Choppiness at its worst.
And the indications that now the Corrective to Impulse 4531-5412 has started(vide yesterda's Intraday Hourly Charts) neither got confirmed(via daily charts) nor got invalidated.
Infact a tick above 5399 would have done the invalidation of the Beginning of Corrective count,but it remained limited to 5396.65 and so my view lives another day.
Lets see how this downmove from 5412 has done so far:
Yesterday we saw:
5412-5356=56
5356-5398.15=42
5398.15-5323.2=75
In simplest of its form it represents a Zig-zag which if gone below 1.62*56=91=5307 would have confirmed the Beginning of Corrective wave theory.
And by going above 5398.15 would have Invalidated it.
AND IT HAS DONE NEITHER.
So today I am not in a position to provide any Count.Just posting a Chart depicting last two days moves.May be tomorrow we shall have more clarity---and a proper labelling can only then be done--
What if we breach 5398.15 tomorrow?
Gave a good thought to it and came to following two alternatives:
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