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EWT: Bigger Picture analysis of JK Laxmi Cement

NSE:JKLAKSHMI   JK LAKSHMI CEMENT
JK Laxmi cement has accomplished impulsive wave ((3)) and has a complex correction of wave ((4)).
After making a high of 816, the price started forming a corrective channel for wave ((4)).
It has made a low of 529.10, and we can see a price surge to 630.

However, the price reached the upper band of the channel, but it is facing dynamic resistance of the parallel channel .
If the price does not break the parallel channel , we will consider it a lower high(LH).

Wave (4) retraced 38.2%, which is the common retracement.
Before starting a bull trend, the price will create public participants, which can be possible after a retracement.
Retracement is nothing but a pullback for bull traders.

If the price rejects from the upper band of the channel, it can come down to 61.8- 78.6%.
After the rejection, if the price reverses from the control line trader can initiate a buy position for 580-635-678-700+

Note Safe traders should buy after the clear breakout of the parallel channel . We are not interested in buying before a new lower high, which gives a signal of demand zone .
Breaking down the control line will create a new lower low which can go up to the upper band or 50%- 61.8%.

If you hit like on this idea, you will get all updates about JK Lakshmi cement through tradingview.com from my side.
I will upload an intraday chart soon.

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