NSE FMGOETZE has constructed wave B and taken resistance from the 200 EMA. A fresh count suggests a Triple zigzag formation has taken place, where Wave (Y) occurred at 454.9 and Wave (X) occurred at 547.4.
At a glance, price has completed wave A at 457.2, and 506.95 is the ending point of wave B. There shall be no bullish sentiments unless the price breaks out of the parallel channel by the daily close. Price will fall for the accomplishment of wave C of wave (Z).
Scenarios to look at:
- A reversal before the breakdown of wave A at 457.2 may transfer the pattern to a double zigzag formation, and instead of A-B, we have to make it 1-2 of the unfolding impulsive cycle.
- A breakout of the channel indicates impulsive unfolding.
- The ending point of wave C can be 444 (1.618), the lower band, or the confluence zone. We will use the volume to identify the move.
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Definitely the most reasonable take amidst all the noise from herd mentality.
Great contrarian analysis! Thank you.
my analysis show that the price will continue to drop
we go down again?
Good luck 🤞 we trading probability:)
Wow! wave mapping is so perfect and clean.