Maybe we are at the beginning of a downtrend.
Until the pattern unfolds, the best way to trade is to do only intraday without carrying positions overnight.
As per this wave counting, wave 3 should fall at least up to 16700 (equal to the length of wave 1).
If wave 3 extends, it can go to 16350 (1.23 of wave 1) or 15800 (1.618 of wave 1).
I'll be trading predominantly intraday in the shorter time frames.
Until the pattern unfolds, the best way to trade is to do only intraday without carrying positions overnight.
As per this wave counting, wave 3 should fall at least up to 16700 (equal to the length of wave 1).
If wave 3 extends, it can go to 16350 (1.23 of wave 1) or 15800 (1.618 of wave 1).
I'll be trading predominantly intraday in the shorter time frames.