A Leading Diagonal in Eicher Motors. Near an interesting point

EICHERMOT
- Eicher Motors chart is forming a Leading Diagonal Elliot wave structure. A Leading Diagonal is a transitional structure (correction to impulse) forming as part of the first wave of a larger impulse degree.
- The first wave leading diagonals form as a 5-3-5-3-5 overlapping structure as shown on the chart.
- There is no doubt this counter is bullish in the next coming months but it has now reached into the 5th wave of its 1st impulse structure. Contextually we should see a strong correction for targets as marked on the charts with ABC pathway of correction.
- The ideal levels of shorting can be at 2900 and above. Note that there can be an overthrow beyond the trendline connecting impulse 1 and 3 due to a fake-out. The daily RSI already shows divergence.

It will form a beautiful RISK:REWARD for shorting from the price mentioned. Advice to take trade based on your own risk management rules. Let me know your thoughts in the comment section.

Trade active

Comment:

The 5 waves up are finally complete with todays confirmation. We can also count the 5 waves up of the 5th wave on 2 hrs chart. Hope you guys got an opportunity to short above 2900.
One can continue to hold their short or book profits based on their profits.
Fresh short is advised after a pullback.

Comment:

Looks like the party is finally over. The stock was dragged into a fake out and we witnessed a throw over as earlier cautioned. That throwover caused an additional 100-170 points move above 2900.
But with yesterdays and todays move the medium term outlook target on chart is still intact.