says minimum correction level is the sub wave 4 . So Dr . Reddys should come down to 2200 . Only then it is a buy . But for an X wave or an impulse . We dont know.
See top of the ((B)) . top was at bear zone resistance . Wave (5)) had a divergence . But again at wave ((5)) did not go in over bought territory.
This is a weekly chart on log scale.
One can use this concept on any time scale . Rules will remain the same