Biocon continues to consolidate tightly within its broader macro Wave (5) advance. The immediate 337.00 horizontal support shelf represents accumulation on the monthly chart.
A clean breakout above recent swing highs confirms the next impulsive leg is underway toward the upper parallel channel boundary. However, a monthly close below 337.00 will signal that immediate bullish momentum has broken down, warranting an immediate defensive exit before a deeper correction can unfold.
Disclaimer: Educational post only. DYOR before making any trading decisions.
A clean breakout above recent swing highs confirms the next impulsive leg is underway toward the upper parallel channel boundary. However, a monthly close below 337.00 will signal that immediate bullish momentum has broken down, warranting an immediate defensive exit before a deeper correction can unfold.
Disclaimer: Educational post only. DYOR before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.