It is really'' fascinating to see how the wave unfolds and the final picture comes out. We were thinking that wave 4 has finished at 9435 high and we should see a 5th wave down to below 9180 level.
But as the theory of alternation goes, since wave 2 was a straight zig zag pattern , wave 4 is tracing out a complex pattern. And now it looks like probably we shall have a 5 component triangle outcome in wave 4. the 'a' wave of 4 reached upto 9435 and 'b' wave was traced from 9435 to 9210. I think we have finished with wave'c' at 9380 level and now we should see wave 'd' probably upto 9240-20 level . from there again we shall have wave'e' up to 9330 -40 or slightly up as wave 'e' is notorious for overshooting triangle boundary just to induce false position from break out traders.
STRATEGY: If our wave analysis is correct, then traders should know by now how to play out this scenario. So SHORT now at 9365 -70 with STOP just above 9390 and TARGET in the area of 9240/20.
Happy Trading
rupam
Note: On Friday, there will be no analysis , so we shall meet again on Monday. Have a great weekend.
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