AJAYSHARMA
Long

IOC - Get ready 4 an X wave or the next big impulse up

NSE:IOC   INDIAN OIL CORP
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IOC is ready for a sharp move in the coming week . These are the reasons

1. It has corrected exactly 38.2% (green panel) the rally i(350) to v (448) .
2. It has completed W-X-Y structure . So either this can morph into w-x-y-x-z structure . So we can either expect an X wave or an umpulse .
3. W : Y is 1:1 (not shown) .
4. It perfectly fits the corrective trend channel .

Trade 4 the top of the channel for 434 with a sl of 405 .

But wait for the confirming price action . The price should not break the price channel .
Good luck
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