The markets are currently moving aimlessly. There seems to be no clear cut direction right now. Let us look from the Elliot perspective.
1. The markets made a significant low of 22182 on April 2nd. It rallied from there to 24602 on April 21st. From there in 1 month, it has come down to a low of 23262 on May 13th.
2. If we take 22182 - 24602 as wave 1, it covered about 2420 points. Corrective targets down would be 23670, 23392 and 23105.
3. Only 23105 remains pending. Below 22700 we are headed towards new lows and above 24118 we are headed towards new highs.
4. The area 24300-24600 was a massive support zone earlier and it will not clear that very easily.
In a nutshell, the markets have taken more time to correct but not yet breached the 61.8 pc of the up move. The 3rd wave when it starts would be a powerful up move taking us to new highs.
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