At the outset, I am making it very clear that I am not demeaning EW. I gave up EW because of the difficulties involved. Hats off to somebody who can comprehend the wave structure as listed above by you and take a view of the market direction. Pl note there is a difference to what you have counted and what Hiteshbhai has done. EW may appear exotic but does not serve the purpose one wants. After lot of efforts, I came to the conclusion that Trend following is the best because of the complex nature of markets - meaning dependent on so many things macro,micro,economics,fundamentals,interest rates,FX,etc which I cannot comprehend and framed my own system for tracking markets for investment and trading.
Pl study the chart attached. One gets the same result when you apply to the current downtrend. A bottom ( Support) is established only when a related resistance is taken out . Untill it is anybody’s guess.
