Bajaj Finserv has started it's final bearish, where we have seen a speculative boom downside. After breaking 50 & 200 EMAs, it started falling for wave Z. Traders can expect the following targets: 14631 - 14449 - 14176. The Control line will work as a hurdle for intraday traders.
Bajaj Finserv has formed in the descending channel for more than 27 weeks. It has broken the control line's channel also. That indicates bulls are not ready to expect a falling knife.
Measurement of wave ((4)): Wave ((4)) can accomplish 38.2% of wave ((3)) at 14000. Wave ((4)) can complete at the lower band of the parallel channel because the price has created a throw-out action. Sometimes, prices do not break the low of wave ((Y)) due to less momentum and supply deficiency. And it causes orthodox bottoms.
After the completion of wave (z) of wave (4), the price will march for motive wave (5).If the price sustains above wave (X) at 17480, Bajaj Finserv will move on for an all-time high. Note: ending point of the corrective structure is the starting point of an impulsive phase. I will update further information soon.
Absolutely true@UNDERDOG-29.Triangle can occur in wave 4 during impulse or during B etc corrective waves - never seen as w as shown here . Pl clarify@forextidings if different valid EW labelling is possible or not.
just4daytrading
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@eternallearner I am also surprised after seeing trangle in W
Thank you for your valuable contribution to the Tradingview community and keep up the good work!