Gail India has completed its 4th corrective wave, where wave C is the last leg of correction.
Price took 27 weeks to complete the corrective wave ((4)). After completing the wave ((4)), the price has broken the sub-wave iv and signaled a rally. It also has entered into the corrective channel, and this rally can make a new higher high.
The traders can expect the following targets 149-156-170+ for impulsive wave ((5)). Invalidation point is low of wave ((4)) at 125.20.
Wave Formations:
Wave ((1)) started to form an extreme low at 65. - Leading diagonal
Wave ((2)) has retraced 0.618% of wave ((1)). - Zigzag correction
Wave ((3)) has extended 2.618% of wave ((1)). - Five wave impulse
Wave ((4)) has retraced 0.5% of wave ((3)) - Extended wave 5
Comment
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The price has made a high of 148.50, which is close to our earlier target of 149
@forextidings ... bought Gail shares yesterday after seeing chart. Looking forward your views on Wipro, as couple of analysts saying, no matter whatever the result, the stock will going to be on downside. Thanks in advance.
UnknownUnicorn493766
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UnknownUnicorn493766
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Well done
RahulDevDhanauli
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your views on BN , regarding weekly expiry??
UNDERDOG-29
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@forextidings while labelling should we be focusing more on internal structure or retracement of prior waves,i mean if internal strucutre is 3-3-5 and wave B only retraces 50% then should it be called flat or zigzag
forextidings
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Please share your chart. I will personally answer your question.