From 10k, we are in wave C of an ABC correction (see purple line) ... heading to the lower line of the triangle .... completing cycle WAVE E (red line).
The ABC correction is comprised of a 5-3-5 sub wave system.
Renko diagrams support that we have completed wave A and B of the ABC taking us to the bottom of the triangle (see my previous idea).
It's possible that wave E extends past the bottom of the triangle, and there are three key support points, 6.425k, 6.00k and 5.45k. Plotting the impulse wave that makes up wave C gives clues to the bottom ... and 5.45k is possible.
I won't get into much more detail, for fear of confusing everyone ... but my main point is, I don't think this drop is anywhere near over, unless massive manipulation steps in. To invalidate the continued drop, we need to really go above 8100 points ... while dropping below 7200 will confirm the continuation of the correction. Those are the key levels to watch. Anything, in between is gambling, with the bias being to the downside.
Remember only a fool relies on one potential outcome.
Do not use this info for financial decisions. For educational purposes only.
The ABC correction is comprised of a 5-3-5 sub wave system.
Renko diagrams support that we have completed wave A and B of the ABC taking us to the bottom of the triangle (see my previous idea).
It's possible that wave E extends past the bottom of the triangle, and there are three key support points, 6.425k, 6.00k and 5.45k. Plotting the impulse wave that makes up wave C gives clues to the bottom ... and 5.45k is possible.
I won't get into much more detail, for fear of confusing everyone ... but my main point is, I don't think this drop is anywhere near over, unless massive manipulation steps in. To invalidate the continued drop, we need to really go above 8100 points ... while dropping below 7200 will confirm the continuation of the correction. Those are the key levels to watch. Anything, in between is gambling, with the bias being to the downside.
Remember only a fool relies on one potential outcome.
Do not use this info for financial decisions. For educational purposes only.