AJAYSHARMA

Dr. Reddy's not a good investment buy

NSE:DRREDDY   DR REDDYS LABS
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1
It has given 5 moves up at primary level . So it completed cycle wave I . It is in a cycle wave II .
Elliott 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)) . RSI top was at bear zone resistance . Wave (5)) had a bearish divergence . But again at wave ((5)) RSI 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

Comments

nice analysis Ajay-ji.

I am reading your articles fro the last 3 days good info !!
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