Update (19th September, 2022) – CAC seem to have completed wave 2 now and we seem to be in wave 3 down. Here is the latest chart.
From recent swing high in August around 6608, CAC has fallen in 5 waves which means it could be either major wave 1 or a fresh impulse or major wave A or corrective nature. We are currently in major wave 2 or B. Difficult to say where we’ll start 3/C down but a daily negative close could be first sign of it.
Once wave 3/C starts, it should take us below 5800.
