Wave Structure
The decline from the all-time high at 1608.80 to 1114.85 unfolded in a clean 5-wave impulse. Rather than a completed W–X–Y correction, this is best viewed as Wave A of a higher-degree zigzag (5-3-5).
The subsequent rally into 1551 was a clear 3-wave move, marking Wave B. With this structure, the larger Wave C is now favored to be unfolding to the downside.
Current Setup
Outlook
Summary
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.
The decline from the all-time high at 1608.80 to 1114.85 unfolded in a clean 5-wave impulse. Rather than a completed W–X–Y correction, this is best viewed as Wave A of a higher-degree zigzag (5-3-5).
The subsequent rally into 1551 was a clear 3-wave move, marking Wave B. With this structure, the larger Wave C is now favored to be unfolding to the downside.
Current Setup
- The drop from 1551 is impulsive, not corrective, which supports the case that Wave C is already in progress.
- Price is testing the MA200 and printed bullish RSI divergence (higher lows on RSI vs. lower lows on price), suggesting near-term exhaustion.
- This favors a short-term Wave 2 bounce before further downside unfolds.
Outlook
- Short-term (bullish): Relief rally toward 1390–1420 possible as Wave 2 plays out.
- Medium-to-long term (bearish): Once Wave 2 completes, downside is expected in Wave 3–4–5 of C, with potential targets revisiting 1100 or lower.
- Invalidation: A sustained break above 1551 negates the bearish outlook and would suggest the correction has already ended.
Summary
- Short-term: Bounce likely.
- Big picture: Bearish zigzag not yet complete.
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.
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WaveXplorer | Elliott Wave insights
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
関連の投稿
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。