In my previous post, I was talking about how a breakout out of the falling wedge and staying above 9k could lead to the tp around 12K-13K.
Because we have stayed above 9k and broken the wedge, starting a new rally, we can assume that this is the fifth wave.
Now we seem to have had the first 2 waves of the fifth wave. Together they formed a pennant that has broken out to the upside.
So now we can assume that we are in wave 3, the biggest wave in most of the situations (at least as big as the first wave and not the smallest).
This wave is likely to test at least 11.1K, if not higher.
One thing to notice is that the second wave was a very small correction and so we can assume that the 4th wave will be a strong correction.
I will update the count in case rules are broken.
Because we have stayed above 9k and broken the wedge, starting a new rally, we can assume that this is the fifth wave.
Now we seem to have had the first 2 waves of the fifth wave. Together they formed a pennant that has broken out to the upside.
So now we can assume that we are in wave 3, the biggest wave in most of the situations (at least as big as the first wave and not the smallest).
This wave is likely to test at least 11.1K, if not higher.
One thing to notice is that the second wave was a very small correction and so we can assume that the 4th wave will be a strong correction.
I will update the count in case rules are broken.
