We saw the markets reversing direction on June 24 in quite a dramatic fashion..
Let us update our charts first.We start with the Mercury retrograde chart...
How does the wave count look like?
We go back to the irregular flat count. With B wave taking as much as 52 days and still having one more up leg left, this combo looks more viable. As the chart shows, we are in the last up leg of wave B. That is C upwards has begun.This could be a three wave formation.Alternatively we can still say that b of B is still not over and there could be one more down leg left. ( Astro Indicators seem to favour this view.)
We see a bar reversal and a possible cycle reversal last week.
For trading we need to observe that since we are in Mercury retro period, that too of a Mercury in his own house, we need to be cautious that prices will not take support or resistance at expected places. So we have to book our profits sooner or else reverse movements will eat away the profits.
Happy trading !