Markets in all probability now correcting the full impulse wave which commenced from low of 16835 and completed at 18345. This correction as mentioned earlier can be from 25 to 40 percent of this rise of 1500 points or we can easily go down to sub 18000 levels.
RANGE OF POSSIBILITIES IN ELLIOT WAVE ANALYSIS
There are many possibilities as to how (or which route )the markets can take on its downward journey. Of course pullbacks will come and there can be multiple ways markets can ratchet down. Elliot wave theory is based on PATTERN REPETITION.
The range of possibilities in Elliot Wave Theory refers to the various ways that these repeating patterns or waves can unfold. While the theory provides a framework for analyzing market trends, it does not make SPECIFIC PREDICTIONS HOW THESE PATTERNS WILL UNFOLD. Instead, Elliot Wave analysts identify a range of possible scenarios based on the patterns they observe. For example, a particular wave pattern may suggest that the market is likely to move in a certain direction, but there may be multiple possible outcomes within that direction.
There will be always a degree of uncertainty in any market analysis. By identifying multiple possible scenarios for market movement in a certain direction, the theory helps you to be better prepared in trading and adapt more quickly to any changing market scenario.
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