NSE:ASIANPAINT ASIAN PAINTS LTD
Asian paints had corrected more than 16% in just a month.
After 101 days, the price is back to the strong .
Price has made a kangaroo tail/ pattern on the . 200EMA is also near to price.
Wave principle is also giving a similar explanation.
There are three confirmations to find the ending point of wave four.
1. Price can take of the 3rd wave at 2782, which is also a monthly .
2. Wave 4 can end nearby to .
3. sub-wave C of wave four is 161.8% of wave A at 2845.
If the price enters the , we will get a pattern and support zone's demand pressure.
200 is also supporting this statement, which is close to the price. Or we have to wait for the monthly where the price is getting support, but entry is not possible without any reversal signal.
If the price isn't giving any reversal signal, the price will fall continuously.
Violation: Wave 4 can never touch wave 1. (at 2692)
I will upload an intraday chart with entry and targets the Asian paints soon.
Comment: A clear picture on the candlestick chart.
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Trade closed: target reached: This was a great trade.