According to the checks I made in the previous trend, I found that the previous wave is a corrective (ABC); As a result, I was looking for signs of the beginning of a broad 5-wave pattern.
According to the type of behavior and movements of this index, the beginning of a 5-wave was confirmed.
Currently, this index is in the 3rd wave of its trend, hence the sharp decrease and lack of expectations of increase and correction seems normal.
From this point of view, it cannot be said definitively whether wave 3 has been completely completed or not; But in my opinion, it is very important not to lose the number 3400, because it can be called the end of wave 3.
If this number is lost, there will be no significant support until the number 2900 and there will only be small corrections in the direction of bigger falls.
Note: In order to ensure the end of wave 3, it is necessary that the blue trend line must be broken and this failure must be done with a powerful candlestick .
With the breaking of this line, the low time frame trend of this analysis will be completed, and the end of wave 5 can be considered at 2900; Otherwise, this analysis will no longer be applicable.
Be successful and profitable
According to the type of behavior and movements of this index, the beginning of a 5-wave was confirmed.
Currently, this index is in the 3rd wave of its trend, hence the sharp decrease and lack of expectations of increase and correction seems normal.
From this point of view, it cannot be said definitively whether wave 3 has been completely completed or not; But in my opinion, it is very important not to lose the number 3400, because it can be called the end of wave 3.
If this number is lost, there will be no significant support until the number 2900 and there will only be small corrections in the direction of bigger falls.
Note: In order to ensure the end of wave 3, it is necessary that the blue trend line must be broken and this failure must be done with a powerful candlestick .
With the breaking of this line, the low time frame trend of this analysis will be completed, and the end of wave 5 can be considered at 2900; Otherwise, this analysis will no longer be applicable.
Be successful and profitable