According to Elliott wave analysis we can see two possibilities at work:
1. 3rd Elliot Wave is in progress and is subdividing. Minor "i" is over and "ii" is underway. It should not break 4994.95 to confirm this. Then 3rd of 3rd will start from today morning may be after few more points of down move. This also coincides with channel support in the same area. 5017 is the 5 Day EMA.
2. Another alternative can be that, at 5124.35 it has just completed the 5th of the minor wave and the a-b-c correction is ON for it. Again the current down move might be the "a" and may complete in another few points and then "b" might start and retrace upto 61.8% of it [or more] then "c" to go on for a while. Then the minor wave 3 up to start.
1. 3rd Elliot Wave is in progress and is subdividing. Minor "i" is over and "ii" is underway. It should not break 4994.95 to confirm this. Then 3rd of 3rd will start from today morning may be after few more points of down move. This also coincides with channel support in the same area. 5017 is the 5 Day EMA.
2. Another alternative can be that, at 5124.35 it has just completed the 5th of the minor wave and the a-b-c correction is ON for it. Again the current down move might be the "a" and may complete in another few points and then "b" might start and retrace upto 61.8% of it [or more] then "c" to go on for a while. Then the minor wave 3 up to start.
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