Description
⋅ In the NSE:IDFCFIRSTB shares, we can see the Elliot Wave pans out nicely.
- See the outer wave marked in green 1-2-3. We are in the motive/impulsive 3rd wave.
- Now in the motive 2nd wave, there are again 5 subwaves formation. We are at 3rd motive inner wave. So it is 3-3 wave overall.
- Hence a retesting of the long term support (which is also a neckline of a rounding bottom) around 50-52 is welcome.
We can accumulate around 50-52 for a target of 65-70 (a few months timeframe) with a SL of 46.