As mentioned in my previous update, markets tried to test the upper boundary of the ending triangle, but failed to do so and collapsed finally. At times there is another attempt at testing the LOWER BOUNDARY but the trend will be downwards now.
The question now arises -what sort of correction can follow. Typically after a fifth wave ending triangle, which we experienced , the subsequent correction is typically a sharp and swift reversal in the opposite direction of the preceding trend. and Often results in a significant price decline.
Therefore expect a decline of a good magnitude WITHIN the last impulse wave commenced from 16830 and ended at 18350.
CORRECTION TYPES
Basically there are three types of corrections
1. ZIGZAG Correction
An abc correction which can occur one to three times
2. Flat Correction
3. Triangular overlapping correction.
Both 1 or 2 can be expected.