Hello friends. Lets analyze the Wave structure of Kirloskar Electric in weekly time frame. From the extreme low the price changed its trend through a beautiful wave structure called leading diagonal, where waves may overlap but maintaining the basic Dow Theoretic structure of HH and HL. Then the journey of W-3 and W-5 ended at precise Fib Zone and the price is undergoing correction for an ABC correction for the primary W-2 correction. The best buying Zone is 60-65 as per the character of the corrective ABC wave. The charcter showing us that it may not hold the 61.8% retracement standing at 102.
Now if we analyze the ongoing correction in daily time frame we can see the correction is in its final leg which should terminate near 83-90.
Now if we analyze the ongoing correction in daily time frame we can see the correction is in its final leg which should terminate near 83-90.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.