The market has been making lower tops and bottoms since April which at a larger degree
is either a W-X-Y-X-Z decline or a I-II-I-II-III-IV-III-IV-V type of 5 wave decline. We can figure later.
However on the two occasions that I noticed this same pattern in the past the last leg down started after a deep
near 61.8% retracement in wave b of z [or II of III].
The attached chart goes with the w-x-y type of count to set targets.
There is great symmetry in this pattern
in each case wave c of each decline is 1.618 times wave a,
and the b wave is retracing less and less. The first b is 78.6% of a
second is 61.8% of a and third forming today intraday stopped at 50% of wave a
So what should follow?
In each of the past occasions the sharpest decline occurred after the last b wave retracement, which completed today
wave Z was always bigger than Y so target is below 16270
Wave c is always 1.618 of a, meaning upto 15734 at least
but both the past occasions wave c of Z the last drop extended exponentially
such that Z was either 2.618 times W or even 4.236 times on another occasion
or somewhere between the two numbers
Meaning that the target actually should be between 15447 and 14245 in the next 1-2 weeks.
And yes such patterns always end below the previous swing low so it has to end below the
low of 15651.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Rohit Srivastava
For accurate technical forecasting. Thanks R. N. Elliott for
studying mass social behaviour and its role in forecasting
the evolution of mankind. Thanks Robert Pretcher for
keeping his theories alive and kicking.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Rohit Srivastava
For accurate technical forecasting. Thanks R. N. Elliott for
studying mass social behaviour and its role in forecasting
the evolution of mankind. Thanks Robert Pretcher for
keeping his theories alive and kicking.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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