From 732.70 to 543.55 as blue (A):
Clear sharp fall. Strong selling. RSI went deep into oversold zone. Looks like a completed higher-degree wave (A).
From 543.55 to 643.20 as black (a):
The bounce from the lows moved in a proper five-wave structure. It did not look random. Structure supports it being wave (a).
From 643.20 to 582.60 as black (b):
This correction unfolded as a clean zigzag. Inside this, red wave c matched almost 100% of red wave a measured from red wave b. That kind of symmetry is typical in zigzags and strengthens the count.
As long as 583.30 holds, black wave (c) can move higher, possibly towards the 660–665 zone. That area is the 0.618 retracement of the entire blue (A) fall.
But this upside, if it comes, may still be corrective before a larger blue (C) move down.
583.30 is important support.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Clear sharp fall. Strong selling. RSI went deep into oversold zone. Looks like a completed higher-degree wave (A).
From 543.55 to 643.20 as black (a):
The bounce from the lows moved in a proper five-wave structure. It did not look random. Structure supports it being wave (a).
From 643.20 to 582.60 as black (b):
This correction unfolded as a clean zigzag. Inside this, red wave c matched almost 100% of red wave a measured from red wave b. That kind of symmetry is typical in zigzags and strengthens the count.
As long as 583.30 holds, black wave (c) can move higher, possibly towards the 660–665 zone. That area is the 0.618 retracement of the entire blue (A) fall.
But this upside, if it comes, may still be corrective before a larger blue (C) move down.
583.30 is important support.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.