The correction is not yet done
Updated
Adani Enterprise CMP 2968.35
Elliott- The first wave down has 5 legs hence its the wave A of the corrective pattern zig-zag. The rally back to the highs is wave B. The current pull back is the start of the C leg of the correction.
Fibs- A weekly close below 2845 will be a confirmation of weakness.
Trendline- Retest of a rising trendline from below is a sign of weakness.
RSI - negative divergence in the bear zone ,confirms the weak setup.
MA- the stock currently is taking MA support. Hence any bounce back will be an opportunity to sell.
Volume- the volume after the fall has only fallen indicating this rally is indeed corrective and should not be trusted.
Conclusion- Any negative news in this counter will be met with selling as the set up is weak.
Elliott- The first wave down has 5 legs hence its the wave A of the corrective pattern zig-zag. The rally back to the highs is wave B. The current pull back is the start of the C leg of the correction.
Fibs- A weekly close below 2845 will be a confirmation of weakness.
Trendline- Retest of a rising trendline from below is a sign of weakness.
RSI - negative divergence in the bear zone ,confirms the weak setup.
MA- the stock currently is taking MA support. Hence any bounce back will be an opportunity to sell.
Volume- the volume after the fall has only fallen indicating this rally is indeed corrective and should not be trusted.
Conclusion- Any negative news in this counter will be met with selling as the set up is weak.
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In my view this correction will end around the previous lows of 1400.
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