The previous trading day showed a corrective upwards. Now the downward move should resume, Is this part of a LARGER wave 3 or just a 5-wave move downwards ending as wave C? This will be clarified as we move downwards. In the case of wave 3, then our target is NOT LESS than 17300.
Most probably we will have a 5 wave move downward to wave equality of wave A= wave C, GOING DOWN to 17450 and then ZIGZAG to 17300 thereafter.
ZIGZAG
A zigzag correction can be a double zigzag OR a triple zigzag. In a double zigzag, we have an ABC move repeated twice, and in a triple zigzag we have the ABC move repeated 3 times.
Elliott Wave Analysis is a subjective form of technical analysis and requires careful consideration of other factors, such as wave structure, price action, and other technical indicators, to make accurate forecasts. It’s always recommended to use multiple technical tools and analysis techniques in conjunction with Elliott Wave Analysis for a comprehensive understanding of market dynamics. Personally, I use overbaught and oversold conditions to align with elliot wave structures. Presently markets overbaught on daily basis.