Dhanlaxmi CMP 24.17
The stock has halved from the highs and is again offering an opportunity. The current zone is a fib confluence one and also supported by trendline. RSI on the weekly and Monthly chart is above the bull zone. All these factors are very positive.
Elliott- The stock rallied from the lows of 24 to 36 and then a sharp fall took it town to 22. This is indicating that the correction is not over. The first ABC correction is a zig zag. The second is an expanded flat corrective pattern. The c of X will go minimum to 32. This is a good 33% from the current levels.
Conclusion - Again a strong rally here , but its only a rally to make some quick money and exit. Coz post this another ABC correction will begin.
The stock has halved from the highs and is again offering an opportunity. The current zone is a fib confluence one and also supported by trendline. RSI on the weekly and Monthly chart is above the bull zone. All these factors are very positive.
Elliott- The stock rallied from the lows of 24 to 36 and then a sharp fall took it town to 22. This is indicating that the correction is not over. The first ABC correction is a zig zag. The second is an expanded flat corrective pattern. The c of X will go minimum to 32. This is a good 33% from the current levels.
Conclusion - Again a strong rally here , but its only a rally to make some quick money and exit. Coz post this another ABC correction will begin.
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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.