Very clean & understandable।Now Where that X wave can lead to,if u can project pl
AJAYSHARMA
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@eternallearner, Its impossible to forecast on a corrective wave. But these can be the possible scenarios
1. An impulse wave down forms and a new low is reached . This can only be confirmed by the following two price actions
a. 0-B trendline is broken in less or same amount of time than it took to form wave C.
b. Price crosses below point B .
2. If the price has to reach a new high then wave C should not be retraced more than .618% .
3. It may be in a wave Y triangle of WXY and then it goes skadoosh up after that .Even if it is in wave Y triangle it has still some time to go .
I never fish in troubled waters . If I want to indulge myself I would be shorting an ATM/OTM (at previous high) call expecting it to expire worthless. But I will be comfortable with the strategy if I had holding in demat account .Lets see what happens . In these circumstances Ichimoku is the best toll along with Elliott wave. Regards
sharmaumesh1967
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Can you please give it's description for better understanding
AJAYSHARMA
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@sharmaumesh1967, A corrective wave channels almost perfectly . Then u can expect an X wave in the opposite direction or a B wave of a triangle or a flat.