ParamjitMahapatro

glenmark looks bearish in medium term

NSE:GLENMARK   GLENMARK PHARM
in weekly, wave C is going on.

in closure look, there are a lot much left of wave C.

wave B retraced 50% of wave A, so wave C should be extended.
Now counting the fractals of wave C shows that, sub wave going on.

looking at the retracement levels it can plunge below 560 levels. So one should exit in every bounce.

Note: this is for educational purpose.
Trade active: till now 668.25
Trade active: till now 632.60, getting beaten quite severely.
Trade active: till now 610.90
Comment: updated wave count :
Trade active: still going down , closed at 601
Comment: regular bullish divergence in daily at horizontal support. short term bounce is eminent.
Comment:
Comment: after short term bounce, long term is resumed here, it has broken the horizontal support and moving lower,

Comment: sorry for posting the wrong chart here,

here is the right one

Comment: cmp - 515.70, in weekly, it is in descending channel, downtrend continues....

Comments

Good one bro, even I have the same count for decline, also see drreddy weekly same pattern, end might be near
+1 Reply
ParamjitMahapatro VikramGopalAimanda
@VikramGopalAimanda, thanks, I ll check drreddy.
Reply
ParamjitMahapatro VikramGopalAimanda
@VikramGopalAimanda, Hello, here I am adding Drreddy, yes it has the similar count for decline, currently it is in sub wave of wave C, and it has good probability to get extended.
Reply
VikramGopalAimanda ParamjitMahapatro
@ParamjitMahapatro, i too have same wave count, but not expecting extension, as of now
+1 Reply