1. A bull market has 5 waves to the upside as per Elliot Wave theory. You can see the 5 waves in red colour which started in 2020 after the covid crash and ended in Oct 2021
2. A corrective move typically has 3 waves; known as ABC correction
3. So far wave A and B have been observed and wave C is yet to come.
TAKEAWAY: Target for wave C is ~ 14,500 or ~13,000 by early Feb 2023.
2. A corrective move typically has 3 waves; known as ABC correction
3. So far wave A and B have been observed and wave C is yet to come.
TAKEAWAY: Target for wave C is ~ 14,500 or ~13,000 by early Feb 2023.