Since 2009 lows of 14- Apollo Tyre has traced outs its impulsive & explosive 3rd wave at highs of 250 where it travels 261.8% of wave-1 distance. Since top@250's -it has been moving into complex irregular correction whose 2 legs are done & likely final leg is in progress.
From the tops@235- the move is quiet impulsive, which could be start of the last leg in wave-((iv)), so any rebound or bounce which could take Apollo Tyre close to the 200 mark or possibly spends this Santa season-which is last month of 2016- as a puzzle for buyers & sellers with a short term opportunity in between.
Short Term Trader
Look to bounce in the zone 195-200's -if holds, then come out & wait at sidelines to see market reaction
Long term Traders
They should look for any move below 175-180 & sustains below that zone in that case -Tyre could move to the lows of 125-130 in 1st half of Year 2017 similar to lows as it was done in Jan2016.
Last Price@195. 55
Short Term Target achieved with 10 bucks push upside from 186 to 197
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ