NSE: Abbott India Elliott wave Projection

Abbott India has accomplished the impulsive wave 3, and the price is forming corrective wave 4. Price has occurred the sub-wave A. and Sub-wave B. Sub-wave C of 4th wave is in progress.
After completion of wave 4, the price will start its bull run.

Fibonacci relationship and wave Formations:
Wave ((1)) is a five-wave impulse.

Wave ((2)) retraced 50% of wave ((1)).
Wave ((2)) has taken 23 months to finalize.

Wave ((3)) is a five-wave impulse.

Wave ((4)) looks like a sharp correction.
Rule of alternation indicates variation between two corrective waves in terms of time, distance, and formation.
Because wave ((2)) was a complex correction, wave ((4)) should be a sharp correction.

Destiny of wave ((4)):
Wave ((4)) can terminate near the previous corrective wave (iv) at 13994.
Wave ((4)) can end at 15064, which is a crucial support level.
The common retracement of wave ((4)) is 38.2%, but the price has broken down this level. Next Fibonacci retracement level is 50% at 13967.

Please note that the corrective channel has broken down, so bulls can enter when the price renter into the parallel lines. Otherwise, the price has bearish sentiments.


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