According to the Elliott Wave Theory, the Elliott Wave Structure describes the pattern and arrangement of price movements in financial markets.
Based on extensive analysis, it appears that the stock has completed wave 5 on the daily chart. A corrective wave (a-b-c) has begun. Currently, it appears that the first wave (a) of correction is over and the second wave (b) is expected to begin. There is a chance that the second wave could extend up to 61.8% (Rs 860) of the length of the fifth wave from the lowest point of the first wave (a).
Wave (b) is anticipated to be comprised of approximately three subdivisions.
It is advisable to aim for a target of 50% (Rs 840), which is 50% of the length of wave (5) from its lowest point (a), in order to be on the cautious side.
Following that, wave c may unfold.
I am not a registered Sebi analyst. My studies are purely for educational purposes.
Before trading or investing, please consult with your financial advisor. I am not accountable for your profits or losses in any way.
Thanks
VJ
Based on extensive analysis, it appears that the stock has completed wave 5 on the daily chart. A corrective wave (a-b-c) has begun. Currently, it appears that the first wave (a) of correction is over and the second wave (b) is expected to begin. There is a chance that the second wave could extend up to 61.8% (Rs 860) of the length of the fifth wave from the lowest point of the first wave (a).
Wave (b) is anticipated to be comprised of approximately three subdivisions.
It is advisable to aim for a target of 50% (Rs 840), which is 50% of the length of wave (5) from its lowest point (a), in order to be on the cautious side.
Following that, wave c may unfold.
I am not a registered Sebi analyst. My studies are purely for educational purposes.
Before trading or investing, please consult with your financial advisor. I am not accountable for your profits or losses in any way.
Thanks
VJ
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