My earlier interpretation of the market - ending diagonal in the wave c was proved wrong by the market. Now I have reworked the labeling.
Rest everything remains the same, re working is done only for the current market movement to up, in the wave c. It appears like we are in the strong impulsive move and waves are sub-dividing. Currently we are in the wave 3 of 3. Last friday's move up with the gap up opening was the strong indication of the impulse move, especially this is the characteristics of the 3rd wave.
We have completed the wave 1, 2. Wave 3 is extending and is subdividing. Currently it has completed the 3rd wave of the 3rd wave. Which means now it may correct in wave 4 till the channel level and then move up to complete the wave 5 of 3rd wave. So far all the corrections within this wave 3 are of very minor in nature, retracing less than or equal to 23.6%. If the guidelines of alteration is to be applied then we may see a slightly deeper correction in the wave 4, may be up to 38%. Holding 50% or 62.8% is the key for this up move.
Then we can see another correction after completing this 5 waves of wave 3. Yet another 4th wave.
Daily chart:
Hourly chart:
Daily chart with 9 RSI :
Rest everything remains the same, re working is done only for the current market movement to up, in the wave c. It appears like we are in the strong impulsive move and waves are sub-dividing. Currently we are in the wave 3 of 3. Last friday's move up with the gap up opening was the strong indication of the impulse move, especially this is the characteristics of the 3rd wave.
We have completed the wave 1, 2. Wave 3 is extending and is subdividing. Currently it has completed the 3rd wave of the 3rd wave. Which means now it may correct in wave 4 till the channel level and then move up to complete the wave 5 of 3rd wave. So far all the corrections within this wave 3 are of very minor in nature, retracing less than or equal to 23.6%. If the guidelines of alteration is to be applied then we may see a slightly deeper correction in the wave 4, may be up to 38%. Holding 50% or 62.8% is the key for this up move.
Then we can see another correction after completing this 5 waves of wave 3. Yet another 4th wave.
Daily chart:
Daily chart with 9 RSI :
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