Ref is made to my previous update where I had mentioned the change of VIEW and wave count IN CASE the markets go below 17724. With todays priceaction the wave count has changed to short term bearish . In this projected fall , we have two alternatives , which I have marked in blue and red.
THE BLUE COUNT
In this the move down is taken as part of wave 2 with a triple zigzag, and projected to complete at 17122, notwithstanding any intraday pullbacks
THE RED COUNT
In this the move down is taken as part of a huge impulsive wave down , which has its wave 3 commencing today. This red count move is projected to sub 16000 levels as shown above, notwithstanding intraday and intraweek pullbacks