NSE Adani Ports Is Growing But The Truncation level is there
Key Level: 824 & 853
Adani Port has broken down the corrective wave X and started forming an impulse wave ((5)).
Price had broken down the 8-month-old correction, and Adani Port surged rapidly. Adani Port can u-turn from 1.618% at 1049. It is a reverse Fibonacci of wave ((4)). Currently, the price is at the 78.6% reverse Fibonacci level at 853.
If Adani port fails to break the previous high at 901, there will be a case of truncation. It shows that the current impulsive move has a lack of demand pressure. Then the decline will be 3x more powerful than the normal corrective wave.
Adani Port has broken down the corrective wave X and started forming an impulse wave ((5)).
Price had broken down the 8-month-old correction, and Adani Port surged rapidly. Adani Port can u-turn from 1.618% at 1049. It is a reverse Fibonacci of wave ((4)). Currently, the price is at the 78.6% reverse Fibonacci level at 853.
If Adani port fails to break the previous high at 901, there will be a case of truncation. It shows that the current impulsive move has a lack of demand pressure. Then the decline will be 3x more powerful than the normal corrective wave.
Trade closed: target reached:
New High 924
Comment:
Heavy supply pressure after completion of wave ((5)).
