Presently the markets seem to be stuck at around 17600 or so. I have marked, in yellow rectangles levels of “FIBBONACCI RESISTANCE” and SUPPORT
At times the markets may not give clear wave counts (Volatility amidst any universal political turmoil).
According to the Elliott Wave Principle, financial markets move in a series of waves, each with a particular structure and duration. These waves can be identified using Fibonacci ratios derived from the Fibonacci sequence.
In Elliott Wave analysis, the most commonly used Fibonacci ratios are 0.618, 1.618, 2.618, and 4.236. These ratios are used to identify key levels of support and resistance in a market trend.
I have drawn the PROBABLE SUPPORT AND RESISTANCE for the ongoing bullish wave count. If my wave count is correct, then we should move WITHIN the orange rectangles drawn and finally move up into wave “3”
If “minute wave 4 ” is not complete we may have another round of short upward bursts and then down to complete minute wave 4 around present levels only.