in my april 14th post i have mentioned that we have two alternatives of elliote wave. And it appears that now alternative -1 is now unfolding please go through the link for the same
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4DCHbOkRTstpsx3OWXCq9dZYxw0lYhTtKqnDU3ImtKCBveQ6Gf34uKIJu4RaEu8_lTAvVgY4yAmsvNpyztpMfHnqzZcubKoAGcyYDOcmpl3eUlqM_jou885KId4xh1oF4nvahgFOv9P5x/s1600/Picture1.png



the update of the same is provided below:

it appears that we might have compleated the wave 4 and have started the wave -5 which would be the final wave. i appears from the above the wave -1 was from 4675 to 4929 a rise of 254 points and wave-2 from 4929 to 4803 a fall of 126 points which is exactly fibonacci of 50% if wave-1. As the wave -1 appears to be truncated the wave-3 would generally be a elongated one and which give a minimum target of 1.618% of wave-1. In the present case it has risen from 4803 to 5399 a rise of 596 points which is near to the fibonacci of 238.10% of wave-1. and after that wave-4 is from 5399 to 5160 a fall 239 points which is nearly 40% near the fibonacci of 38.10%. Now we appear to be in the fifth and final wave. When wave-3 is elongated wave-5 would generally be a truncated wave means it would not move above the high made by the wave-3. so strightly speaking we should not see the 5th wave moving above 5399. But there are exeptions, fifth wave would have fibonacci relation ship with the third wave, it would 38.10%,50% or 61.8% of wave-3. So it should be of length 227,298 or 368 points So the probable targets are 5387,5458 or 5528. As wave-5 is elongated we migh not in any case see market move above 5528. But generally it would be of length 38.10% so the first target of 5387 appears to be the target. if it is taken out then we might see other targets. so wait and watch what the market unfolds.

M.Sri Mahidar

Trend is friend.