The stock of Divis Laboratories has witnessed a sharp fall in today's market. Looking at the current movement in the stock of DIVISLAB on 15 minutes time scale the stock looks good for the buying opportunity.
Besides, giving due consideration to the internal wave count of the fall in the stock of DIVISLAB , this corrective movement seems to have got finished with the making of low of 632.55. Secondly, on the time-scale of 1 minute one may notice that from the low of 632.55 to the high of 669.95, was a sharp rise and shall be considered as an impulsive wave.
On the same time-scale of 1 minute the movement after 669.95, looks like a diagonal triangle ( a-b-c-d-e ) movement. A sharp rise is expected in the stock on the finishing of the last leg, i.e., 'e', of the diagonal triangle.
Moreover, if the stock breaches the low of 632.55, a probable low and strong support for the short term and near future, the stock may witness an extended corrective movement.
So, the stock can be taken for long position @ 645 or below that price for the ultimate target of 710 with the stop loss of today's low of 632.55.
For further reference of readers, one minute time bar chart has been shared below.
Now coming to your query just take the bottom of 45 as base for your retracement calculation, made in the month of April 2005. and I would suggest you to create a habit of viewing chart on log scale then a normal scale so that you will be able to view waves better way.