CoalIndia forming a FiveThree and looks like we are in wave C
Coal India is forming a Five Threes ABCDE and looks like we are in the C leg. And Wave C is an abc' zigzag, currently in the wave iv the of the internal wave c of the said abc' zigzag. wave iv is almost completing in an expanding flat. If this turned out to be true ( if true :D ) Wave v can bring down the stock to 214. The next Fibonacci level.
Actually in zigzag A= C is expected, but it can be in the range 61.8% to 100%. This is a hypothetical view and there can be many other variations, please bear with me for my studies.
Comment:
The said level is crossed with breakout from falling wedge :D
Now a separate post will be made to prepare for waves. we may be in Wave E :D
Comment:
breaking the barriers.
275 zone is a strong resistance level. If it is showing resistance like a bearish candles at trend line , with weak indicators, one can definitely go for shorting. Remember we are assuming that a 3.3.3.3.3 here and we are completing the internal wave v of wave C. so if wave v is completed at 234(strong Double bottom support), then the candle at resistance will piercing through the resistance towards 315. Once 315 (the38.2 % of the total fall from the top 447) level is crossed we can confirm the bull move towards further high.
I summary, the move at 275 resistance is strong now by indicators, and the daily MACD is running through positive zone above zero line. It can go towards 315. Take wise decisions.