As of Friday the 1st scenario has played its self out without the major retracement. In the post i had suggested a final target between (19000-19200). The Market opened and reached an intraday high of 19131.70, which satisfies my target and also a 5 wave structure, which has been marked in the above 5 Day chart. 5 wave structures are predominant in both waves 3 and 5.
Now on to the longer term chart, which is the updated version of the chart initially posted on June 5th.
The short term 5 waves up in the short term chart, completes a (C) counter-trend wave, which is the final retracement wave of the down move that spans the 14th of April to 25th May. This means that a new move down has started since Friday mornings highs, and should initially take us straight down to 17500 or lower.
Summary.
1. Target 17500 or lower. (Blue Box)
2. If 19131.70 is broken to the upside the longer term count and all targets will have to be reevaluated.
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