Cycle Degree:Yellow
Primary:White
Intermediate:Orange
Minor:Blue
Currently we are in Cycle degree wave 3 which started from 2013, of which we have surpassed 161% extention target,hence next target of 261% extention is coming at 6259.
As can be seen this cycle wave 3 has been sub divided in 5 intermediate impulsive waves shown in white.Currently on intermediate degree we are also in wave 3 of which 261% extention target is almost achieved at 4190.Hence it seems price wise we have achieved targets of primary wave 3,but structurally we are yet to finish with 5 intermediate wave which would complete primary wave 3.
On zooming in on lower degree it seems like we are in intermediate wave 4 of wave which minor wave A(blue) is done and current raise from Feb 23 is minor wave B of intermediate wave 4.As it is sustaining above 61% retracement level of wave A(not shown here) next level on the upside of 80% is coming at 3400 odd levels.
Hence to conclude on shorter time frame one can go long for an upside target of 3500 from cmp of 3078 with a stop-loss of 2900 on the downside.
Disclaimer:This are just my views on the stock,no position should be taken solely on its basis,posting this just for my future reference.
Primary:White
Intermediate:Orange
Minor:Blue
Currently we are in Cycle degree wave 3 which started from 2013, of which we have surpassed 161% extention target,hence next target of 261% extention is coming at 6259.
As can be seen this cycle wave 3 has been sub divided in 5 intermediate impulsive waves shown in white.Currently on intermediate degree we are also in wave 3 of which 261% extention target is almost achieved at 4190.Hence it seems price wise we have achieved targets of primary wave 3,but structurally we are yet to finish with 5 intermediate wave which would complete primary wave 3.
On zooming in on lower degree it seems like we are in intermediate wave 4 of wave which minor wave A(blue) is done and current raise from Feb 23 is minor wave B of intermediate wave 4.As it is sustaining above 61% retracement level of wave A(not shown here) next level on the upside of 80% is coming at 3400 odd levels.
Hence to conclude on shorter time frame one can go long for an upside target of 3500 from cmp of 3078 with a stop-loss of 2900 on the downside.
Disclaimer:This are just my views on the stock,no position should be taken solely on its basis,posting this just for my future reference.