I have given three charts in succession in larger to smaller time frame in context. The 3 charts give in detail my views on developing bull market in the LARGER TIME FRAME. However this comes with a serious caveat and note that BELOW 16855 this bullish wave count is cancelled.
5th wave bull runs are always having certain characteristics which are noteworthy. I have discussed same in one of the previous articles.
This characterization stems from the observation that fifth waves mostly tend to exhibit a significant increase in momentum and speculative behavior. This potentially leads to an unsustainable and exaggerated price movement. This we have observed within last 1-2 days and may continue to do so in the coming days. This MAY make the retail traders more optimistic and bullish, bringing in excessive optimism and euporia among investors and traders alike.
In the immediate context, we need to see the 3rd chart above, where I have given the EXPECTATIONS in the next 1 or 2 days.