Apollo tyres, is looking currently in good momentum upside, it has broken resistance trendline along with good intensity of volumes along with challenging upper Bollinger band, also trend indicator macd is supporting same trend right now. As per Elliott wave projection it shows possibly we are in wave 3rd of wave 5th on daily time frame, which is a cautious sign to be ready for profit booking phase in near term and be very alert to book profits at near targets, also RK's mass psychological indicator is suggesting to go long, some highlights are shared below one can go through them to understand this study.
wave structure possibilities on daily chart
RK's mass psychological indicator signals positive
chart pattern breakout with good volumes
macd in daily positive crossover above zero line
macd running positive in weekly
rsi breakout in daily and its uptick above 60
price challenging upper bands on daily chart
dmi adx positive strenght
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I have same wave count. My take : If we consider wave equality between w5 and w1, it is already in .618 levels which is correction zone. Also RSI shows momentum divergence wrt w3 which is typical of w5. Last four candles shows exhaustion. In case of upward move, based in wave equality, It could test fibo 1.0 at price levels of about 355.. around mid Jan.