How it retraces the fall of 12034 – 11854 would be quite critical in ST.

Based on latest prices, trade plan needs to be fine tuned. Prices have closed above 10Sma 11906 & 50Dsma-11366. In the current scenario, 1 possibility remain:- (Unless Mkt changes direction breaking key level)

  1. Corrections done @ 10670 and Prices are impulsing up in a new uptrend with a 1st wave done @ 11695, the 2nd wave done @ 11090, & the 3rd wave is unfolding as long as prices are kept above 11550″.

Within the 3rd wave, the first wave with its 5 sub-waves done from 11090 to 11989:

  1. Deeper correction done @ 11854.
  2. Much deeper correction follows if kept below 11990 & breaks 11880

If holds 11890-11905, strength would return towards 11955-965 & above which 11980-11990.

If kept below 11965-980, weakness would continue towards 11880-895 & below which 11820-830.

Learn Elliott’s wave study with.. Frost and Prechter’s book “Elliott Wave Principle”- a free online version of the book is available here – the link.

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