As I wrote yesterday in sideways moving markets it always need time to see a clear structure of wave counts and as a anylst or a trader you have to wait til one after the other possibility has eliminated itself. So in my view today the triangle count has gone.
So for today I will share my thoughts with you.
The corrective move that started at 10137.85 at Aug 02 look to me like a clear 3-wave pattern. So at @ 9685.55 at Aug. 11 the low was set and a possible a-b-c pattern was complete. So far, so clear! The question overall to this move is as the following! Is that wave 2 of minute degree or wave (a) of 2?
The alternate view is that the low set at 9685.55 was wave 2 (Minute) and we have seen a series of one and two`s!
BUT!! To me this overall move look not complete. It does not look harmoniously. And as of that case it has be counted as a "running flat"! At nine of ten times you will find yourself wrong count this way. So I don`t like this to count in that manner.
So let`s move on. If the low was set at 9685.55 a sharp rise in the coming hours or so has still to occur.
If we stay within a correction we will see a higher high which will complete wave (b) and after that a sharp decline to at least 9685.55 is the next big move.
We have to wait for clearer odds as I wrote some days ago.
Have a great weekend
Questions and Comments are welcome!
Note!---> This analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
Data by NSE!