Gail Elliott Wave Analysis, Expanding diagonal, Irregular flat

 Gail daily chart


As shown in the daily chart, the rising trend line which was acting as a support is now broken, thus opening negative possibilities. However, there is no discontinuation of the positive formation which only price can give over a time.

From waves perspective, prices have move up in a corrective pattern (a-b-c) where wave c ended up in expanding diagonal pattern, followed by wave b at one larger degree where it is suppose to complete in irregular pattern. Wave b of wave b has surpassed wave a which opens irregular flat pattern. Now wave c of wave b is pending which can test the lows of wave a of wave b.

The summation is, prices are suppose to plunge till 130-132 levels with the resistance at 157 levels (closing basis).

Comments

Popular posts from this blog

USDINR: Will it cross 83.00?

Nifty in Ending Diagonal Pattern?

GOLD and Elliott Wave Counts