Still looks like an ending diagonal and its heading back towards the previous Wave iv of Wave 1 which is a common retracement level.
Wave iv of this ending diagonal E Wave took the shape of a triangle which means this last move is weak and will be the final move in Wave 2.
Looking towards the SELL ZONE I would say this could result in a blow off top around the psychological level of 6000 if things get crazy.
Wave (C) can easily exceed the size of Wave (A) if there is a buying climax and the reversal should be severe.
A break of the the magenta line at 5474 level should confirm Wave 2 is over and we are moving into Wave 3.
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Wave iv of this ending diagonal E Wave took the shape of a triangle which means this last move is weak and will be the final move in Wave 2.
Looking towards the SELL ZONE I would say this could result in a blow off top around the psychological level of 6000 if things get crazy.
Wave (C) can easily exceed the size of Wave (A) if there is a buying climax and the reversal should be severe.
A break of the the magenta line at 5474 level should confirm Wave 2 is over and we are moving into Wave 3.
Please LIKE and FOLLOW to get notification of updates and future posts.
