need to Trade carefully.
Will be thrilled if it goes there. Wave 1 was corrected deep so would expect shallow correction for Wave 3 based on principle of alternation. Also wave 3 was extended meaning bulls are in control of the market.