We got a positive close yesterday with which we should have completed Y leg of the correction. With that, WXY is done and now we have 2 alternatives.
- Wave 3 up starts from here itself.
- DXY keep going in corrective mode and does another 2 legs X and Z making it a complex W-X-Y-X-Z pattern. X will be an up move followed by final leg Z down.
It’s a wait and watch scenario now but for the near term, we can assume some upside as either wave X or wave 3 as per alternate scenarios mentioned above.
