CHOLAFIN - has completed 5 wave impulse from Covid Lows
Updated
CHOLAFIN - CMP 1280
Primary count (Blue) suggests that the 5 wave impulse from Covid Lows seems to have ended (from 120 to 1650)
The correction could stretch up to 0.618 or 100% of the 4th wave lows..
Price has decisively broken 200 DEMA.. I am expecting this to test 1000 levels in the coming days.. There is also an unfilled GAP at 900 levels.. if we are lucky, hitting that zone will be a jackpot
It is not going to be one way fall though.. Because it is a long range cluster (1000-1300 - multiple week consolidation range) and there will be multiple supports and bounces on the way.. Immediate support for now is 1180
Primary count (Blue) suggests that the 5 wave impulse from Covid Lows seems to have ended (from 120 to 1650)
The correction could stretch up to 0.618 or 100% of the 4th wave lows..
Price has decisively broken 200 DEMA.. I am expecting this to test 1000 levels in the coming days.. There is also an unfilled GAP at 900 levels.. if we are lucky, hitting that zone will be a jackpot
It is not going to be one way fall though.. Because it is a long range cluster (1000-1300 - multiple week consolidation range) and there will be multiple supports and bounces on the way.. Immediate support for now is 1180
Trade closed: target reached
Price bounced from 1180 during mid November and now breaking the same. After a brief pullback towards 1240-1280, price will reach the ultimate destination at 1040-1000 levels hopefully.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.