Borosil Renewables Ltd Elliott wave based targets
This script seems to be in the wave ((iii)) of wave (iii) of wave 3. I have just drawn wave the grandchildren wave for simplicity. This wave can go up to LTH(~834) in the form drawn, which if followed will make rounding bottom pattern and then can lead to C&H pattern. With the help of parent and grandparent waves we can reach to 1284 but that is far from here.
Positives :-
a) 2 monthly white soldiers formed and 1 move is needed for 3 white soldiers pattern which is an important thing from Long term perspective.
b) On daily it formed 3 white soldiers pattern then came back to liquidity area (533-522) and again moved up and is struggling at triangle resistance line to move up further.
so an 2 hourly or daily close above 575-580 should initiate another up move, 520 can be the stop loss for that trade.
For now the immediate targets looks like 600, 650, 730 and then 830 (LTH).
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade applying your analysis and at your own risk.
Positives :-
a) 2 monthly white soldiers formed and 1 move is needed for 3 white soldiers pattern which is an important thing from Long term perspective.
b) On daily it formed 3 white soldiers pattern then came back to liquidity area (533-522) and again moved up and is struggling at triangle resistance line to move up further.
so an 2 hourly or daily close above 575-580 should initiate another up move, 520 can be the stop loss for that trade.
For now the immediate targets looks like 600, 650, 730 and then 830 (LTH).
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade applying your analysis and at your own risk.
Note
Could not clear the resistance line.
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.