So today's market confirmed some of the analysis of Friday last week.
Almost certainly we are in wave 5 (of maybe wave 3 up). The target for this wave seems to be in the range of 6300.
Here is my wave count based on daily chart: (data from icharts.in)
1st - 5701 to 5950 = 249
2nd - 5826 = 124 (50% of wave 1)
3rd - 6156 = 330 (132% of wave 1)
4th - 6032 = 124 (34% of wave 3)
Therefore, for 5th wave, expected length = 300 to 450, however it should be about 1st wave's length. So about 250. Hence, expected target for 5th wave = 6280 to 6330.
AO - 2nd red bar; AC - 4th red bar.
However, Gator's mouth is opening more. So couple of days before correction starts.
Need to verify the 5th wave ending by checking 10 min chart for 5th wave.
Maintain target for correction wave at 6050.
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