I have tried labelling ESCORTS since inception.
Primary Degree:Yellow
Intermediate Degree:Purple
Minor Degree:White
After a complex WXY correction on primary degree that lasted for 15 years,Escorts gave break our in June 2015 and since then we are seeing an impulse unfolding in an 5 wave up move.Of this impulse on primary degree,wave 3 have been extended,post which we have seen wave 4 retracement which is very short both in terms of price and time.Now wave 5 equality target of wave 1 on primary degree is coming at 3400 level which we have already seen.
Hence going ahead if we get a breakout above 3400 then next target for wave 5 is coming between 11988-18685 which sounds crazy as of now.On the downside if we break below 2650 level then we can assume that wave 5 on primary degree has ended which can also mark the end of an entire impulse of higher degree.
For someone who is already invested needs to keep a stop-loss of 2650 on the downside as it would breah 2-4 trendline on primary degree along with it's wave 4 pivot,and for fresh exposure one needs to wait until price breakout above 3400.If prices sustain above 3400 then we can expect that current raise of primary wave 5 has been sub-divided in an lower degree 5 wave impulse of which wave 3 would start post 3400 level.
PS:Wave 5 target are calcluated 1)By taking 100% extention of wave 1 from wave 4 low(coming at 3400),second target is calculated by taking 61%-78% extention of wave 3 from wave 4 low(coming at 11988-18660)
Disclaimer:This are just my views on the stock,no position should be created or held solely on its basis,posting this just for my future reference.
Primary Degree:Yellow
Intermediate Degree:Purple
Minor Degree:White
After a complex WXY correction on primary degree that lasted for 15 years,Escorts gave break our in June 2015 and since then we are seeing an impulse unfolding in an 5 wave up move.Of this impulse on primary degree,wave 3 have been extended,post which we have seen wave 4 retracement which is very short both in terms of price and time.Now wave 5 equality target of wave 1 on primary degree is coming at 3400 level which we have already seen.
Hence going ahead if we get a breakout above 3400 then next target for wave 5 is coming between 11988-18685 which sounds crazy as of now.On the downside if we break below 2650 level then we can assume that wave 5 on primary degree has ended which can also mark the end of an entire impulse of higher degree.
For someone who is already invested needs to keep a stop-loss of 2650 on the downside as it would breah 2-4 trendline on primary degree along with it's wave 4 pivot,and for fresh exposure one needs to wait until price breakout above 3400.If prices sustain above 3400 then we can expect that current raise of primary wave 5 has been sub-divided in an lower degree 5 wave impulse of which wave 3 would start post 3400 level.
PS:Wave 5 target are calcluated 1)By taking 100% extention of wave 1 from wave 4 low(coming at 3400),second target is calculated by taking 61%-78% extention of wave 3 from wave 4 low(coming at 11988-18660)
Disclaimer:This are just my views on the stock,no position should be created or held solely on its basis,posting this just for my future reference.
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