Glenmark Pharma: Wave 4 Nearing Its End — Wave 5 Setup in Focus

After an impulsive five-wave advance from ₹1,275 to ₹2,284, Glenmark Pharmaceuticals appears to be wrapping up a textbook A-B-C correction for Wave 4.

Wave Structure

• The drop from ₹2,284.80 subdivides cleanly into A–B–C, with Wave C finding support near the 0.5 retracement (₹1,827).
  
• A rising trendline from Wave 2 adds confluence, turning the current zone into a potential launchpad.
  

Momentum Check

• RSI has dipped into oversold territory and is showing a positive reversal — a classic early sign of bullish resumption.
  
• Any sustained push above ₹1,900 may confirm Wave 5 ignition.
  

Invalidation / Stop-Loss

• A decisive close below ₹1,719 (0.618 Fib) would invalidate the bullish view.
  

Targets (Wave 5 projection)

• Initial target zone: ₹2,284 (previous high).
  

Bias: Bullish (Wave 5 setup forming)

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.