The cross of 5025 and close above it has brought me back to the planning table . The EW perspective of the Basic Counts , that of a Third zigzag in progress and we are in the wave B of that , remains as it is . Below are some Charts , Observations and Conclusions for the Short Term EW update-
The wave B now is forming an Expanded Flat , where the 'b-B' wave is an irregular that goes below that of A and 'c-B' will terminate beyond the start of 'a-B'.
1. The Expanded Flat in a simple line diagram looks like this-
2. Wave B as shown in the Daily chart below, will now end beyond 5099.
3. Probable Target for the upmove in the short term may be as below .
4. The c-B has started from the low of 4532 and may be moving in 5 waves as below.
1. The broader conclusions remain the same as in last Post , please refer to them -
2. The subwaves count for c-B have changed along with Pattern for wave B from the last post . Now we Target above 5200 in the Short Term .
As per EWI - In expanded flats, wave B of the 3-3-5 pattern terminates beyond the starting level of wave A, and wave C ends more substantially beyond the ending level of wave A.
The important word to mark in the above sentence is ' substantially' . We can now expect and keep open the probability of a close above 200dma and may be the break of the downtrendline since 6338 , Nov.10, to make everyone bullish. ( thats the work of a wave B - the 'sucker wave', to make one a believer and then suck , here by making one 'buy on dips' ).
3. The fall after c-B whenver ends ( not far away ) will be more vicious and swift now and will Target a new low below the 4530 level.