As per the chart, Britannia has accomplished the sub-wave B of wave (4) and started forming wave C.
If the price breaks down the low of wave c at 4314, Traders can sell for the following targets: 4266 – 4236 – 4214. A trade should only be initiated after a breakdown has occurred.
There are two price clusters where prices can reverse:
Wave C can be accomplished at 0.382 Fibonacci retracements of wave 3 at 4214.65. Wave A=C at 4187. As shown in the chart, it forms a cluster range.
Wave C can occur at 0.5 Fibonacci retracements of wave 3 at 4114. Additionally, a correction occurs near the previous wave.
@AMIT-RAJAN, Thank you for the comment Mr. Amit. :)
mmjimm
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Yes....Agreed!! In Weekly time frame too , it is seen clearly trading inside a ascending channel pattern...now, due for the down swing inside the pattern.