CNX AUTO index cmp 13650
Daily time frame
Elliot wave study.
Index is trading in (V) of wave 5 of motive phase.
as per mega phone structure, resistance confluence around the maturity area of wave 5.
AS per RSI and MACD index is over bought and any time this move can come to pause.
Bulls should be cautious going further in auto stocks. once wave 5 matures and we get a reversal confirmation of daily and weekly basis. corrective phase might unfold and sharp retracement can be seen in auto stocks.
Keep watch, index is trading at cautious levels.
Daily time frame
Elliot wave study.
Index is trading in (V) of wave 5 of motive phase.
as per mega phone structure, resistance confluence around the maturity area of wave 5.
AS per RSI and MACD index is over bought and any time this move can come to pause.
Bulls should be cautious going further in auto stocks. once wave 5 matures and we get a reversal confirmation of daily and weekly basis. corrective phase might unfold and sharp retracement can be seen in auto stocks.
Keep watch, index is trading at cautious levels.